Auction-based tests of inventory control and private information in a centralized interdealer FX market
利用哥伦比亚央行外汇拍卖的外生变化，研究库存控制和私有信息如何影响银行间外汇市场的交易价格和成交量，发现库存减少的交易商增加美元净买入并支付更高价格。
This study examines how inventory control and private information affect trading prices and volumes in a centralized interdealer foreign exchange (FX) market. Using exogenous variation from FX auctions conducted by the Colombian Central Bank (2008–2014), we analyze settlement data from the COP/USD spot market before and after each auction. Comparing dealers with differing inventory and information shocks, we find that those with reduced inventories increase net USD purchases and pay higher prices post-auction.