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ARTICLE · 08 JUNE 2017

New Study Shows Post-Crisis Regulations Hurt Bond Liquidity

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In an article posted on the Liberty Street Economics blog of the Federal Reserve Bank of New York...

United StatesFinance and Banking
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In an article posted on the Liberty Street Economics blog of the Federal Reserve Bank of New York, authors Tobias Adrian, Nina Boyarchenko and Or Shachar (collectively, the "authors") explained the results of a recent study, which indicated that corporate bond liquidity has been adversely affected by post-crisis regulation.

The authors analyzed FINRA Trade Reporting and Compliance ("TRACE") data in order to evaluate trade activity and measure corporate bond market liquidity. By utilizing the information provided by TRACE reports, the authors were able to determine which parent bank holding company ("BHC") corresponded to a dealer in a particular trade. The authors then calculated bond liquidity by using common corporate bond liquidity metrics and incorporating constraints based on the balance sheet of the relevant BHC.

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