Trace A menace to liquidity?
In early February, the National Association of Securities Dealers began full public dissemination of transaction and price data for 99% of corporate bond trades through its reporting platform Trace, the Trade Reporting and Compliance Engine. Currently, dealers must report corporate bond transactions to the Trace system within 30 minutes, but that window will be reduced to 15 minutes in July.
However, while transparency is certainly a laudable aim, many market participants have
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