Information Revelation in Decentralized Markets
利用欧元兑瑞士法郎报价数据（含2015年闪崩），检验交易商网络理论：连接紧密的中心交易商信息更灵通，市场波动时网络结构变化。
ABSTRACT How does information get revealed in decentralized markets? We test several hypotheses inspired by recent dealer‐network theory. To do so, we construct an empirical map of information revelation where two dealers are connected based on the synchronicity of their quote changes. The tests, based on the euro to Swiss franc spot rate (EUR/CHF) quote data including the 2015 crash, largely support theory: strongly connected (i.e., central) dealers are more informed. Connections are weaker when there is less to be learned. The crash serves to identify how a network forms when dealers are transitioned from no‐learning to learning, that is, from a fixed to a floating rate.