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- W2605530235 abstract "The two roles of a dealer, immediacy provision and matchmaking, create a conflict of interest---the dealer prioritizes inventory turnover for immediacy provision, rather than making matches between customers. Compared to a counterfactual scenario without this conflict, dealers in equilibrium provide immediacy to more customers in order to extract extra rents. Compared to the counterfactual, this conflict decreases equilibrium price for immediacy but increases bid-ask spread. The conflict lowers welfare for assets with high substitutability, but raises welfare for assets with low substitutability. Our analysis has potential policy implications for the Volcker Rule, which can be viewed as the counterfactual." @default.
- W2605530235 created "2017-04-28" @default.
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- W2605530235 date "2016-01-01" @default.
- W2605530235 modified "2023-09-23" @default.
- W2605530235 title "Dynamic Matching and Provision of Immediacy in a Heterogeneous Asset Market" @default.
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- W2605530235 doi "https://doi.org/10.2139/ssrn.2868280" @default.
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