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Statement of the Financial Economists Roundtable, April 2015: The Structure of Trading in Bond Markets

The Financial Economists Roundtable, a group of distinguished senior financial economists, discusses the current structure of the corporate and municipal bond markets and offers suggestions regarding the regulation of these markets. Editor’s note: Larry Harris may have a commercial interest in the topics discussed in this article. Editor’s note: This article was reviewed and accepted by Executive Editor Robert Litterman. Authors’ note: This statement is an outcome of the Financial Economists Roundtable discussion at its annual meeting on 19–21 July 2014 in Quebec City. It reflects a consensus of more than two-thirds of the attending members. Although the statement provides suggestions to the US Securities and Exchange Commission for how to improve bond market quality, the issues involved affect bond markets throughout the world. If adopted, these suggestions would improve all global bond markets.