{"id":"https://openalex.org/W3125230741","doi":null,"title":"Who Sees the Trades? The Effect of Information on Liquidity in Inter-Dealer Markets","display_name":"Who Sees the Trades? The Effect of Information on Liquidity in Inter-Dealer Markets","publication_year":2019,"publication_date":"2019-01-01","ids":{"openalex":"https://openalex.org/W3125230741","mag":"3125230741"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:fip:fednsr:892","doi":null,"is_oa":true,"landing_page_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","pdf_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5065206340","display_name":"Rod Garratt","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Rod Garratt","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5083727096","display_name":"Michael Junho Lee","orcid":"https://orcid.org/0000-0002-3429-2684","observed_orcids":["https://orcid.org/0000-0002-3429-2684","https://orcid.org/0000-0003-0842-2665"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Michael Junho Lee","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3429-2684","affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5064796206","display_name":"Antoine Martin","orcid":"https://orcid.org/0000-0002-3263-7669","observed_orcids":["https://orcid.org/0000-0002-3263-7669"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Antoine Martin","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-3263-7669","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5104311818","display_name":"Robert M. Townsend","orcid":"https://orcid.org/0000-0002-1528-8102","observed_orcids":["https://orcid.org/0000-0002-1528-8102","https://orcid.org/0000-0001-7343-5329"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Robert M. Townsend","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.98580002784729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.98580002784729,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.0024999999441206455,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/adverse-selection","display_name":"adverse selection","score":0.7429999709129333},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.7900000214576721},{"id":"https://openalex.org/keywords/market-making","display_name":"market making","score":0.7009999752044678},{"id":"https://openalex.org/keywords/liquidity-costs","display_name":"liquidity costs","score":0.47699999809265137},{"id":"https://openalex.org/keywords/non-monotonic-relationship","display_name":"non-monotonic relationship","score":0.675000011920929}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.9183990955352783},{"id":"https://openalex.org/C32252159","wikidata":"https://www.wikidata.org/wiki/Q380037","display_name":"Adverse selection","level":2,"score":0.8646931648254395},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6686782836914062},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.6365885734558105},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.60393887758255},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.5778483152389526},{"id":"https://openalex.org/C176923680","wikidata":"https://www.wikidata.org/wiki/Q3002739","display_name":"Liquidity crisis","level":3,"score":0.5604410767555237},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.49627047777175903},{"id":"https://openalex.org/C18991353","wikidata":"https://www.wikidata.org/wiki/Q1137319","display_name":"Market maker","level":4,"score":0.4716742932796478},{"id":"https://openalex.org/C204468989","wikidata":"https://www.wikidata.org/wiki/Q1827667","display_name":"Accounting liquidity","level":4,"score":0.43989303708076477},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.33363083004951477},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.2623318135738373},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.221027672290802},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:RePEc:fip:fednsr:892","doi":null,"is_oa":true,"landing_page_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","pdf_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:3125230741","doi":null,"is_oa":false,"landing_page_url":"http://ideas.repec.org/p/fip/fednsr/892.html","pdf_url":null,"source":{"id":"https://openalex.org/S2764819169","display_name":"Staff Reports","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Staff Reports","raw_type":null},{"id":"pmh:oai:econstor.eu:10419/210744","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/210744","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"}],"best_oa_location":{"id":"pmh:oai:RePEc:fip:fednsr:892","doi":null,"is_oa":true,"landing_page_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","pdf_url":"https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr892.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3125230741.pdf","grobid_xml":"https://content.openalex.org/works/W3125230741.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2888131986","https://openalex.org/W7047632210","https://openalex.org/W2157113704","https://openalex.org/W2101126261","https://openalex.org/W3004325506","https://openalex.org/W2944394872","https://openalex.org/W1577145404","https://openalex.org/W3120661318","https://openalex.org/W2904287669","https://openalex.org/W2286047468"],"abstract_inverted_index":{"Dealers,":[0],"who":[1],"strategically":[2],"supply":[3],"liquidity":[4,11,17,42,70,115],"to":[5,9,29,47,89,99,106],"traders,":[6],"are":[7],"subject":[8],"both":[10],"and":[12,84,103],"adverse":[13,60,101],"selection":[14,61,102],"costs.":[15],"While":[16],"costs":[18],"can":[19,39],"be":[20],"mitigated":[21],"through":[22,51],"inter-dealer":[23,33,64],"trading,":[24],"individual":[25],"dealers'":[26,45],"private":[27],"motives":[28],"acquire":[30],"information":[31,37,83,108],"compromise":[32],"market":[34,41,85],"liquidity.":[35,86],"Post-trade":[36],"disclosure":[38],"improve":[40],"by":[43],"counteracting":[44],"incentives":[46,98],"become":[48],"better":[49],"informed":[50],"their":[52],"market-making":[53],"activities.":[54],"Asymmetric":[55],"disclosure,":[56],"however,":[57],"exacerbates":[58],"the":[59,78],"problem":[62],"in":[63,66,109],"markets,":[65],"turn":[67],"decreasing":[68],"equilibrium":[69,114],"provision.":[71,116],"A":[72],"non-monotonic":[73],"relationship":[74],"may":[75,104],"arise":[76],"between":[77],"partial":[79],"release":[80,107],"of":[81],"post-trade":[82,95],"This":[87],"points":[88],"a":[90,93,110],"practical":[91],"concern:":[92],"strategic":[94],"platform":[96],"has":[97],"maximize":[100],"choose":[105],"way":[111],"that":[112],"minimizes":[113]},"counts_by_year":[],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-02-01T00:00:00"}