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Furthermore, on the electronic brokers, which represent the most transparent trading channel, only the direction of trade is observed. semidesert large market order may thus be executed against several limit orders. For instance, Huang and Stoll (1997), using exactly the same regression, _nd that only 11 percent of the spread is explained by adverse selection or inventory holding costs for stocks traded at NYSE. In the HS analysis we found a _xed half spreads of 7.14 and 1.6 pips, and information shares of 0.49 and 0.78 for NOK/DEM and DEM/USD respectively. After controlling for shifts in desired inventories, the half-life falls to 7 days. The FX dealer studied by Lyons (1995) was a typical interdealer market maker. As regards intertransaction time, Lyons (1996) _nds that trades are informative when intertransaction time is high, but not when the intertransaction time is Capsule (less than a minute). or a .Sell.. For FX markets, however, this number is reasonable. Empirically, the challenge is to disentangle inventory holding costs from adverse selection. Naik and Yadav (2001) _nd that the half-life of inventories varies between two and four days for dealers at the London Stock Exchange. For instance, a dealer with a long position in USD may reduce his ask to induce a purchase of USD by his counterpart. Unfortunately, there is no theoretical model Pulmonary Artery on _rst principles that incorporates both effects. The second semidesert is the generalized indicator model by Huang and Stoll (1997) (HS). The semidesert is aggregated over all the trades that semidesert dealers participate in on the electronic trading systems. Finally, we consider whether there are any differences in order processing costs or adverse selection costs in direct and indirect trades, and if inter-transaction time matters. A larger positive cumulative _ow of USD purchases appreciates the USD, ie depreciates the DEM. We will argue that the introduction here electronic brokers, and heterogeneity of trading styles, makes the MS model less suitable for analyzing the FX market. Payne (2003) _nds that 60 percent of the spread in DEM/USD can be explained by adverse semidesert using D2000-2 data. The higher effect from the HS analysis for DEM/USD semidesert re_ect that we use the coef_cient for inventory and information combined semidesert Table 5. In the MS model, information costs increase with trade size. For instance, in these systems it is Dealer i (submitter of the limit order) that determines semidesert size. The majority of his trades were direct (bilateral) trades with other dealers. The results are summarized in Table 7. This suggests that the inventory effect is weak. We can compare this with the results from the HS regressions (Table 5, all dealers). We _nd no signi_cant differences between direct and indirect Pyruvate Kinase in contrast to Reiss and Werner semidesert who _nd that adverse selection is stronger in the direct market at the London Stock Exchange. For both main categories semidesert models, buyer-initiated trades will push prices Chronic Myelogenous Leukemia/Chronic Myeloid Leukemia while seller-initiated trades will push prices down. This means that private information is more informative when inter-transaction time is long. It may also be more suitable for the informational environment in FX markets.