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|Title:||The transition to electronic trading in the secondary treasury market |
Neely, Christopher J.
|Issue Date:||2006 |
|Series/Report no.:||Working papers // Department of Economics, Rutgers, the State University of New Jersey 2006,03|
|Abstract:||This article reviews the history of the recent shift to electronic trading in equity, foreign ex- change and fixed-income markets. We analyze a new data set: the eSpeed (Cantor Fitzgerald) electronic Treasury network. We contrast the market microstructure of eSpeed with the tradi- tional voice assisted networks that report through GovPX. The electronic market (eSpeed) has greater volume, smaller spreads and a lower estimated impact of a trade than the voice market (GovPX).|
|Document Type:||Working Paper|
|Appears in Collections:||Working Papers, Department of Economics, Rutgers University|
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