Benassy-Quere, Agnes, Markus K Brunnermeier, Hendrik Enderlein, Emmanuel Farhi, Marcel Fratzscher, Clemens Fuest, Pierre-Olivier Gourinchas, Philippe Martin, Florence Pisani, Helene Rey, Isabel Schnabel, Nicolas Veron, Beatrice Weder di Mauro and Jeromin Zettelmeyer (2018), Reconciling Risk Sharing with Market Discipline: A Constructive Approach to Euro Area Reform, CEPR Policy Insight No. 91.
Until 1994, the debt market was purely a telephone market meaning that all trades were negotiated and concluded directly by investors. The NSE introduced a screen-based trading system with the objective of increasing transparency in the market. But the general experience is that while actual trade is still negotiated over the counter, mere reporting is done through such a system.