BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Who's got the power? Bilateral oligopoly in credit derivatives mar
 kets
DTSTART:20201211T103000
DTEND:20201211T120000
DTSTAMP:20260930T215046Z
UID:7d9b173987ed799e6cf51bae6d5459a5744b43fc859fc30218aac70a
CATEGORIES:Conferences - Seminars
DESCRIPTION:Laurence LESCOURRET\, ESSEC Business School\nThis paper invest
 igates how the market power of dealers relative to customers affects trans
 action costs in credit default swap markets. Using detailed transaction da
 ta from the German single-name CDS market\, we find that market concentrat
 ion has increased and execution quality for non-centrally cleared CDS has 
 deteriorated between 2010 and 2016. Controlling for counterparty risk and 
 CDS characteristics\, we show that dealers' market concentration worsens t
 ransaction costs. We also find that the bargaining power of customers may 
 counterbalance dealers' market power. In particular\, customers with more 
 dealer connections\, trading more often and in larger size obtain better 
 prices. 
LOCATION:UNIL\, Extranef\, room 126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR