Hendrik Bessembinder, William F. Maxwell, and Kumar Venkataraman
Financial Analysts Journal, Volume 69, Issue 2, November/December 2013, Pages 55-67
Publication year: 2013

After conducting the first study of secondary trading in structured credit products, the authors report that the majority of products did not trade even once during the 21-month sample. Execution costs averaged 24 bps when trades occurred and were considerably higher for products with a greater proportion of retail-size trades. The authors estimate that the introduction of public trade reporting would decrease trading costs in retail-oriented products by 5–7 bps.