In Focus

  • Week InReview: February 24, 2017

    • Friday, February 24, 2017

    On bond market liquidity... "We present a model of market makers subject to recent banking regulations: liquidity and capital constraints in the style of Basel III and a position limit in the style of the Volcker Rule. Regulation causes market makers to reduce their intermediation by refusing principal positions. However, it can improve the bid-ask spread because it induces new market makers to enter. Since market makers intermediate less, asset prices exhibit a liquidity premium. Costs of regulation can be assessed by measuring principal positions and asset prices but not by measuring bid-ask spreads." Banking Regulation & Market Making, Bank of Canada - Staff Working Paper

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  • Week InAdvance: February 21, 2017

    • Tuesday, February 21, 2017

    Tue 2/21 EU finance ministers meet in Brussels. | Wed 2/22 INVESTORS Cyber Security and Monthly Members Meetings (available via telecon). Fed releases FOMC minutes. | Thu 2/23 OFR panel meets on financial stability via webcast. | Fri 2/24 Day 1 of SEC Speaks forum in DC (available via webcast).

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  • Week InReview: February 17, 2017

    • Friday, February 17, 2017

    As of January this year, 128 bond trading platforms were available to fixed income market participants as traders seek new technology to improve connectivity and electronic trading. | This boom in innovation has seen traders readily embrace electronic trading and a variety of alternative protocols offered to meet bond market needs. | However, IOSCO explained this has led to fragmentation and difficulties for those trading the bond market, highlighting the importance of connectivity.

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