Abstract
Bond has evolved from a purely voice trading (telephone-based) system through a spectrum of electronic mechanisms (from single-dealer systems to multidealer hubs to single-log-in multidealer platforms) to its current state—on the verge of another evolution to a fully automated exchange. And although the drivers of e-trading growth are pushing the market toward that end, significant dampers on progress exist. Regardless of the future form that e-trading assumes, market structure will continue to change. Adopting new approaches for inventory management, protocol development, and straight-through processing will be necessary. Perhaps the most important factor affecting the future viability of e-trading is the attitude of market participants, particularly on the buy side.
Published Version
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