Trading Activity and Transaction Costs in Structured Credit Products
首次研究结构化信用产品的二级市场交易，发现多数产品在21个月内从未交易，交易时执行成本平均24个基点，零售型产品交易成本更高，公共交易报告可降低5-7个基点。
After conducting the first study of secondary trading in structured credit products, the authors report that the majority of products did not trade even once during the 21-month sample. Execution costs averaged 24 bps when trades occurred and were considerably higher for products with a greater proportion of retail-size trades. The authors estimate that the introduction of public trade reporting would decrease trading costs in retail-oriented products by 5–7 bps.