Trading is entirely OTC with trades settled bilaterally and reported to stock exchanges. 4  Negotiated Dealing System-Order Matching.
7  80  40  60  30  40  20  20  10  0  0 ID  TR  MY NO CN MX  TH  IT  JP  KR  BR  ZA  FR  AU  DE  CA  US  GB  IN  (Price impact of trade2 in basis points)  (Bid-ask spreads1 in basis points)  Chart 4: 10-year benchmark G-Sec liquidity in different countries  2  AEs  EMEs  1  Average of daily bid-ask spreads in May 2018, defined as: (ask price – bid price) / bid price * 100, i.e., the return cost of executing a round-trip transaction in the bond.