Fixed income: a new trend towards centralisation of trading on exchanges?

Gianluca Garbi and Philippe Rakotovao

Revue d'Économie Financière, 2006, vol. 82, issue 1, 77-87

Abstract: [eng] This article considers the differences between equities and bonds that led the former but not the latter to migrate at an early stage to exchange trading. It is clear that an exchange offers important advantages in terms of trading and settlement costs, unified price discovery and symmetric information distribution. However, the distinct nature of bonds made the OTC environment a better venue for their secondary market trading until new IT and subsequent business models made exchange-like benefits available to the bond market. . JEL classification : G14, O33

Date: 2006
Note: DOI:10.3406/ecofi.2006.4438
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