本文试图探寻固定收益市场中自动化交易得以日益广泛应用的原因及影响。本文分析了电子交易的现状、弹性以及整体运行机制,以及它如何改变了市场生态系统。本文认为在市场流动性和价格有效性的一定范围内,自动化交易的影响显而易见。随着市场参与者根据新的市场结构不断做出调整,一些新挑战开始出现,并引起了政策制定者的关注。 This article attempts to explore why and how automated transactions are increasingly used in fixed income markets. This article analyzes the status quo, flexibility and overall operating mechanism of electronic transactions, and how it changes the market ecosystem. This paper argues that the impact of automated trading is obvious within a certain range of market liquidity and price effectiveness. As market players continue to adapt to the new market structure, some new challenges are starting to emerge and have drawn the attention of policymakers.