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for end-users and the reporting of cleared and uncleared derivative transactions by nearly all financial counterparties …. The major differences arise with the restrictions on bank proprietary trading, with separation of derivative trading …
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Using high-frequency data from the European Climate Exchange (ECX), we examine the determinants of price impact of €21 billion-worth of block trades during 2008-2011 in the European carbon market. We find that wider bid-ask spreads and volatility are characterised by smaller price impact....
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