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Tag Archives: TRACE

Songs of stability…

About a year ago I wrote comments to the Securities, Insurance and Investment Subcommittee of the Senate Banking Committee about the regulation of investment banks after the Bear Stearns collapse … I tried to highlight several principles about financial markets stability and regulation. The main principle which I tried to focus on is that markets, if operated […]

TRACE the numbers

The TRACE Update is a quarterly email that covers TRACE-related developments. In this issue: New: Quarterly TRACE Fact Book Tables Proposed TRACE Expansion — Agency Debt and Primary Transactions Fixed Income Webinar on July 15 For additional information, contact us by phone at (888) 507-3665 or by email at TRACEDataServices@finra.org. New: Quarterly TRACE Fact Book […]

Two traces

FINRA has announced a proposed expansion of the Transaction Reporting and Compliance Engine (TRACE) to incorporate the collection and redistribution of more fixed income pricing. I laud FINRA for this effort but it overlooks a critical piece of price reporting for retail investors… this is the collection and dissemination of prices for trades of US […]

Change coming to CDS land

A mighty wind is being unleashed on Capitol Hill… and it’s a welcome wind… kudos to House Agriculture Chairman Collin Peterson of Minnesota for proposing substantial new law to regulate the CDS space… U.S. Draft Law Would Ban Most Credit-Default Swaps (Update1) Jan. 28 (Bloomberg) — A draft bill circulated in Congress that would change how over-the-counter derivatives […]

Transparency Club…

  Mark Twain probably ranks as our most biting wit… he wrote in response to a query… ~~~~ “My Dear Sir: But you are proceeding upon the superstition that Moral Courage and a Hankering to Learn the Truth are ingredients in the human being’s makeup. Your premises being wild and foolish, you naturally and properly […]

Bringing light to dark markets…

Creating transparency in the fixed income markets View SlideShare presentation or Upload your own. (tags: fixed income)

Opacity crisis…

“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.”  + + John Pierpont Morgan + + I’m giving a talk in Washington this week entitled… “U.S. Bond Market Basics & Recent Events“… timely… I’ve been developing […]

The pricing cloud…

       John Constable, Cloud Study There are, very crudely, three categories of price information (quotation and trade data) in the financial markets: >>> Proprietary pricing which is generated by models and maintained inside an organization; >>> Broker-dealers develop OTC bid/offers which they privately distribute to trading partners (often this is tiered pricing); >>> Price information actively […]

Ugly…

~ 10/09/2008 16:03:48 T 15000 54.000 22.275           10/09/2008 16:03:37 T 15000 54.000 22.275           10/09/2008 13:11:30 T 25000 58.500 19.942           10/09/2008 13:11:04 T 100000 67.500 15.873           10/09/2008 13:09:14 T 1000000 67.500 15.873         […]

Looking interesting…

From Finra’s TRACE we are seeing yields on investment grade bonds spread out… looking attractive if you can discern quality…       For high yield or speculative grade bonds… oh la la…  Big ol’ yields… swimming with risk…