The myth of bond market disintermediation
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.
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Volume (Year): 1 (2001)
Issue (Month): ()
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