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Over-the-Counter Markets

Darrell Duffie

in Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.003.0001
Subject:
Economics and Finance, Financial Economics

This chapter introduces the institutional setting of over-the-counter (OTC) markets and raises some of the key conceptual issues associated with market opaqueness. An OTC market does not use a ... More


Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Darrell Duffie

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.001.0001
Subject:
Economics and Finance, Financial Economics

Over-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant role in the global financial crisis. Rather than being traded through a ... More


The Connexionist Nature of Modern Financial Markets: From a Domination to a Justice Order? 1

Isabelle Huault and Hélène Rainelli-Weiss

in New Spirits of Capitalism?: Crises, Justifications, and Dynamics

Published in print:
2013
Published Online:
January 2013
ISBN:
9780199595341
eISBN:
9780191750755
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199595341.003.0008
Subject:
Business and Management, Political Economy

In this paper, we notice that a large proportion of modern financial markets, and the near totality of derivatives markets are OTC markets where bilateral contracts are exchanged between ... More


A Simple OTC Pricing Model

Darrell Duffie

in Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter presents a simple introduction to asset pricing in over-the-counter markets. Investors search for opportunities to trade and bargain with counterparties, each counterparty being aware ... More


Property and Intellectual Property Exchanges (PIPEs) in China since the 1990s: An Analysis of the Emergence and Regulatory Resolution of PIPEs and Their Comparative Advantage Over OTC Markets

Heping Cao

in Law and Economics with Chinese Characteristics: Institutions for Promoting Development in the Twenty-First Century

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199698547
eISBN:
9780191745522
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199698547.003.0012
Subject:
Economics and Finance, South and East Asia, Macro- and Monetary Economics

This paper surveys a market instead of an agent in a market. Specifically, the survey examines how the individual agent’s behavior of an informal trading spot are forged into integrated action, ... More


Information Percolation in OTC Markets

Darrell Duffie

in Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter describes a simple model of the “percolation” of information of common interest through an over-the-counter market with many agents. It also includes an explicit solution for the ... More


The Case of Federal Funds Lending

Darrell Duffie

in Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter shows how the intraday allocation and pricing of overnight loans of federal funds reflect the over-the-counter interbank market in which these loans are traded. It provides estimates of ... More


Search for Counterparties

Darrell Duffie

in Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691138961
eISBN:
9781400840519
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691138961.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter introduces the modeling of search and random matching in large economies. The objective is to build intuition and techniques for later chapters. After some mathematical prerequisites, it ... More


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