The transition to electronic communications networks in the secondary treasury market

Bruce Mizrach and Christopher Neely

Review, 2006, vol. 88, issue Nov, 527-542

Abstract: This article reviews the history of the recent shift to electronic trading in equity, foreign exchange, and fixed-income markets. The authors analyze a new data set: the eSpeed electronic Treasury network. They contrast the market microstructure of the eSpeed trading platform with the traditional voice-assisted networks that report through GovPX. The electronic market (eSpeed) has greater volume, smaller spreads, and a lower estimated trade impact than the voice market (GovPX). ; Appeared earlier as Working Paper 2006-012

Keywords: Electronic commerce; Electronic funds transfers (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (32)

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