Real Time Has Market Eying Risks, Rewards

Walker, Susanne
February 2005
Bond Buyer;2/1/2005, Vol. 351 Issue 32061, p6
Trade Publication
The article reports that with the beginning of real-time reporting yesterday, which requires price disclosure within 15 minutes of each trade, many underwriters and dealers are closely watching the risk-to-reward ratio in the municipal high-yield sector and are concerned that a possible upward tilt in the ratio may force some market markers out of the already small universe of participants. With an anticipated decline in spreads, the firm is keeping a close eye on spread trends. According to Evan Rourke, municipal strategist at Popular Securities Inc., the new time frame in real-time reporting may help investors and may drive market makers out of that market because of the tightened spreads.


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