The Organizational Structure of the Secondary Market for Federal Securities: Historically grown! Economically justified?


The secondary market for federal securities is the economically most important and the most liquid spot market segment of European securities markets. In Germany, the organization of federal securities trading in the secondary market has evolved historically through parallel on-and off-exchange (over the counter, OTC) structures. Generally, three differently structured trading possibilities for federal securities can be identified:
  • • Exchange trading

  • • Bilateral OTC trading

  • • Brokered OTC trading.


Market Participant Market Maker Secondary Market Order Book Exchange Trade 
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© Deutscher Universitäts-Verlag | GWV Fachverlage GmbH, Wiesbaden 2006

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