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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (36911)8/2/2003 3:35:59 PM
From: EL KABONG!!!  Read Replies (2) of 74559
 
Hello again Jay,

There is a new trading system called Market Access.

I believe that the gentleman who originally wrote the e-mail to Fleck is talking about "Market Axess", which is the new tool for trading of corporate debt (maybe government debt as well, though GD used to be handled by TradeWeb).

Anyway, Market Axess allows for something akin to a bid/ask system very similar to stocks, where everything can be seen at once, and bond dealers/portfolio managers are now forced to compete with one another as well as traders. At the same time, savvy Wall Street traders with access to the system (in theory anyway) will be able to front run the entire bid system (should they choose to do so, and should it not be illegal to do so and should these folks decide to stay well within the laws/guidelines).

Basically it means that the bond system is far more transparent in pricing than it used to be, which means that smart bond managers such as Pimco's Bill Gross will now have a more difficult time buying winners and dumping losers because everyone will have access to the same information Bill Gross has, and therefore not as willing to trade at prices that might be considered as premium to the underlying risks.

KJC
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