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This paper presents a model of an over-the-counter bond market in which bond dealers and cash investors arrange repurchase agreements (repos) endogenously. If cash investors buy bonds to store their cash, then they suffer an endogenous bond-liquidation cost because they must sell their bonds...
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multilateral trading system developed under the WTO. Securities' clearing and settlement services have nowadays become more …
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. Since the Great Financial Crisis, increases in central clearing rates have helped shape growth in amounts outstanding …. Derivatives subject to regulatory clearing mandates were approaching full clearing, while clearing rates were low for certain …
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