LAEF Over-the-Counter Markets and Securities Workshop

2016 participants minus a few who missed the photo op.

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 broker-dealer institutions as 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, adverse selection, enforcement, reputation, search frictions, and so on).