This article discusses the microstructure of the U.S. Treasury securities market. Treasury securities are nominally riskless debt instruments issued by the U.S. government. Microstructural analysis is a field of economics/finance that examines the roles played by heterogenous agents, institutional detail, and asymmetric information in the trading process. The article describes types of Treasury issues; stages of the Treasury market; the major players, including the role of the Federal Reserve Bank of New York and the interdealer brokers; the structure of both the spot and futures markets; the findings of the seasonality/announcement and order book literature; and research on price discovery. We conclude by discussing possible future avenues of research.
CITATION STYLE
Mizrach, B., & Neely, C. J. (2009). Treasury Market, Microstructure of the U.S. In Complex Systems in Finance and Econometrics (pp. 863–875). Springer New York. https://doi.org/10.1007/978-1-4419-7701-4_49
Mendeley helps you to discover research relevant for your work.