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Did Dealers Fail to Make Markets during the Pandemic?

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Abstract

In March 2020, as the COVID-19 pandemic disrupted a range of financial markets, the ability of dealers to maintain liquid conditions in these markets was questioned. Reflecting these concerns, authorities took numerous steps, including providing regulatory relief to dealers. In this post, we examine liquidity provision by dealers in several financial markets during the pandemic: how much was provided, possible causes of any shortfalls, and the effects of the Federal Reserve’s actions.

Suggested Citation

  • Jiakai Chen & Haoyang Liu & David Rubio & Asani Sarkar & Zhaogang Song, 2021. "Did Dealers Fail to Make Markets during the Pandemic?," Liberty Street Economics 20210324, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:90398
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    More about this item

    Keywords

    dealers; liquidity; COVID-19;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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