一本偏学术的书
目录如下：
Contents
Executive summary ................................................................................................................................. 1
1. Introduction ....................................................................................................................................... 4
2. The economics of market-making ............................................................................................ 4
2.1 The role of market-makers in bond markets ............................................................. 5
2.2 The provision of market-making services ................................................................... 6
2.3 Market-making versus proprietary trading ................................................................ 9
3. Trends in market-making and proprietary trading .......................................................... 11
3.1 Assessing trends in bond market liquidity ................................................................ 11
3.2 Supply of immediacy services ........................................................................................ 16
3.3 Demand for immediacy services ................................................................................... 19
3.4 Movement towards electronic trading ....................................................................... 21
4. Drivers of the observed trends ................................................................................................. 23
4.1 Market-driven adjustments to market-making services ...................................... 24
4.2 Regulatory changes and their potential effects ...................................................... 26
5. Market implications ...................................................................................................................... 29
5.1 Cost of trading and issuing debt .................................................................................. 29
5.2 Market liquidity and robustness ................................................................................... 30
6. Policy implications ......................................................................................................................... 35
6.1 Assessing liquidity risks and enhancing market robustness .............................. 36
6.2 Possible backstop options ............................................................................................... 38
References ................................................................................................................................................ 41
Appendix 1: Study Group mandate ................................................................................................ 45
Appendix 2: Overview of regulatory definitions ........................................................................ 47
Appendix 3: Measuring trends in market-making and proprietary trading ................... 52
Appendix 4: Surveying market-makers on the expected impact of regulation ............ 54
Members of the Study Group ........................................................................................................... 57