August 9, 2005
This rule change is wonderful and long overdue. It will give the Automated Bond System of the New York Stock Exchange the ability to compete in the corporate bond world. The fact that a cabinet will be available with price and size information and be able to be traded by a touch of a keyboard, automatically matched and then cleared is a dream come true. For too many years both investors and bond traders have lived with such disparity that values were lost or inflated. This exemption will give much needed transparency to corporate bonds and investors, no matter what the size of the investment and thereby eliminate the disparity that currently exists in the bond world.