This is the author's doctoral dissertation as submitted for the degree of PhD at the University of London in 2006. Following his Viva the degree was awarded in 2007. The thesis is an investigation into the impact of a series of structural reforms in the United Kingdom government bond market during the 1990s, and its central hypothesis was that these reforms had contributed to an increase in market liqudity. The author conducted a number of quantitative and qualitative tests, as part of a time-series analysis, during the course of the investigation. The study concluded that the market reforms had indicated an increase in liquidity, as measured using various proxies, and this prompted the author to make several reocmmendations for central authorities' policy on government bond issuance.

Professor Moorad Choudhry is a Non-Executive Director on the Board of Recognise Bank in London. During a career spanning over 30 years he has worked at a number of banks in the City of London, and was a gilt-edged market marker at ABN Amro Hoare Govett Secvurities during 1992-1997. He is author of "The Principles of Banking".