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Quid Pro Quotes

In: Trends, Issues, and Challenges in Banking and Finance

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  • Karim Henide

    (Northumbria University)

Abstract

We review the findings of Giannetti et al. (2023) relating to the alpha generated by bank-affiliated liquidity-supplying mutual funds, following the introduction of the Basel III leverage ratio. We outline the gaps in the literature illuminated by the research, and explore the implications of bank-affiliated dealers directing their best trades to [same-]bank-affiliated mutual funds, which are relevant to anti-competitive behavior, long-term consumer welfare, sound market functioning and systemic stability, by extension. We posit a series of propositions in support of a future research agenda, motivated by the different agents within the ecosystem, in pursuit of redressing the balance of liquidity provision opportunity distribution, or mitigating the need for liquidity provision from unregulated market participants altogether. The understanding of liquidity opportunity distribution behavior is of primary concern for regulators safeguarding the market’s core underpinning principles of fairness and efficiency.

Suggested Citation

  • Karim Henide, 2025. "Quid Pro Quotes," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Enzo Scannella & Jonathan Williams (ed.), Trends, Issues, and Challenges in Banking and Finance, chapter 8, pages 171-192, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-96066-6_8
    DOI: 10.1007/978-3-031-96066-6_8
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