Revised OTC list, effective August 11, 1987
Revised OTC list effective November 12, 1991
Frictional Intermediation in Over-the-Counter Markets
We extend Duffie, G?arleanu, and Pedersen?s (2005) search theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers? valuations or inventory costs. We develop a solution technique that makes the model fully tractable and allows us to derive, in closed form, theoretical formulas for key statistics analyzed in empirical studies of the intermediation process in OTC markets. A calibration to the market for municipal securities reveals that the model can generate trading patterns and prices that are ...
Remarks at Panel Discussion on OTC Derivatives Reform and broader financial reforms agenda
Remarks at the 2013 OTC Derivatives Conference, Paris, France.
Revised OTC list effective February 10, 1992