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27 posts on "Dealers"
December 7, 2015

Dealer Positioning and Expected Returns

Tobias Adrian, Michael Fleming, and Erik Vogt Securities broker-dealers (dealers) trade securities on behalf of their customers and themselves. Recently, analysts have pointed to the decline in U.S. dealers’ corporate bond inventories as evidence that dealers’ market making capacity is impaired. However, historically such inventories also reflect dealers’ risk management and proprietary trading activities. In […]

October 5, 2015

Has U.S. Corporate Bond Market Liquidity Deteriorated?

Commentators have argued that market liquidity has deteriorated in recent years as regulatory changes have reduced banks’ ability and willingness to make markets.

Introduction to a Series on Market Liquidity: Part 2

Market participants and policymakers have raised concerns about the potential adverse effects of financial regulation on market liquidity—the ability to buy and sell securities quickly, at any time, at minimal cost.

August 17, 2015

Introduction to a Series on Market Liquidity

Market participants and policymakers have raised a number of concerns about the potential adverse effects of financial regulation on market liquidity—the ability to buy and sell securities quickly, at any time, at minimal cost.

July 20, 2015

Have Dealers’ Strategies in the GCF Repo® Market Changed?

In a previous post, “Mapping and Sizing the U.S. Repo Market,” our colleagues described the structure of the U.S. repurchase agreement (repo) market.

October 16, 2013

Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets

Tobias Adrian, Michael J. Fleming, Jonathan E. Goldberg, Morgan Lewis, Fabio M. Natalucci, and Jason J. Wu Long-term interest rates hit record-low levels in 2012 but have since increased substantially. As discussed in an earlier post, the sharpest increase occurred between May 2 and July 5 of this year, with the ten-year Treasury yield rising from 1.63 percent […]

February 20, 2013

Primary Dealers’ Waning Role in Treasury Auctions

On December 12, 2012, primary government securities dealers bought just 33 percent of the new ten-year Treasury notes sold at auction.

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