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A Theory of Participation in OTC and Centralized Markets

Jerome Dugast, Pierre-Olivier Weill , Semih Uslu   Jul 09,2019

Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we consider a... Read More

Pricing and Liquidity in Decentralized Asset Markets

Semih Uslu   Mar 27,20194

I develop a search-and-bargaining model of endogenous intermediation in over-the-counter markets. Unlike the existing work, my model allows for rich... Read More

Published: Econometrica, 2019, 87(6), 2079-2140