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The myth of bond market disintermediation

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Abstract

The success of online stockbrokers has led many to believe that almost all aspects of the financial services industry can be disintermediated. I propose that those who make such predictions overlook the heterogeneity of this industry, and suggests that the fixed income market already possesses many of the attributes that these new online providers aim to provide. Consequently, believe that the infrequency and the low costs of bond issuance, as well as the complexity of the relationships between borrowers and underwriters make this a hard market to disintermediate.

Suggested Citation

  • Usher, Bruce, 2001. "The myth of bond market disintermediation," Journal of Financial Transformation, Capco Institute, vol. 1, pages 40-44.
  • Handle: RePEc:ris:jofitr:0851
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    1. Nicholas Economides, 1997. "The Economics of Networks," Brazilian Electronic Journal of Economics, Department of Economics, Universidade Federal de Pernambuco.
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    Keywords

    Disintermediation; bond markets; financial brokerage;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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