Análisis de transparencia prenegociación en los calces otc de los contratos de futuros sobre trm, del mercado de derivados colombiano.

This paper analyzes the pretrading transparency of the trm futures market in Colombia and its relation to information asymmetry in out-of-stock trading operations between informed and uninformed agents. It is concluded that the transaction records are used by the market intermediaries to generate transactions outside of the available prices via the engine of the bvc and thus, take advantage of its dominant position as an informed agent. Additionally, it is argued that in order to eliminate this advantage, operations between agents classified own position (informed) and customers (not informed), should not be carried out via registration but only using the stock engine. [ABSTRACT FROM AUTHOR]