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The 2010 new quote rule changes imposed on the exchange market primary dealers (PDs) for the Korea Treasury Bonds (KTBs) have increased the exchange market quality for the 5-, 10- and 20-year maturity KTBs. Knock-on effects have subsequently led to an increase in market quality for the 5- and 10-year maturity bonds in the over-the-counter (OTC) KTB market. However, the imposition of a spread width below a reasonable level in the KTB exchange traded market for the 3-year maturity KTB has led to a significant reduction in trade volume in the OTC KTB market for bonds of the same maturity. [ABSTRACT FROM AUTHOR]