Optimal Microstructures
探讨交易金融资产的最优微观结构，基于市场功能（流动性、价格发现、降低不确定性）提出框架，并分析美国公司债和市政债交易演变，对发展金融市场有重要启示。
Abstract This paper considers the basic issue of the optimal microstructure for trading financial assets. I propose a framework for addressing optimality that draws on the functions that markets perform. These functions include liquidity, price discovery, and the reduction of uncertainty. Because the characteristics of financial assets and their investors differ, I show that their optimal microstructure may differ as well. I illustrate these points by analysing the evolution of corporate and municipal bond trading in the USA. The paper also discusses the particularly important role that microstructure plays for developing financial markets.