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Faculty & Research

All-to-All Liquidity in Corporate Bonds - Terrence Hendershot

12 May
2022
3:00 pm
Jouy-en-Josas
English

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2022-05-12T15:00:00 2022-05-12T16:00:00 All-to-All Liquidity in Corporate Bonds - Terrence Hendershot Finance Speaker : Terrence Hendershot (Berkeley University)   Jouy-en-Josas

Finance

Speaker : Terrence Hendershot (Berkeley University)

 

We examine technology enabling dispersed investors to directly trade with each other in over-thecounter markets. The largest electronic trading platform in corporate bonds started Open Trading (OT) to allow investor-to-investor trading. Over our 2014-2018 sample OT grew to win 12% of trades on the platform, with 2% being investor-to-investor trading, 3% being dealers trading with new clients, and 7% being new liquidity providers acting like dealers. This suggests that investors in corporate bonds prefer intermediation to direct trade. However, OT can enable new dealers to compete in liquidity provision. We use an auction model together with OT's steady growth to measure OT's e ect on investors, dealers, and competition to provide liquidity.

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Participate

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2022-05-12T15:00:00 2022-05-12T16:00:00 All-to-All Liquidity in Corporate Bonds - Terrence Hendershot Finance Speaker : Terrence Hendershot (Berkeley University)   Jouy-en-Josas