Centralizing Over-the-Counter Markets?

Wittwer, Milena; Allen, Jason

doi:10.2139/ssrn.3791655

SSRN Journal

2021

DOI: 10.2139/ssrn.3791655

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Centralizing Over-the-Counter Markets?

Milena Wittwer

Jason Allen

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Cited by 2 publications

(1 citation statement)

References 66 publications

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“…e.g.,Allen and Wittwer (2021),Du and Zhu (2017a,b) Baisa and Burkett (2018),Antill and Duffie (2021),Kyle, Obizhaeva, and Wang (2017),Kyle and Lee (2018),Duffie (2018),Zhu (2018a,b), Yoon (2019, 2021a,b),Chen and Zhang (2020),Zhang (2022),Babus and Hachem (2021),Cespa and Vives (2021),Chen and Duffie (2021),Somogyi (2021),Wittwer (2021).…”

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confidence: 99%

Innovation in Decentralized Markets: Technology versus Synthetic Products

Rostek,

Yoon

2024

American Economic Journal: Microeconomics

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Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets, either instrument can mimic the efficient design. When traders have price impact, however, synthetic products and market-clearing technology provide separate instruments for impacting markets’ performance and can generate synergies or trade-offs. Neither instrument can generally reproduce the other’s payoffs state by state. Moreover, innovation in market clearing renders additional synthetic products nonredundant. Our analysis points to the advantages of each type of innovation while also exposing potential risks. (JEL D44, D47, G11, G12, G13, O31)

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confidence: 99%

Innovation in Decentralized Markets: Technology versus Synthetic Products

Rostek,

Yoon

2024

American Economic Journal: Microeconomics

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Does market design contribute to market stability? Indications from a corporate bond exchange during the COVID-19 crisis

Abudy

Shust

2023

Journal of Economics and Business

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Centralizing Over-the-Counter Markets?

Cited by 2 publications

References 66 publications

Innovation in Decentralized Markets: Technology versus Synthetic Products

Innovation in Decentralized Markets: Technology versus Synthetic Products

Does market design contribute to market stability? Indications from a corporate bond exchange during the COVID-19 crisis

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