as well as seminar participants at the 2015 NYU/NYFRB Financial Intermediation Conference, the Securities and Exchange Commission, the 2015 LSE conference on Economic Networks and Finance, and the Third Annual Conference on Financial Market Regulation for helpful comments. We also thank Calvin Zhang, Jeff Jacobs, Katrina Evtimova and especially Jason Lee for outstanding research assistance. All remaining errors are ours. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.