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CLO Liquidity Provision and the Volcker Rule

CLO Liquidity Provision and the Volcker Rule

Implications on the Corporate Bond Market

by Viktoria K Klaus
Paperback
Publication Date: 09/12/2019
  $72.05
This item qualifies for FREE delivery
Although it is a highly desirable feature for securities markets in order to thrive, sufficient liquidity is barely recognized when being present. This study analyzes often neglected market liquidity in the corporate bond market after the introduction of comprehensive financial regulation in the USA, foremost associated with the Volcker Rule. Research identifies an increasing share of customer liquidity provision to be a reason for an underestimation of overall transaction costs, as spreads charged by customers are lower compared to market-makers' spreads. With customers providing liquidity where market-makers do not, the overall spread averages decrease. The author applies this research results to collateralized loan obligations (CLOs) and the corporate bond market. This approach is new, since it directly tests the growth of liquidity provision by CLOs as non-Volcker affected vehicles replacing restricted market-makers.
ISBN:
9783961467396
9783961467396
Category:
Industry & industrial studies
Format:
Paperback
Publication Date:
09-12-2019
Publisher:
Diplomica Verlag
Pages:
102
Dimensions (mm):
210x148x5mm
Weight:
0.13kg

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