A Survey of the Microstructure of Fixed-Income Markets
综述了国债、公司债、市政债及结构化信用产品的交易规则与结果，比较了固定收益市场与股票市场的微观结构和监管差异，讨论了搜索成本下的场外交易、电子中介的缓慢演变、交易成本的衡量与决定因素，以及做市商网络和有限透明度的重要作用。
In this article, we survey the literature that studies fixed-income trading rules and outcomes, including Treasury securities, corporate and municipal bonds, and structured credit products. We compare and contrast the microstructure and regulation of fixed-income markets with equity markets. We highlight the nature of over-the-counter trading in the face of search costs and the associated slow evolution of electronically facilitated intermediation. We discuss the databases available to study fixed-income microstructure, as well as measures and determinants of trading costs, and the important roles dealer networks and limited transparency play. We also highlight unresolved issues.