Electronic Trading: Market Efficiency and Why It Matters to Issuers, at The Bond Buyer’s 25th Annual California Public Finance Conference
October 21, 2015 | 8 AM-2:30 PM | San Francisco Marriott Marquis, San Francisco, CA
The municipal securities market is far less regulated and transparent than other segments of the nation’s capital markets. Trades occur in a decentralized, over the counter fashion to a much higher extent than in corporate securities markets. Industry regulators, including the Securities and Exchange Commission have expressed concern that structural deficiencies render the market inefficient and unfair to issuers as well as to investors. Furthermore, illiquid markets present unique challenges for establishing accurate bond pricing, in both the secondary and primary markets. This pre-conference program examines the opportunities for market participants to benefit from advances in technology and the market. In particular, this program examines the benefits derived from heightened information on pricing and transaction costs offered by electronic trading. It also considers the role of existing alternative trading systems (ATS) in operation today and the challenges they face in expanding transparency, efficiency, and fairness to the entire municipal market.