A Survey Of The Microstructure Of Fixed Income Markets
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A Survey of the Microstructure of Fixed-Income Markets
Author | : Hendrik Bessembinder |
Publisher | : |
Total Pages | : 67 |
Release | : 2019 |
Genre | : |
ISBN | : |
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This paper surveys the literature that studies fixed-income trading rules and outcomes, including Treasury securities, corporate and municipal bonds, and structured credit products. We compare and contrast the microstructure and regulation of fixed-income markets with equity markets. We highlight the nature of over-the-counter trading in the face of search costs and the associated slow evolution of electronically-facilitated intermediation. We discuss the databases available for the study of fixed-income microstructure, as well as measures of trading costs and the determinants thereof, and the important roles of dealer networks and limited transparency. We also highlight unresolved issues.
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