The profits of imbalance
Dodd-Frank rules take aim at brokers pushing rate swaps for bigger commissions
Three securities firms are to repurchase $128 million in auction-rate securities (ARS) from aggrieved holders of the illiquid instrument and will pay $600,000 in fines in the latest in a spate of regulatory actions in response to the mis-selling of the...
The municipal bond market in the US is still largely in a state of disarray, well over a year after the collapse of the auction rate securities (ARS) sector, though signs of recovery are visible in the fixed-rated debt market, congressmen have heard.
At least 184 auction-rate securities (ARS) holders are continuing to mark their notes to par almost a year on from the implosion of the $330 billion market - meaning further writedowns are inevitable, a new report has concluded.
A year on from the collapse of the auction rate securities market, short-term variable-rate financing in the US remains scarce. In 2009, municipal issuers face surging costs and low interest rates most can't access. By Peter Madigan
Citi and Merrill Lynch have agreed to repurchase billions of dollars worth of illiquid auction rate securities (ARS) being held by retail customers after threats of legal action from New York attorney general Andrew Cuomo.
Regulatory investigations into the collapse of the auction rate securities (ARS) market are getting under way in the US, while investors stuck holding illiquid paper turn to the fledgling secondary market in an attempt to unwind their positions.
Auction rate securities
Morgan Stanley, UBS, Merrill Lynch and Deutsche Bank have been named as defendants in the first wave of legal action by investors left holding illiquid auction rate securities (ARS).
The trade association representing broker-dealers has confirmed it has been in contact with the US Securities and Exchange Commission (SEC) regarding measures to restore confidence in the troubled auction-rate securities (ARSs) market.