General Equilibrium and the Emergence of (Non) Market Clearing Trading Institutions We consider a pure exchange economy, where for each good several trading institutions are available, only one of which is market-clearing. The other feasible trading institutions lead to rationing. To learn on which trading institutions to coordinate, traders follow behavioural rules of thumb that are based on t...

The recent credit crisis has heightened the awareness of credit risk among financial markets’ regulators and participants. However, despite the public discussion on centralized processing systems for the off-exchange traded (Over-The-Counter, OTC) transactions no research has been conducted on the factors that could explain their adoption among market participants. With this study, an attempt i...

In recent years, advances in laser microscopy and endogenous fluorescent tagging techniques have led to the development of many tissue-clearing strategies, which render tissues optically transparent, allowing large blocks of unsectioned tissue to be visualized in three dimensions (3D). CLARITY (Clear Lipidexchanged Acrylamide-hybridized Rigid Imaging/ Immunostaining/In situ hybridization-compat...

Fragmenting clearing across multiple central counter-parties (CCPs) is costly. This because dealers providing liquidity globally, cannot net trades cleared in different CCPs and this increases their collateral costs. These costs are then passed on to clients through price distortions which take the form of a differential (basis) when same products CCPs. Using proprietary data, we document an ec...