The price is right

When is greater transparency not a good thing? Ask the big boys in the US corporate bond market. Their huge resources have traditionally given them a competitive edge which a new initiative from the NASD looks set to blunt. Saskia Scholtes reports


Price transparency in the US corporate bond market has been, until recently, as elusive as a downpour in Death Valley. But in July last year, the National Association of Securities Dealers (NASD) launched an innovative reporting system that made corporate bond prices publicly available for the first time – a change which has made the big players on both sides of the US bond market feel more than a little edgy.

The system, known as Trace (Trade Reporting and Compliance Engine), is designed to

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