tanderson92

Aesthetically it would be nice to have a satellite photo of a vast array of nondescript warehouses in the NJ meadowlands as the column photo.

Hey Matt,

What are your thoughts on the reasons for why we have differences in market structure between equities and fixed income. We have exchanges and a single price (in theory, Reg NMS) for equities whereas for fixed income we have many broker dealers and no exchanges. The result is that even the best places for individual investors to buy and sell secondary bonds (Schwab, last time I checked) have significant spreads for single-bond quotes. Even forgetting about corporates, does Treasury not care about small-scale individual investors being able to trade their securities at the single-bond level with as good of prices as institutional ones (presumably they could force treasuries to be sold at a single price nationwide with no minimum trade size)? Why or why not?