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Since the 2008 financial crisis, there have been a number of developments in financial markets, such as new regulations, changes in market structure, and technological advancements. To varying degrees, these developments have had an impact on the landscape and...

Transparency is always an important element pertaining to market design. While many have explored the importance and the consequence of bringing post-trade transparency to over-the-counter (OTC, henceforth) markets, almost no research has been done to understand how pre-trade transparency...