Bonds - Corporate, Government, and Municipal Securities

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For retail investors, it has always been a little murky where their municipal bond trades are executed. Municipal muni brokers broker trades can officially trade on the New York Stock Exchange Bonds platformbut they rarely do. Instead, almost all municipal bond trades happen over-the-counter between dealers via alternative trading platforms like Bonddesk a part of Muni brokers broker trades that is majority-owned by Thomson Reuters or The MuniCenter. Unlike the equity marketmunicipal bond brokers are not required to disclose where they execute a specific trade.

The Municipal Securities Rulemaking Board announced that it will seek approval for a new best execution rule that governs how broker-dealers handle retail orders for municipal bond trades. Note the key phrase: There are reporting requirements for equities that could be adopted for municipal bond trades. These rules also require brokers that route orders on behalf of customers to disclose, on a quarterly basis, the identity of the market centers to which they route a significant percentage of their orders.

In addition, muni brokers broker trades must respond to the requests of customers interested in learning where their individual orders were routed for execution during the previous six months. If an muni brokers broker trades is able to determine on which venue a bond trade is executed, she could determine the markup or markdown she is paying. She could even request a better price from the broker.

At least investors would have another piece of the puzzle. We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more muni brokers broker trades on our comment policy, see http: Searching by bond description on Yahoo or similar sites can result in erroneous price info.

Retail investors should also keep something else in mind: Knowing the best way to trade municipal bonds By Cate Long. Bearish on Puerto Rico. Posted by CraigL Report as abusive. Posted by BillWalsh Report as abusive.

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An Inter-dealer broker IDB is specialist financial intermediary that facilitates transactions between broker-dealers , dealer banks and other financial institutions rather than private individuals. There is no centralized exchange in the fixed income market.

As a result, financial institutions need a way to find information, liquidity and anonymity for their trading activity. This need created a demand for the services of perhaps the least known and understood market participants, IDBs. The IDB community distributes information and facilitates transactions in the secondary, or wholesale, financial debt markets between dealers and dealer banks around the world.

Typically, markets which make extensive use of IDBs include the corporate bond, fixed income derivatives, U. Government and Agency, municipal securities and emerging markets. Inter-dealer brokers play varying roles in each of the fixed income markets and have become instrumental to their effectiveness and efficiency. IDBs draw together buyers and sellers so that trades can be executed by market participants.

IDBs provide potential buyers and sellers with the critical market information they need to trade. From Wikipedia, the free encyclopedia. This article has multiple issues. Please help improve it or discuss these issues on the talk page. Learn how and when to remove these template messages. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources.

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