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All Outputs (3)

Centralized Trading, Transparency, and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd–Frank Act (2018)
Journal Article
Benos, E., Payne, R., & Vasios, M. (2020). Centralized Trading, Transparency, and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd–Frank Act. Journal of Financial and Quantitative Analysis, 55(1), 159-192. https://doi.org/10.1017/S0022109018001527

We use proprietary transaction data on interest rate swaps to assess the effects of centralized trading, as mandated by Dodd-Frank, on market quality. Contracts with the most extensive centralized trading see liquidity metrics improve by between 12%... Read More about Centralized Trading, Transparency, and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd–Frank Act.

Funding constraints and liquidity in two-tiered OTC markets (2018)
Journal Article
Benos, E., & Žikeš, F. (2018). Funding constraints and liquidity in two-tiered OTC markets. Journal of Financial Markets, 39, 24-43. https://doi.org/10.1016/j.finmar.2018.01.002

Using primary dealer transactional data from the government bond (gilt) market in the United Kingdom, we identify a new channel through which dealer funding constraints may impair liquidity in two-tiered OTC markets. The key finding is that funding c... Read More about Funding constraints and liquidity in two-tiered OTC markets.

The impact of de-tiering in the UK's large value payment system (2018)
Journal Article
Benos, E., Ferrara, G., & Gurrola-Perez, P. (2018). The impact of de-tiering in the UK's large value payment system. Journal of Financial Market Infrastructures, 6(2/3), 1-32. https://doi.org/10.21314/JFMI.2018.088

Large-value payment systems (LVPS) often have a tiered structure where only a limited number of banks have direct access to these systems and every other institution accesses the system through agency arrangements with the direct participants. As suc... Read More about The impact of de-tiering in the UK's large value payment system.