Understanding the Behaviour and Impact of Bond Markets.

更好地了解金融市场交易的时间相互作用的方式，能够在设计市场制度和惯例方面作出更好的选择。美国国债市场可以说是世界上最重要的市场，它使用的是可扩展的限价指令。更好地了解这个市场将有助于选择新的系统设计，以及通过这个市场传播的消息可能如何影响其他市场。特别是，这个项目将考虑美国国债市场的微观结构在2007-2008年金融危机中的作用。

An improved understanding of the way in which the timing of transactions on financial markets interact enables better choices to be made in terms of designing market systems and conventions. The US Treasury market is arguably the most important market in the world, and uses an expandable limit order book. Better understanding of this market will help in choices about new system design, and in how news transmitted through this market may impact on other markets. In particular this project will consider the role of the microstructure of the US Treasury market in the 2007-2008 financial crisis.