LAEF Over-the-Counter Markets and Securities Workshop

2016 participants minus Darrell Duffie and Pierre-Olivier Weill, who missed the photo op.

2017 participants

About the workshop

  1. Instead of a single price that clears the market, the terms of trade are specific to each transaction,
  2. Participants lack public information on who is trading with whom at what prices,
  3. Transactions involve intermediaries,
  4. Participants (both client and intermediary institutions) form a complex network of trading relationships with each other, and
  5. In transacting OTC, participants navigate a complex set of contractual and trading frictions (counterparty risk, asymmetric information, enforcement, reputation, search frictions, illiquidity, funding and margin costs, and so on).