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Oliver Randall

Assistant Professor of Finance at Emory University

Dealers' Inventory Holding Costs and Liquidity, Part 3 of 3

How Liquidity Varies by Trade Size

In my last post I introduced a measure of liquidity, the dealers' 'markup', which is the difference between the price negotiated between a dealer and a customer, and the estimated inter-dealer price at that time.

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Oliver Randall

Assistant Professor of Finance at Emory University

Dealers' Inventory Holding Costs and Liquidity, Part 2 of 3

How Dealers Use Asymmetric Quotes to Manage Their Inventory Positions

In my last post, we looked at 'paired' trades – customer trades which dealers immediately offload in the inter-dealer market. In this post we look at the complementary set – 'unpaired' trades, where dealers bear the inventory risk of the customer order.

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Oliver Randall

Assistant Professor of Finance at Emory University

Dealers' Inventory Holding Costs and Liquidity, Part 1 of 3

How Often Do Dealers Immediately Unwind Customer Trades in the Inter-dealer Market?

The last few years, most notably during the financial and sovereign debt crises, have seen dramatic changes in liquidity provision in the US corporate bond market. Over three blog posts I will focus on how bond dealers have adapted to changes in the market environment, and the subsequent spillover to liquidity faced by customers.

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