Bio

Michael is a Senior Economist in the Financial Markets Department. He has worked extensively on OTCD reform implementation in Canada. Michael’s research includes work on latency delays in equity order execution and on capital structure.

Staff discussion papers

A Review of the Bank of Canada’s Support of Key Financial Markets During the COVID-19 Crisis

Staff Discussion Paper 2023-9 Joshua Fernandes, Michael Mueller
The COVID-19 pandemic placed unprecedented strain on the global financial system. We describe how the Bank of Canada responded to the rapidly deteriorating liquidity in core Canadian fixed-income markets.
Content Type(s): Staff research, Staff discussion papers Topic(s): Coronavirus disease (COVID-19), Financial markets, Market structure and pricing, Monetary policy and uncertainty JEL Code(s): E, E4, E44, E5, E58, G, G0, G01

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Staff working papers

Speed Segmentation on Exchanges: Competition for Slow Flow

Staff Working Paper 2018-3 Lisa Anderson, Emad Andrews, Baiju Devani, Michael Mueller, Adrian Walton
In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away from other Canadian venues with a maker-taker fee structure.
Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G14, G2, G24

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Bank publications

Financial System Review articles

December 15, 2016

Toward More Resilient Markets: Over-the-Counter Derivatives Reform in Canada

Financial System Review - December 2016 Michael Mueller, André Usche
In Toward More Resilient Markets: Over-the-Counter Derivatives Reform in Canada, Michael Mueller and André Usche show that the implementation of derivatives market reforms in Canada is well under way and has lessened vulnerabilities. But accompanying changes to market structure have both positive and negative effects that require ongoing attention from authorities.
Content Type(s): Publications, Financial System Review articles Topic(s): Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): G, G0, G01, G1, G15, G2, G28

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