TRACE
The Asset Managers Division cordially invites other members of The Bond Market Association and members of The Asset Managers Forum to participate in a special conference call to hear asset management professionals discuss emerging issues relating to swaps.
Moderators and Panelists:
Daniel W. Stachel, Director of Credit Policy, Global Fixed Income State Street Global Advisors
Wesley A. Sparks, CFA, Senior Vice President, Schroder Investment Management North America Inc.
James P. Wallin, Senior Vice President, AllianceBernstein
Joseph W. Sack, Executive Vice President, The Bond Market Association
Topics
- TRACE Reporting and Dissemination of CDS-related Trades/Discussion of New Regulatory Proposal
- Frequently Asked Questions about DTCC's New Electronic Warehouse for Credit Default Swaps
- The correlation between rising volume in CDS and decreasing volume in Investment Grade Corporate Bonds
Click here for call details
In a comment letter filed with the National Association of Securities Dealers, the Association supports the proposal to provide access to certain historical TRACE data that has not previously been disseminated or otherwise been publicly available, but opposes disseminating information that would reveal identities of parties and trading strategies and information as it believes releasing this information would be harmful to the market and provide little, if any, benefit in analyzing the market.
In separate comment letters, the Association and its Asset Managers Division note that the proposal would be detrimental to investors as it would reveal trading strategies and negatively impact their ability to obtain optimal prices on transactions.
Read about an upcoming AMD Executive Committee Meeting, an NASD TRACE Proposal, an SEC Roundtable on Internal Control Reporting Requirements, the RFP Process for the IDU, TBMA's Annual Meeting and 30 Year Celebration Dinner with Honored Speaker Dr. Alan Greenspan. Read on...
Read up on the latest AMD discussion on TRACE, an FSA release on proposed hedge fund reporting and on a proposed netting facility. Read on...
Highlights for this week include the latest developments concerning derivatives, TRACE reporting and a proposed netting facility. Read on...
Corporate Credit Markets Division 2005 Committee Leadership, Activities and Accomplishments dated December 16, 2005.
 Annette Nazareth , Commissioner, Securities and Exchange Commission, was the keynote speaker on day one of the Association's annual Legal & Compliance Conference, attended by over 370 industry professionals. Tucker Carlson, host of MSNBC's The Situation with Tucker Carlson , was the featured luncheon speaker on day two of the conference.
A letter to the NASD says that the triggered deliveries in connection with options or swaps should not be reportable to TRACE and that the NASD should not disseminate these reports.
A comment letter on NASD's proposal to immediately disseminate transaction data on all TRACE-eligible securities expresses support of transparency in the bond markets, while expressing concerns that immediate dissemination for transactions in illiquid, high yield corporates will harm liquidity for this segment.
In a comment letter , the Association supported the proposal to allow Exchange members to trade unlisted debt securities on the Automated Bond System, but expressed concerns that the NYSE acting as both a broker and an exchange may create a potential conflict with its existing role as a self regulatory organization.
The Association announced that full corporate bond pricing information is now available on its award-winning investor education website, InvestinginBonds.com.
The Securities and Exchange Commission has approved the NASD's proposal to expand dissemination of corporate bond trade information under its TRACE system to include all TRACE-eligible securities, with some delayed dissemination for large trades in infrequently traded, lower-rated issues and new issues. A copy of the SEC's approval order, which has not yet been published in the Federal Register, can be found here.
The Association emphasized continued support of transparency, commended the NASD for its decision to implement delayed dissemination for large trades in illiquid issues, expressed concern that the proposal does not sufficiently address negative impact on liquidity.
In a comment letter , the Association commends the NASD for increased transparency, but calls proposal for corporate bond trade dissemination insufficient to address liquidity concerns.
News Highlights for the week of April 26, 2004
The weekly update of legal, regulatory and market practice issues for January 29, 2004.
In a comment letter recently filed with the Securities and Exchange Commission, The Bond Market Association urged the Commission to delay its approval of a permanent fee structure proposed by the National Association of Securities Dealers (NASD) for its TRACE system.
The Bond Market Association submitted a comment letter on proposed TRACE fees.
The Bond Market Association released the results of its survey on corporate trade matching and trade reporting, finding that respondents favored both a single method of reporting trades as well as fifteen minute reporting of corporate dealer-to-dealer trades, but that respondents did not support the creation of rules by the National Association of Securities Dealers (NASD) mandating these policies.
Please join us for an industry-wide meeting to discuss the results of the Association's survey of members firms regarding whether the NSCC should support TRACE reporting through its Real Time Trade Matching (RTTM) service when RTTM for corporate bonds is implemented in early 2004.
The weekly update of legal, regulatory and market practice issues for October 14, 2003.
Letter to SEC on TRACE Reporting Period
The Association submitted a comment letter to the SEC supporting the proposal by the NASD to reduce transaction reporting time to 45 minutes.
The Bond Market Association announced today that it's adding corporate bond prices to its web site http://localhost/ through the Trade Reporting and Compliance Engine (TRACE), a vehicle that was developed by the National Association of Securities Dealers (NASD).
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