Example: air traffic controller
Search results with tag "Negative swap spreads and limited arbitrage"
Negative Swap Spreads and Limited Arbitrage
finance.wharton.upenn.eduA key insight provided b y my model is that with arbitrage limited in this way, swap spreads should naturally be negative, even in the absence of explicit demand effects. Banks have been required to disclose their supplementary leverage ratios starting in 2015. Consistent with the model, as shown in Figure 1, empirical swap spreads declined