News Releases

 
NYSE Says SEC Proposal Will Make Bond Market More Transparent to Investing Public
New York, July 14, 2005 - The Securities and Exchange Commission has proposed allowing NYSE members and member organizations to trade certain unregistered debt securities on the Exchange’s Automated Bond System® (ABS®). Under the proposal, an exemption from the provisions of section 12(a) of the Exchange Act of 1934, the NYSE could add a substantial number of existing bonds to ABS, making the benefits of real-time quote and price transparency available to the bond investing public.

"The SEC's proposal represents a big win for fixed income investors. It will facilitate their access to a much broader range of bonds on our ABS platform, providing them with the unparalleled transparency of real-time bond quotes and real-time bond trade reports," said Robert McSweeney, NYSE senior vice president of competitive position. "The ability to significantly expand ABS's inventory of debt issued by NYSE-listed companies also supports our commitment to diversify our marketplace as a multi-asset class venue for our customers."

ABS is an electronic bond trading platform accessible to member firm subscribers through the Internet. Primarily serving retail trading in corporate bonds, the NYSE’s Automated Bond System maintains and matches orders on a strict price and time priority basis and reports quotations and trade prices on an absolute real-time basis.

Bonds traded through ABS include debt of NYSE equity issuers and their wholly owned subsidiaries, convertible bonds and debt not required to be registered under the Exchange Act, including U.S. government bonds, agency issues, international banks, and state and local bonds.



Contact: Eric Ryan
Phone: 212.656.2411
Email:  eryan@nyse.com