In traditional over-the-counter markets, investors trade bilaterally through intermediaries. We assess whether and how to shift trades on a centralized platform with trade-level data on the Canadian government bond market....

We examine how intermediary capitalization affects  asset prices in a framework that allows for intermediary market power.  We introduce a model in which capital constrained intermediaries buy or trade an...

Leveraging an institutional feature that Treasury auctions of different maturities are often held simultaneously, we propose  a method for estimating demand systems for Treasuries, avoiding the usual endogeneity issues in...