Fleming, Michael J.; Saggar, Seema; Sareen, Samita - 2016
market, we explore the importance of benchmark bonds, the launch of NDS-OM, the growth in trading activity, and the migration … of activity from the over-the-counter (OTC) market to NDS-OM. We find that benchmark bonds, larger issues, and recently … issued bonds tend to trade more actively, but that the launch of NDS-OM is associated with a reduced likelihood of a bond …