evidence that dealers' inventory financing constraints are a crucial determinant of the costs of their liquidity provision in … component of the effective bid-ask spread. Compared to low volatility bonds, the liquidity provision of high volatility bonds is … alleviates liquidity problems among eligible dealers …

We provide the first direct analysis of how dealers' funding liquidity affects their liquidity provision in securities … SEC 2016 money market fund reform as an instrument, we show that funding liquidity indeed has a causal effect on market … liquidity. Dealers with lower funding liquidity tend to have smaller market shares and they execute more trades on an agency …

requirements has been a reduction in the liquidity of fixed income markets. We assess this claim in the context of the gilt (UK … government bond) and gilt repo markets. We find that gilt repo liquidity worsened during the period when UK leverage ratio policy … was announced, and that gilt liquidity worsened conditional on factors such as funding costs and inventory risk. We also …

We consider a model in which dealers intermediate trades between clients and provide immediacy, or, market liquidity … dealers' ability to raise external finance and hence to compete aggressively with each other in providing liquidity. To … leverage is therefore endogenous and related to variations in liquidity across otherwise unrelated markets. Our results shed …

This paper examines dealer inventory capacity, or liquidity supply, as a driver of liquidity and expected returns in … the corporate bond market. We identify shocks to aggregate liquidity supply using data on corporate bond yields and dealer … positions. Liquidity supply shocks lead to persistent changes in market liquidity, are correlated with proxies for dealer …

liquidity inside the spread tends to act as a loss leader, drawing additional trades after the successful execution of liquidity …

We investigate the extent to which the liquidity of listed stocks is affected by the market structure under which … structures tend to associate with lower stock liquidity; and that shifts in broker market structure align with changes in … liquidity over time. Further, broker market structures appear to interact with the provision of services by brokers, such that …