Abad, J., Aldasoro, I., Aymanns, C., D’Errico, M., Rousova, L. F., Hoffmann, P., Langfield, S., Neychev, M., Roukny, T., 2016. Shedding light on dark markets: First insights from the new EU-wide OTC derivatives dataset. Discussion paper, European Systemic Risk Board.
Acharya, V., Bisin, A., 2014. Counterparty risk externality: Centralized versus over-thecounter markets. Journal of Economic Theory 149, 153–182.
Adrian, T., Etula, E., Muir, T., 2014. Financial intermediaries and the cross-section of asset returns. Journal of Finance 69, 2557–2596.
Afonso, G., Lagos, R., 2015. Trade dynamics in the market for federal funds. Econometrica 83, 263–313.
Amihud, Y., Mendelson, H., 1980. Dealership market: Market-making with inventory. Journal of Financial Economics 8, 31–53.
Andersen, L. B. G., Duffie, D., Song, Y., 2018. Funding value adjustments. Journal of Finance, forthcoming.
Arora, N., Gandhi, P., Longstaff, F. A., 2012. Counterparty credit risk and the credit default swap market. Journal of Financial Economics 103, 280–293.
Atkeson, A. G., Eisfeldt, A. L., Weill, P.-O., 2015. Entry and exit in OTC derivatives markets. Econometrica 83, 2231–2292, CEPR Discussion Paper No. DP9403.
Babus, A., Hu, T.-W., 2017. Endogenous intermediation in over-the-counter markets. Journal of Financial Economics 125, 200–215.
Babus, A., Kondor, P., 2018. Trading and information diffusion in OTC markets. Econometrica, fortchoming.
- BCBS, 2009. Strengthening the resilience of the banking sector, consultative document. Tech. rep., Basel Committee on Banking Supervision.
Paper not yet in RePEc: Add citation now
Bellia, M., Panzica, R., Pelizzon, L., Peltonen, T., 2018. The demand for central clearing: To clear or not to clear, that is the question. Tech. rep., SAFE working paper No. 193.
Benos, E., Payne, R., Vasios, M., 2016. Centralized trading, transparency and interest rate swap market liquidity: evidence from the implementation of the Dodd-Frank act. Bank of England working paper No. 580.
Biais, B., Heider, F., Hoerova, M., 2012. Clearing, counterparty risk, and aggregate risk. IMF Economic Review 60, 193–222.
Biais, B., Heider, F., Hoerova, M., 2016. Risk-sharing or risk-taking? Counterparty risk, incentives, and margins. The Journal of Finance 71, 1669–1698.
- BIS, 2016a. OTC derivatives statistics at end-June 2016. Tech. rep., Bank for International Settlements.
Paper not yet in RePEc: Add citation now
- BIS, 2016b. Triennial survey of foreign exchange and OTC derivatives trading. Tech. rep., Bank for International Settlements.
Paper not yet in RePEc: Add citation now
Bolton, P., Santos, T., Scheinkman, J. A., 2016. Cream-skimming in financial markets. Journal of Finance 71, 105–137.
- Brunnermeier, M. K., Pedersen, L. H., 2008. Market liquidity and funding liquidity. Review of Financial Studies 22, 2201–2238.
Paper not yet in RePEc: Add citation now
Cameron, A. C., Trivedi, P. K., 2010. Microeconometrics Using Stata, Revised Edition. Stata Press.
Cenedese, G., Della Corte, P., Wang, T., 2018. Currency mispricing and dealer balance sheets, Bank of England, mimeo.
Cielinska, O., Joseph, A., Shreyas, U., Tanner, J., Vasios, M., 2017. Gauging market dynamics using trade repository data: The case of the Swiss franc de-pegging. Financial Stability Paper no. 41, Bank of England.
Di Maggio, M., Kermani, A., Song, Z., 2017. The value of trading relations in turbulent times. Journal of Financial Economics 124, 266 – 284.
- Du, W., Gadgil, S., Gordy, M. B., Vega, C., 2016. Counterparty risk and counterparty choice in the credit default swap market, Finance and Economics Discussion Series 2016087.
Paper not yet in RePEc: Add citation now
Duffie, D., 2012. Dark Markets: Asset Pricing and Information Transmission in Over-theCounter Markets. Princeton University Press, Princeton, NJ 08540-5237.
Duffie, D., Garleanu, N., Pedersen, L. H., 2005. Over-the-counter markets. Econometrica 73, 1815–1847.
Duffie, D., Malamud, S., Manso, G., 2009. Information percolation with equilibrium search dynamics. Econometrica 77, 1513–1574.
Duffie, D., Scheicher, M., Vuillemey, G., 2015. Central clearing and collateral demand. Journal of Financial Economics 116, 237–256.
- FSB, 2010. Implementing OTC derivatives market reforms. Tech. rep., Financial Stability Board.
Paper not yet in RePEc: Add citation now
- FSB, 2017a. OTC derivatives market reforms: Twelfth progress report on implementation. Tech. rep., Financial Stability Board.
Paper not yet in RePEc: Add citation now
- FSB, 2017b. Review of OTC derivatives market reforms: Effectiveness and broader effects of the reforms. Tech. rep., Financial Stability Board.
Paper not yet in RePEc: Add citation now
Glode, V., Green, R. C., Lowery, R., 2012. Financial expertise as an arms race. Journal of Finance 67, 105–137.
Golosov, M., Lorenzoni, G., Tsyvinski, A., 2014. Decentralized trading with private information.
- Green, A., 2015. XVA: Credit, Funding and Capital Valuation Adjustments. John Wiley & Sons, Hoboken, New Jersey.
Paper not yet in RePEc: Add citation now
- Green, R. C., Hollifield, B., Schürhoff, N., 2007. Financial intermediation and the costs of trading in an opaque market. Review of Asset Pricing Studies 20, 275–314.
Paper not yet in RePEc: Add citation now
Green, R. C., Li, D., Schürhoff, N., 2010. Price discovery in illiquid markets: Do financial asset prices rise faster than they fall? Journal of Finance 65, 1669–1702.
- Gregory, J., 2015. The XVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital. John Wiley & Sons, Hoboken, New Jersey.
Paper not yet in RePEc: Add citation now
Grossman, S. J., Miller, M. H., 1986. Economic costs and benefits of the proposed oneminute time bracketing regulation. Journal of Futures Markets 6, 141–166.
Hau, H., Hoffmann, P., Langfield, S., Timmer, Y., 2018. Discriminatory pricing of overthe -counter derivatives, CEPR Discussion Paper No. DP12525.
He, Z., Kelly, B., Manela, A., 2017. Intermediary asset pricing: New evidence from many asset classes. Journal of Financial Economics 126, 1–35.
He, Z., Krishnamurthy, A., 2013. Intermediary asset pricing. American Economic Review 103, 732–770.
Hendershott, T., Li, D., Livdan, D., Schürhoff, N., 2017. Relationship trading in OTC markets, Swiss Finance Institute Research Paper No. 17-30.
Ho, T., Stoll, H. R., 1981. Optimal dealer pricing under transactions and return uncertainty. Journal of Financial Economics 9, 47–73.
- Hull, J., Predescu, M., White, A., 2005. Bond prices, default probabilities and risk premiums.
Paper not yet in RePEc: Add citation now
Jankowitsch, R., Nashikkar, A., Subrahmanyam, M., 2011. Price dispersion in OTC markets: A new measure of liquidity. Journal of Banking and Finance 35, 343–357.
Lagos, R., Rocheteau, G., 2007. Search in asset markets: Market structure, liquidity, and welfare. American Economic Review 97, 198–202.
Lagos, R., Rocheteau, G., 2009. Liquidity in asset markets with search frictions. Econometrica 77, 403–426.
- Li, D., Schüfhoff, N., 2018. Dealer networks. Journal of Finance (forthcoming).
Paper not yet in RePEc: Add citation now
Loon, Y. C., Zhong, Z. K., 2014. The impact of central clearing on counterparty risk, liquidity, and trading: Evidence from the credit default swap market. Journal of Financial Economics 112, 91–115.
Loon, Y. C., Zhong, Z. K., 2016. Does Dodd-Frank affect OTC transaction costs and liquidity? evidence from real-time CDS trade reports. Journal of Financial Economics 119, 645–672.
Menkveld, A. J., 2017. Crowded positions: An overlooked systemic risk for central clearing parties. Review of Asset Pricing Studies 7, 209–242.
Mildenstein, E., Schleef, H., 1983. The optimal pricing policy of a monopolistic marketmaker in the equity market. The Journal of Finance 38, 218–231.
Murphy, D., Vasios, M., Vause, N., 2014. An investigation into the procyclicality of riskbased initial margin models. Financial Stability Paper no. 29, Bank of England.
O’Hara, M., Oldfield, G. S., 1986. The microeconomics of market making. Journal of Financial and Quantitative Analysis 21, 361–376.
Pelizzon, L., Subrahmanyam, M. G., Tomio, D., Uno, J., 2016. Sovereign credit risk, liquidity, and European Central Bank intervention: Deus ex machina? Journal of Financial Economics 122, 86–115.
Riggs, L., Onur, E., Reiffen, D., Zhu, H., 2018. Swap trading after Dodd-Frank: Evidence from index CDS, Working Paper, CFTC and MIT.
- Ruiz, I., 2015. XVA Desks – A New Era for Risk Management. Palgrave Macmillan UK, London.
Paper not yet in RePEc: Add citation now
Shen, P., Starr, R. M., 2002. Market-makers’ supply and pricing of financial market liquidity. Economics letters 76, 53–58.
Stoll, H. R., 1978. The supply of dealer services in securities markets. Journal of Finance 33, 1133–1151.