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Monthly Archives: April 2007

Most beautiful charts…

   I’m a big fan of Edward Tufte and the school of thought which he advocates…Make charts and graphs compelling to look at and packed with information…
And I’m voting for the Bank of England’s Financial Stability Report of April 2007 for “Most Beautiful Charts”…
Visually appealing and packed with the best information from the leading market participants…

Feedback process…

   In my recent comments to the SEC about rating agencies I suggested that the Commission create a “feedback process” as part of the new rules (Long, pg 5).
The point that I was making was that the Commission and the financial markets would benefit from creating a specific method for market participants to give feedback to the […]

S&P podcasting…get your credit news today…

This is a wonderful extension of research delivery capabilities by S&P…listen here…

Join Standard & Poor’s Chief Economist David Wyss for an in-depth discussion of the U.S. housing market.  
 
 

Pershing hops in…

  Pershing, one of the larger independent clearing firms,  announced that they will be market makers on the NYSE Bonds platform. Sounds great… Pershing has very wide distribution and a strong trading desk.
“As an NYSE Member and market maker on the NYSE Bonds platform, Pershing’s fixed income trading desk will be a liquidity provider and […]

Reg-speak…

   I had a delightful lunch with an attorney last week who until recently was one of the senior lawyers at the Bond Market Association. We talked about a number of regulations and laws that govern fixed income markets. And also about how regulatory processes work. We called our conversation “reg-speak”…
I have worked for a […]

Difficulties coming…so says Fitch…

   The rating agencies send out signals about changes in the overall tone of the credit markets…they are usually right…and the question is how to we translate (or better get the rating agencies to translate) their comments into statements that retail investors will understand…Fitch is saying watch carefully…the sea is calm but strong winds could […]

NYSE Bonds…here it comes…

NEW YORK (AP) — “Corporate bond investors will be able to trade over the New York Stock Exchange’s new NYSE Bonds platform on Monday.This marks another step in the growth of the electronic medium in a market still dominated by transactions conducted over the phone. ”
I attended a wonderful party at the NYSE on Weds. night […]

Good report on the NYSE Bonds platform…

   Good interview of John Holman, who heads the NYSE Bonds effort. See the video here on thestreet.com.
John explains some of the differences between OTC and exchange trading…

10, 9, 8, 7, 6…

   From NYSE:
“On Friday, April 20, 2007 NYSE Bonds will rollout its new trading platform after market hours. The platform, which uses the design of the current NYSE Arca all-electronic trading platform, will provide a more efficient and transparent way to trade corporate bonds.
On Monday, April 23, 2007 NYSE Bonds will start trading with the […]

Fees for listed versus OTC corporate bonds…

   We see an interesting example of the transparency of commission fees for NYSE listed corporate bonds at Scottrade.
For over-the-counter corporate bonds Scottrade requires a $10,000 minimum purchase + $ 1,000 increments. This transaction (for which Scottrade will act as the principal) will be “marked up” by Scottrade. The NASD allows a broker-dealer, acting as a […]