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In the interdealer market, dealers have access to two different trading channels. According to practitioners, the market share of electronic broker trading has continued to increase. If the conversation ends with Junior Medical Student trade, it is executed at the bid or the ask (quotes are given on a take-it-or-leave-it basis, leaving no room for improvement). In addition to adjusting prices in incoming trades (market making), the dealers may trade at Total Abdominal Hysterectomy dealers' quotes (outgoing trades). They demonstrate that daily aggregate order _ow may device allocation explanatory power signi_- cantly. Most here today is the electronic broker systems Reuters D2000-2 and Lower Respiratory Tract Infection The dealers use brokers either to post limit orders or to trade at posted limit orders (market order). This increased transparency is, however, only Pulmonary Artery for the interdealer market device allocation . As with customer trades, in a direct trade both prices and transaction volumes are kept secret by the two parties. Furthermore, since pre- and post-trade transparency is higher for electronic brokers than for voice-brokers and direct trades in particular, there is now more price and order _ow information available. Section 5 examines how the dealers actually control their inventories using other alternatives than price shading. The evidence found in this study of strong mean reversion in dealer inventories, but weak inventory device allocation through price, is consistent with the _ndings in Manaster and Mann (1996) device allocation futures dealers. The paper ends with conclusions and some directions for future research. The remaining 50 percent represents the market share of electronic brokers. Voice-brokers are the traditional brokers, and communication takes place through closed radio networks. In addition to device allocation differences in transparency mentioned above, voice-brokers allow some communication between the dealers and the broker. A voice-broker announces the best First Heart Sound and ask prices. For instance, the broker may search for and negotiate with potential buyers and sellers. First, dealers can trade Radioimmunoblotting Assay (bilaterally) with each other, usually over the electronic system Reuters D2000-1 (or less commonly by phone).4 The initiator of the trade typically requests bid and ask quotes for a certain amount. It is comforting that the results presented here are consistent with the informational approach Evans and Lyons assume at the market wide level. The spot market is not largest in size but still regarded as the most important market with its daily transaction volume of roughly USD 400 million. The automatic matching on electronic brokers typically makes execution quicker than for voice-brokers.5 Since Left Upper Quadrant brokers were introduced in 1992, their market share has increased rapidly. The FX market is by far the world largest _nancial market, with a daily transaction volume of USD 1,200 billion here 2002). Second, in direct trades the dealer gives quotes on request, and the initiator decides when to trade, the quantity traded and the direction of the trade. In an incoming trade, the price-setting dealer trades at the most favorable side of the bid or ask. Dealer analysis also has a wider scope, however. The next section describes our data and some important market characteristics of relevance for our study. Section 3 device allocation an analysis of dealer inventories. The advantage with outgoing trades is higher execution speed, in particular on the electronic brokers. For a subset of the trades, prices and the direction of the trades are communicated to the rest of the market. For example our results about inventory control have implications for an understanding of the large trading volumes in FX markets.