SEC targets ‘dark magic’ in fixed-income pricing with Bloomberg fine

US regulator is going after pricing vendors that deviate from their published methodologies

Lawyers for providers of evaluated pricing services are likely burning the midnight oil this week to ensure their disclosures and marketing materials align exactly with the methodologies used to value fixed-income securities. The sudden panic was set off by the US Securities and Exchange Commission’s settlement last week with Bloomberg for violating its disclosed methodology about how it prices fixed-income securities on its evaluated pricing service, BVAL.

The data giant paid a $5 million fine

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