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Bond Trading Moves Toward the Internet Age Apr 00
Standard & Poors, April 2000
Abstract
By Valerie Hart Although the equity markets already have been transformed by electronic trading and the Internet, the bond markets have tended to lag some way behind. However, developments are taking shape that also will revolutionize the bond markets. Electronic interdealer trading systems like the U.S.'s eSpeed, which allows customers to electronically execute transactions in U.S. and non-U.S. government and corporate bonds, and, in Europe, EuroMTS, which now accounts for more than 30% of all trading volumes in European government bonds, are beginning to replace traditional trading methods. Other platforms in development include the International Securities Market Association's (ISMA) electronic pan-European bond-dealing exchange, COREDEAL, which is due for launch in June subject to regulatory approval. On-line dealer-to-client systems offering research...
Companies mentioned in this report are: Ford Motor Co.,International Bank for Reconstruction and Development,Fannie Mae,Japan (Unsolicited Ratings),Lehman Brothers Holdings Inc.,Morgan Stanley,Santander UK PLC,JPMorgan Commercial Mortgage Finance Corp.,Greenwich,OTE PLC,Morgan Stanley Dean Witter
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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