Liquidity and Trading in Fixed Income: Why Bonds Are Harder to Trade Than Stocks
You can build the most brilliant bond portfolio model in the world. But if you can’t actually trade the bonds you want, none of it matters.
Electronic trading
Trading and Exchanges Chapter 27: Floor Trading vs Electronic Trading Systems
Chapter 27 is a fascinating time capsule. Harris wrote this around 2003, when the debate between floor trading and electronic trading was still alive. The NYSE was building a new trading floor. The Chicago exchanges were still mostly pit-based. Reading it now, knowing how completely electronic trading won, is like reading someone in 1995 carefully weighing the pros and cons of email versus fax machines.
Floor Trading vs Automated Systems: The Technology Shift (Chapter 27)
Previous: Competition Among Markets
In 1999, the Bangladeshi Stock Exchange replaced its trading floor with an automated system. At the same time, the New York Stock Exchange was considering where to build a new trading floor.
Liquidity and Trading in Bond Markets: Why Bonds Are So Hard to Trade
Book: Systematic Fixed Income: An Investor’s Guide Author: Scott A. Richardson, Ph.D. Publisher: John Wiley & Sons, 2022 ISBN: 9781119900139