The Impact of Structural Embeddedness on Perceived Trust on Alternative Trading Systems, Trading Cost, and Access to Information in the Fixed-Income Market

The fixed income (FI) market is a financial market where debt securities are traded commonly in the form of bonds. Unlike equity securities which are traded on exchanges, the debt securities are primarily traded in over-the-counter (OTC) markets. While the use of electronic trading systems in the fixed income market is growing, the majority of the FI market is still driven by broker-dealer relationships with traders heavily relying on the …