The interdealer market for Treasury securities shares many features with other highly liquid markets that trade electronically using anonymous central limit order books.
Market efficiency is often pointed to as a main benefit of automated and high-frequency trading (HFT) in U.S. Treasury markets.
Dobrislav Dobrev and Ernst Schaumburg Third in a five-part series The U.S. Treasury market is one of the deepest and most liquid markets in the world, with significant trading in both Treasury futures and benchmark securities. In this post, we examine the pattern of trading activity in these instruments and document the substantial increase in […]
The relative merits of algorithmic and high-frequency trading are most often discussed in the context of equity markets.