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|z 9781498303774
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Hau, Harald.
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|a Discriminatory Pricing of Over-the-Counter Derivatives /
|c Harald Hau, Peter Hoffmann, Sam Langfield, Yannick Timmer.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (45 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
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|a Mode of access: Internet
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|a Hoffmann, Peter.
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|a Langfield, Sam.
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|a Timmer, Yannick.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/100
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/100/001.2019.issue-100-en.xml
|z IMF e-Library
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