Dealers’ Positions and the Auction Cycle
Abstract: The aftermath of the financial crisis and changes in technology and regulation have spurred a spirited discussion of dealers? evolving role in financial markets. One such role is to buy securities at auction and sell them off to investors over time. We assess this function using data on primary dealers? positions in benchmark Treasury securities, released by the New York Fed since April 2013 and described in this earlier Liberty Street Economics post.
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Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2015-10-14