Hanging up the phone - electronic trading in fixed income markets and its implications

Morten Bech (), Anamaria Illes, Ulf Lewrick and Andreas Schrimpf

BIS Quarterly Review, 2016

Abstract: This article explores drivers and implications of the rising use of electronic and automated trading in fixed income markets - a process we refer to as "electronification". We take stock of the current state of electronic trading and how it has changed the market ecosystem, its resilience and its overall functioning. We argue that the impact of electronic and automated trading is visible in a number of dimensions of market liquidity and price efficiency. With market participants adjusting to the new market structure, several new challenges have emerged that warrant attention from policymakers.

Date: 2016
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:bis:bisqtr:1603h

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