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| 02453nam 2200361zi 4500 |
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| 001 | 9.903151 |
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| 003 | CaOODSP |
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| 005 | 20240829103637 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 210908t20212021onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2021-39E-PDF |
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| 100 | 1 |aAllen, Jason, |eauthor. |
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| 245 | 10|aCentralizing over-the-counter markets? / |cby Jason Allen and Milena Wittwer. |
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| 264 | 1|aOttawa, Ontario : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (ii, 44, 24 pages) : |billustrations (some colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-39 |
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| 500 | |a"Last updated: August 10, 2021." |
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| 504 | |aIncludes bibliographical references (pages 40-44). |
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| 520 | 3 |a"In traditional over-the-counter (OTC) markets, investors trade bilaterally through intermediaries referred to as dealers. An important regulatory question is whether to centralize OTC markets by shifting trades onto centralized platforms. We address this question in the context of the liquid Canadian government bond market. We document that dealers charge markups even in this market and show that there is a price gap between large investors who have access to a centralized platform and small investors who do not. We specify a model to quantify how much of this price gap is due to platform access and assess welfare effects. The model predicts that not all investors would use the platform even if platform access were universal. Nevertheless, the price gap would close by 32%–47%. Welfare would increase by 9%–30% because more trades are conducted by dealers who have high values to trade"--Abstract, page ii. |
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| 650 | 0|aOver-the-counter markets|zCanada|xEconometric models. |
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| 650 | 0|aGovernment securities|xPrices|zCanada|xEconometric models. |
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| 650 | 6|aMarchés hors bourse|zCanada|xModèles économétriques. |
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| 650 | 6|aEffets publics|xPrix|xCanada|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-39.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.39 MB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-39-eng.pdf |
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