By Darrell Duffie
Over-the-counter (OTC) markets for derivatives, collateralized debt tasks, and repurchase agreements performed an important function within the international monetary problem. instead of being traded via a centralized establishment similar to a inventory trade, OTC trades are negotiated privately among marketplace members who can be ignorant of costs which are presently to be had in other places out there. In those rather opaque markets, traders could be at the hours of darkness concerning the most enticing to be had phrases and who should be providing them. This opaqueness exacerbated the monetary main issue, as regulators and marketplace members have been not able to quick check the hazards and pricing of those instruments.
Dark Markets bargains a concise advent to OTC markets by way of explaining key conceptual concerns and modeling recommendations, and by means of supplying readers with a beginning for extra complex topics during this box. Darrell Duffie covers the fundamental tools for modeling seek and random matching in economies with many brokers. He provides an summary of asset pricing in OTC markets with symmetric and uneven details, exhibiting how info percolates via those markets as traders come across one another through the years. This booklet additionally positive factors appendixes containing methodologies aiding the extra theory-oriented of the chapters, making this the main self-contained creation to OTC markets available.
Read or Download Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets (Princeton Lectures in Finance) PDF
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Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets (Princeton Lectures in Finance) by Darrell Duffie
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