Liquidity in global bond markets is a key concern following the financial crisis. Can utilising data across jurisdictions shed some light?
Occasional Paper No.52 (PDF)[1]
Summary
The trades in the global bond market are key to financial systems working effectively. Its size far exceeds that of equities. But little is known on a global level as to the performance of these markets outside a country’s respective territory.
Using both US and UK regulatory data, we ask whether conclusions can be drawn, or whether unique trading patterns are cancelled out at global level.
Authors
Plamen Ivanov, Alexei Orlov and Michael Schihl.
Disclaimer
Occasional Papers contribute to our work by providing rigorous research results and stimulating debate. While they may not necessarily represent the position of the FCA, they are one source of evidence we may use to discharge our functions and inform our views. We strive to ensure research outputs are accurate, through checks including independent referee reports, but the nature of such research and choice of research methods is a matter for the authors using their expert judgement. To the extent that Occasional Papers contain any errors or omissions, they should be attributed to the individual authors, rather than the FCA.