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Organisation des Sekundärhandels von Bundeswertpapieren: Historisch gewachsen! Ökonomisch begründbar?

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Flögel, V., Kesy, C. Organisation des Sekundärhandels von Bundeswertpapieren: Historisch gewachsen! Ökonomisch begründbar?. . Eine empirische Analyse. Credit and Capital Markets – Kredit und Kapital, 37(4), 500-536. https://doi.org/10.3790/ccm.37.4.500
Flögel, Volker and Kesy, Christoph "Organisation des Sekundärhandels von Bundeswertpapieren: Historisch gewachsen! Ökonomisch begründbar?. Eine empirische Analyse. " Credit and Capital Markets – Kredit und Kapital 37.4, 2004, 500-536. https://doi.org/10.3790/ccm.37.4.500
Flögel, Volker/Kesy, Christoph (2004): Organisation des Sekundärhandels von Bundeswertpapieren: Historisch gewachsen! Ökonomisch begründbar?, in: Credit and Capital Markets – Kredit und Kapital, vol. 37, iss. 4, 500-536, [online] https://doi.org/10.3790/ccm.37.4.500

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Organisation des Sekundärhandels von Bundeswertpapieren: Historisch gewachsen! Ökonomisch begründbar?

Eine empirische Analyse

Flögel, Volker | Kesy, Christoph

Credit and Capital Markets – Kredit und Kapital, Vol. 37 (2004), Iss. 4 : pp. 500–536

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Volker Flögel, Oestrich-Winkel

Christoph Kesy, München

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Abstract

Organising the German Secondary Trade in Federal Assets: Historically Grown! Economically Justifiable?

An Empirical Analysis. This article analyses for the first time the phenomenon of several trading channels existing side by side in the field of bond trading. For the secondary trade in federal bonds of several decades, we have observed grown organisational structures both on and off the floor, and we wish to pose the question whether these are economically justifiable. The three parallel transaction channels -- exchangefloor trading, off-floor bilateral trading and off-floor trading by independent intermediaries -- show substantial differences in respect of pricing mechanisms and the anonymity of contracting parties. We have been able to win significant empirical data showing that the three transaction channels are actually regarded as noninterchangeable by certain market actors, but that each secondary market segment is able to satisfy special transaction requirements of market participants.