6. See Bruce Mizrach and Christopher Neely, “The Transition to Electronic Communications Networks in the Secondary Treasury Market,” Federal Reserve Bank of St. Louis Review 88, November/December 2006, and Michael J. Barclay, Terrence Hendershott, and Kenneth Kotz, “Automation versus Intermediation: Evidence from Treasuries Going Off the Run,” Journal of Finance 61 (2006), pp. 2395–2414.