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Discussion — Lecture 10: Dealers and Liquid Security Markets
Perry Mehrling's Money and Banking MOOC
Location:
Online
Type:
Other
YSI Presenters
Description
This session covers Lecture 10: Dealers and Liquid Security Markets
This lecture is all about dealers. It emphasizes the concept of "market liquidity" as distinct from "funding liquidity" and introduces the Treynor model of the economics of the dealer function. We're starting by looking at security dealers, but we'll be using this model for the rest of the course and expanding it to other types of dealers, including money dealers (banks).
Key take-aways are that dealers use inventories absorb order flow mismatches and translate funding liquidity into market liquidity (shiftability). We also explore the idea of matched-book dealers and the importance of gross exposure versus net exposure.
Hosted by Working Group(s):
Organizers
Attendees
Alex Howlett
Jim Bramlett
Chris Rimmer
Jay Pocklington
Özge Özay
alison touhey
Mateusz Urban
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