Using CFTC’s COT data, this letter analysed whether large hedgers and large speculators were influenced by major economic events of the 1990s. Eight major economics events are looked at over 10-year period, and findings support that these informed players were hardly affected by major events....

The paper studies the equilibrium value of bid-ask spreads and time- to-trade in a continuous-time, intermediated financial market. The endogenous spreads are the price at which brokers are willing to offer immediacy. In case intermediaries pay trading costs, it includes them too. We determine...