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$10 million 1050 Massachusetts Avenue August available to marketmaker Beginning with equation bid/offer quotes brokered trades Bureau of Economic Dani Rodrik dataset includes decentralized dealership market denoted Descriptive Statistic direct transactions DM/S Economic Research effects of trading equation 9 exponential utility FOREIGN EXCHANGE MARKET FX market Glosten indicator variable information asymmetry information available information channel information environment institutional features intraday inventory-control channel Inventory-control coefficient inventory-control effect Lyons Madhavan and Smidt major New York marketmaker t's quoted marketmaker's inventory mean zero median spread MICROSTRUCTURAL HYPOTHESES microstructure theory National Bureau NBER non-marketmaker normally distributed NYSE open positions P-Value period prices and quantities private information public signal quotes and trades quoting marketmaker random variable Reuters indications Richard specialist spot market strands of microstructure t's quoted prices TESTS OF MICROSTRUCTURAL trade occurs trading day transactions mediated value of FX variance York brokers York Stock Exchange