00000nam 2200000zi 4500 9.950567 CaOODSP 20250430135713 m o d f cr mn||||||||| 250429t20252025oncad ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2025-2E-PDF Brolley, Michael, author. Non-bank dealing and liquidity bifurcation in fixed-income markets / by Michael Brolley and David A. Cimon. [Ottawa] : Bank of Canada = Banque du Canada, 2025. ©2025 1 online resource (ii, 41 pages) : illustrations, graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2025-2 ISSN assigned to different series. "Last updated: January 8, 2025." Includes bibliographical references (pages 29-31). "Non-bank financial institutions, such as principal-trading firms and hedge funds, increasingly compete with bank-owned dealers in fixed-income markets. Some market participants worry that if non-bank financial institutions push out established bank dealers, liquidity will become unreliable during times of stress. We model non-bank entry and state-dependent liquidity provision. Non-bank participants improve liquidity more during normal times than in stress, leading to a bifurcation of liquidity"--Abstract, page ii. Includes abstract in French. Financial institutions Canada Econometric models. Pricing Econometric models. Institutions financières Canada Modèles économétriques. Prix Fixation Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2025-2. (CaOODSP)9.806221 PDF 875 KB https://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-5-2025-2-eng.pdf