Click or Call? Auction versus Search in the Over‐the‐Counter Market
研究了场外市场中电子拍卖与传统语音交易的共存问题，发现定期单向电子拍卖即使在不活跃交易的债券中也能提供重要流动性。
ABSTRACT Over‐the‐counter (OTC) markets dominate trading in many asset classes. Will electronic trading displace traditional OTC “voice” trading? Can electronic and voice systems coexist? What types of securities and trades are best suited for electronic trading? We study these questions by focusing on an innovation in electronic trading technology that enables investors to simultaneously search many bond dealers. We show that periodic one‐sided electronic auctions are a viable and important source of liquidity even in inactively traded instruments. These mechanisms are a natural compromise between bilateral search in OTC markets and continuous double auctions in electronic limit order books.