TAILIEUCHUNG - The Microstructure of the Bond Market in the 20th Century∗

Under BLM policy, the agency must periodically review the status of these idle wells to ensure that the operator has legitimate reasons for allowing the wells to remain idle. According to BLM officials, the primary purpose of idle-well reviews is to ensure that these wells do not become orphaned—that is, they lack a bond sufficient to cover reclamation costs and there are no responsible or liable parties to perform reclamation. States have adopted laws and regulations governing oil and gas development on state and private lands, including bond and reclamation requirements. In addition, other Interior programs and offices that are. | The Microstructure of the Bond Market in the 20th Century Bruno Biais and Richard C. Green August 29 2007 Part of this paper was written as Biais was visiting the NYSE. We are grateful for the support and information provided by the Research Department and the Archives of the New York Stock Exchange and discussions with Paul Bennet Mark Gurliacci Pam Moulton Steve Poser Bill Tschirhart Li Wei and Steve Wheeler. We are also indebted for helpful discussions and information to Amy Edwards Liam Brunt Paul David Jim Jacoby Ken Garbade Tal Heppenstall Phil Hoffman Edie Hotchkiss Allan Meltzer Mike Piwowar Jean-Laurent Rosenthal Norman Schiirhoff Chester Spatt Ilya Strebulaev Eugene White Luigi Zingales and seminar participants at the SEC seminar the University of Lausanne seminar the Toulouse conference in honour of Jean Jacques Laffont and the Paris School of Economics workshop on economic history. Dan Li Charles Wright Joanna Zeng and especially Fei Liu provided excellent research assistance. Financial support was provided by the Hillman Foundation. tToulouse University Gremaq CNRS CRG IAE IDEI Tepper School of Business Carnegie Mellon University The Microstructure of the Bond Market in the 20th Century Abstract Bonds are traded in over-the-counter markets where opacity and fragmentation imply large transaction costs for retail investors. Is there something special about bonds in contrast to stocks precluding transparent limit-order markets Historical experience suggests this is not the case. Before WWII there was an active market in corporate and municipal bonds on the NYSE. Activity dropped dramatically in the late 1920s for municipals and in the mid 1940s for corporate as trading migrated to the over-the-counter market. The erosion of liquidity on the exchange occurred simultaneously with increases in the relative importance of institutional investors who fare better in OTC market. Based on current and historical high frequency data we find that average trading .

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