from observing the actions of peers. When the social belief is strong and the financial network is fragmented, banks follow … endogenously formed interbank networks, however, less informative signals lead to higher network density and less synchronization …

network. Traders are privately informed about their types (e.g. their portfolios), which is something the dealer must take … business to a crossing network. We show that the presence of such a network results in more trader types being serviced by the … determine the structure of the crossing network and show that the same conditions that lead to a reduction of the spread imply …