This paper presents a model of opaque secondary markets. Investors meet over-the-counter to trade heterogeneous assets under asymmetric information. An endogenous composition effect emerges whereby high liquidity alters the quality of the pool of sellers and decreases future liquidity. With...

This study was commissioned by a futures market Exchange firm plagued by members' trading off-floor in strict violation of the Exchange's rules requiring transactions to be made on the Exchange floor during trading hours in the assigned trading areas. Any violation of these rules is a major...

Financial markets are seen as one of the most important markets in economic terms. The activities of investors in the financial markets consist in predicting how best to invest the accumulated capital, using all kinds of analyzes and forecasts. In the literature on the subject, apart from...