Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 21, 2019 erstellt
Description:
In financial markets, dealers may take advantage of information asymmetries and extract a rent from buy-side traders. We show that an increase in the precision of a benchmark reduces noise in market prices and increases participation by overcoming traders' and regulators' inability to penalize dealers sufficiently