A survey of the microstructure of fixed-income markets

Hendrik Bessembinder, Chester Spatt, Kumar Venkataraman

Research output: Contribution to journalArticlepeer-review

18 Scopus citations


In this article, we survey the literature that studies fixed-income trading rules and outcomes, including Treasury securities, corporate and municipal bonds, and structured credit products. We compare and contrast the microstructure and regulation of fixed-income markets with equity markets. We highlight the nature of over-the-counter trading in the face of search costs and the associated slow evolution of electronically facilitated intermediation. We discuss the databases available to study fixed-income microstructure, as well as measures and determinants of trading costs, and the important roles dealer networks and limited transparency play. We also highlight unresolved issues.

Original languageEnglish (US)
Pages (from-to)1-45
Number of pages45
JournalJournal of Financial and Quantitative Analysis
Issue number1
StatePublished - Feb 1 2020

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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