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Printable Handouts
Navigable Slide Index
- Introduction
- Basic structure of the talk
- The importance of secondary market trading
- Direct and indirect trading costs
- Microstructure of financial markets
- Organization of trading
- Central market
- Brokered markets
- Organizational questions
- Trading at fixed times: call auctions
- Supply, demand and sell volume in call auction
- More on call auctions
- Trading at any time
- Basic types of orders on organized exchanges
- Basic types of trading arrangements
- Quote driven markets
- Quote driven: dealer markets
- Dealer markets: issues to keep in mind
- Dealer markets: what else do we know?
- General trends
- What is different about bonds?
- Benefits of a dealer market for a government
- The organization of (UK) bond markets
- Who are the gilt-edged market makers (GEMMs)?
- Market organization
- Trading arrangement (and the role of the LSE)
- Dealer (GEMM) obligations and privileges
- Implications of arrangements
- Turnover (from DMO)
- Why become a dealer/GEMM?
- The business model of GEMMs
- Summary of important aspects
- Last words and questions for the future
- Thank you for listening
- Bibliography
Topics Covered
- The trading of government bonds in secondary markets
- The importance of market trading mechanisms
- Possible organizational forms of trading and their impact on market liquidity, execution costs, and price volatility
- Current market structures and stylized features of government securities trading
Talk Citation
Park, A. (2009, May 12). The market for government bonds [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved August 31, 2024, from https://doi.org/10.69645/FJKP6333.Export Citation (RIS)