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RBA Glossary definition for securities

securities – A financial instrument which represents a claim over real assets or a future income stream. Such instruments are usually tradeable. Examples of securities include bonds, bills of exchange, promissory notes, certificates of deposit and shares.

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Asymmetric Information and Bid-ask Spreads in the Eurocurrency Markets

1 Oct 1987 RDP 8707
Malcolm L. Edey
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1987/8707.html

The Model

1 Oct 1987 RDP 8707
Malcolm L Edey
Download the Paper 591. KB. We consider a market for a single risky security in which all trade is transacted through a single professional intermediary (the “dealer”). ... On the arrival of each trader the dealer announces the prices at which he is
https://www.rba.gov.au/publications/rdp/1987/8707/the-model.html

Conclusions

1 Oct 1987 RDP 8707
Malcolm L Edey
Download the Paper 591. KB. Our analysis has suggested a simple and intuitively plausible relationship between the information structure of a market, and the bid-ask spread of a competitive security
https://www.rba.gov.au/publications/rdp/1987/8707/conclusions.html

Introduction

1 Oct 1987 RDP 8707
Malcolm L Edey
The method will be to analyse the influence of the information structure on the determination of the equilibrium bid-ask spread of a security dealer. ... The optimal bid and ask prices of a security dealer have been studied by a number of writers.
https://www.rba.gov.au/publications/rdp/1987/8707/introduction.html