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A useful chart of the information flow in the auction rate securities market has been released…
Retail investors are represented by the small white circles lying at the boundary of the circle…
The underwriter is the red circle in the center…
Note that no information flows to retail investors …
The information flow between underwriter and other BDs is inconsistant…
The chart is a visual representation of a minimally transparent market…
Silly post… hat tip to Flowing Data… thanks for the cool visual… TGIF…
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