Using a novel regulatory transaction-level dataset, we analyze determinants of pricing in both dealer-to-dealer (D2D) and dealer-to-client (D2C) segments of over-the-counter (OTC) currency derivatives market enabling us to provide new empirical insights into frictions driving pricing in both segments separately and interplay of these frictions jointly. The interdealer network exhibits a core-periphery structure with core dealers charging centrality premia in both D2D and D2C segments. By acting as principal and prearranging fewer trades, they provide execution immediacy besides receiving the opportunity to internalize flows. In D2C segment, sophisticated clients experience a reduction in centrality premium alluding to an interplay of client bargaining power and dealer centrality in pricing.

使用新颖的监管交易级数据集，我们分析了场外交易 (OTC) 货币衍生品市场的交易商对交易商 (D2D) 和交易商对客户 (D2C) 部分的定价决定因素，使我们能够提供对分别驱动两个细分市场定价的摩擦以及这些摩擦共同相互作用的新的实证见解。经销商间网络呈现出核心-外围结构，核心经销商在D2D和D2C细分市场中收取中心溢价。通过充当委托人并预先安排较少的交易，他们除了获得内部化流量的机会之外，还提供了执行的即时性。在 D2C 领域，成熟的客户体验到中心性溢价的降低，这意味着客户议价能力和经销商定价中心性之间的相互作用。