Small Bond Trade Share of All Bond Transactions

(May 1998 - April 1999)

Trade Type

Trades

% of Total

Par Value

% of Total

Large

1,078,408

19.5%

$974,790,664,611

87.6%

Small

4,450,138

80.5%

$138,277,101,880

12.4%

Total

5,528,546

100.0%

$1,113,067,766,491

100.0%

Note: Small trades are those trades with $100,000 or less in par value

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