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Bond Pricing Under SEC Review

SEC said to be examining the way in which electronic bond-trading platforms give different prices to different clients, potentially hurting smaller investors.

By Lisa Abramowicz | Updated on March 20, 2014

The U.S. Securities and Exchange Commission (SEC) is examining how electronic bond-trading platforms allow dealers to give clients different prices on the same securities in the $40 trillion market, potentially hurting smaller investors.

SEC regulators want to understand why brokers sometimes block their rivals and clients from seeing some of their prices for municipal, corporate, and other bonds, according to a person with direct knowledge of the examination. They’re concerned that being able to turn quotes on and off may allow market manipulation, and that smaller buyers may not get the best prices, the person said.

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