... hypothecated than the average unlisted.”(Chamberlain, 1925, page 63) On the other hand, Chamberlain described the OTC market as a significant competitor of the exchange, already in the 1920s: The ... transactions in municipal bonds to thembeginning in May of 2000. The data was initially made available to the public with a 30-day lag,unless the bond traded more than four times in a day, in ... prediction, the rise of institutional investors was weaker and more delayed in the stock market than in the bond market. In the bond market it took place in the 1930s and the 1940s, while in the stockmarket...