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

Author

Listed:
  • Gianluca Garbi
  • Philippe Rakotovao

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

Suggested Citation

  • Gianluca Garbi & Philippe Rakotovao, 2006. "Fixed income : a new trend towards centralisation of trading on exchanges?," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 77-87.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4438
    DOI: 10.3406/ecofi.2006.4438
    Note: DOI:10.3406/ecofi.2006.4438
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    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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