EFTA Document EFTA01393138

activity tends to center on recently issued securities. Liquidity is generally greater and quotations are gener- ally tighter on recent issues than on older issues. There are numerous dealers in all of the Treasury securities from which the yield on the options now traded is determined, but at the date of this booklet there is no comprehensive consolidation of bids and otters or public reporting of transaction prices in those securities such as exists in the markets for stocks. While the