There is something especially touching in this. However, the order display and execution access provisions of Reg ATS, which are themselves imperfect and in need of review, do not apply to ATSs that trade municipal securities. But as I mentioned earlier, times have fortunately changed.
This is particularly important given the high level of reliance that individual investors tend to have on their broker-dealers in connection with these transactions.
It is substantial by any measure. Technology and Transparency Pre-Trade Transparency As highlighted in the Commission report as well as the GAO report issued this past January regarding the market structure, pricing, and regulation of the municipal securities market, 13 the municipal securities market could benefit from more meaningful price transparency, especially pre-trade price transparency.
That is, trading interest is still selectively disclosed, and access to that trading interest is selective.
By peace, understand all manner of peace; peace with God, peace of conscience, peace among themselves. Many argue that the unique attributes of the municipal bond market — a market with a wide variety of securities and a relatively low volume of secondary market trading — make this market structure inevitable.
Enhanced price transparency can have a cascading impact on the municipal securities market, as market participants become more aware of trading interest and prices that were undisclosed before. Turning back to the Commission report, it discusses in depth two broad issues that affect investors in the municipal securities market: Perhaps that was the case in the past, when the costs of aggregating liquidity and disseminating trading interest may have been too great to support a different model.
Technology has changed how all sorts of products are traded. As we know, change is incremental; but change can precipitate more change. And it can create enforcement and other regulatory challenges that may lower investor protection. But there have been dramatic advances in communications and technology in recent years.
Certainly, the municipal securities market has experienced important technological advances.
Post-Trade Transparency Fortunately, there have been significant improvements in recent years in post-trade price transparency with the help of advanced technology. You will hear directly from him on his new role at the Commission later today in one of the afternoon panels.
If a primary justification for the existing structure of the municipal securities market and its resulting opacity is the historical inefficiency of dealers in aggregating and disseminating trading interest broadly in a wide variety of securities, then the very same technology being used by these dealers to reduce their own trading costs justifies change.
While best execution of customer orders has been a common law duty for many years, there is no specific best execution rule for dealers in the municipal securities market. Let me take this opportunity to repeat my heartfelt thanks to my fellow Commissioners and all of the Commission staff who labored tirelessly on the report.
While additional pricing information is helpful for customers, disclosure of the amount of markup or markdown will finally shed light on a long opaque aspect of the municipal securities market, dealer compensation.An ambassador in bonds - An ambassador being the representative of his king, his person was in all civilized countries held sacred.
Contrary to the rights of nations, this ambassador of the King of heaven was put in chains! Use an elevator pitch to get that next sale, or that next job. Check out our collections of tips that include mistakes to avoid, how to deliver the speech and much more.
Ambassador (Greek transliteration: πρεσβύτερος presbeuō/pronunciation pres-byü'-ō): to be older, prior by birth or in age to be an ambassador, act as an ambassador, a term of rank or. Jun 19, · hi, i am a student in high school, and i have to write a letter to an ambassador of a country, and i am not sure of how to start it or format it.
i knwo the name of the ambassador, and i the goal of the letter is to get him (RYOZO KATO) to send me information about the country. Aug 19, · How to Address a Letter to an Embassy. An embassy is the official office of one country's ambassador in another country.
The ambassador is the official representative of their country. If Mr. Potter is the ambassador, you would write "The Honorable Mr.
Potter, Ambassador of Canada, Canadian Embassy." Note that for many countries 75%(79).
Dear Honorable Ambassador, I would like to extend my thanks to you for your excellent speech, marking the 40th anniversary of the historic Weston Hotel. It was truly an honor to have you with us, and your presence made the celebration all the more memorable.Download