TAILIEUCHUNG - WORKING PAPER SERIES: TRADING EUROPEAN SOVEREIGN BONDS THE MICROSTRUCTURE OF THE MTS TRADING PLATFORMS

Stability Bonds would make the euro-area financial system more resilient to future adverse shocks and so reinforce financial stability. Stability Bonds would provide all participating Member States with more secure access to refinancing, preventing a sudden loss of market access due to unwarranted risk aversion and/or herd behaviour among investors. Accordingly, Stability Bonds would help to smooth market volatility and reduce or eliminate the need for costly support and rescue measures for Member States temporarily excluded from market financing. The positive effects of such bonds are dependent on managing the potential disincentives for fiscal discipline. This aspect will be. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 432 JANUARY 2005 ECB-CFS RESEARCH NETWORK ON CAPITAL MARKETS AND FINANCIAL INTEGRATION IN EUROPE TRADING EUROPEAN SOVEREIGN BONDS THE MICROSTRUCTURE OF THE MTS TRADING PLATFORMS by Yiu Chung Cheung Frank de Jong and Barbara Rindi EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 432 I JANUARY 2005 ECB-CFS RESEARCH NETWORK ON CAPITAL MARKETS AND FINANCIAL INTEGRATION IN EUROPE TRADING EUROPEAN SOVEREIGN BONDS THE MICROSTRUCTURE OF THE MTS TRADING PLATFORMS1 In 2005 all ECB publications will feature a motif taken from the 50 banknote. by Yiu Chung Cheung2. Frank de Jong3 and Barbara Rindi4 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 647944. I We thank Simon Benninga Andrew Ellul Cynthia van Hulle Bert Menkveld AviWohl and other seminar participants at Bocconi Warwick University Toulouse Tel Aviv university the Hebrew University the European Central Bank EFA 2003 INQUIRE Meeting in Barcelona and the Bank of Athens for their useful thank Luca Camporese Alessandro Pasin and Stefano Rivellini for precious research assistance and Aart Groenendijk from MTS acknowledge financial support from INQUIRE Europe and thank MTS Spa for providing the remaining errors are ours. 2 University of Amsterdam Department of Financial Management Roetersstraat 11 1018 WB Amsterdam Netherlands e-mail yccheung@ 3 University of Amsterdam Department of Financial Management Roetersstraat 11 1018 WB Amsterdam Netherlands e-mail fdejong@ 4 Bocconi University Department of Economics Via Sarfatti 25 20136 Milan Italy e-mail ECB-CFS Research Network on Capital Markets and Financial Integration in Europe This paper is part of the research conducted under the ECB-CFS Research Network on Capital Markets and Financial Integration in Europe . The Network aims at stimulating

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