determinedby different investor clienteles with different liquidity needs.[...] …

intermediation to arrangetrades. We provide empirical evidence that liquidity in the voice brokered market varieswith the particulars … of the CDS contracts and that the differences in market structure isreflected in the costs of liquidity. Moreover, the … brokered and direct interdealer tradingmarkets seem to be well integrated; thus the higher liquidity costs in the brokered …