Liu, Ying; Vogel, Sebastian; Zhang, Yuan - In: Equilibrium models for derivatives markets with frictions, (pp. 61-130). 2018
In the chapter titled "Electronic Trading in OTC Markets vs. Centralized Exchange", we model a two-tiered market structure in which an investor can trade an asset on a trading platform with a set of dealers who in turn have access to an interdealer market. The investor's order is informative...