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America's bond markets are due for scrutiny--and competition
CURIOUSLY, bonds were the first products traded on the New York Stock Exchange (NYSE) back in 1792. It took the exchange 30 years to put the &stock& in its name. The exchange lost any significant stake in the bond business generations ago. Now, though, caught in a war over the cost of trading shares, the NYSE quite rightly is looking at other markets with fatter spreads. And its attention has settled on old haunts. It has begun talks with the Securities and Exchange Commission (SEC) over permission to trade thousands of unlisted corporate bonds.
The obvious attraction of the bond market is its size: some $10 trillion-worth of corporate bonds traded in 2003, a quarter more than the trading volume on the NYSE. And yet the bond market's size and maturity ought to mean that there are no rich pickings left. It has been hard, though, to tell how efficient bond markets are. In contrast to equities, information on the price of dealing in bonds has been scarce.
That began to change two years ago when the National Association of Securities Dealers began collecting transaction prices. This month the SEC released a study, based on these data, by its own Amy Edwards and Michael Piwowar, and Lawrence Harris of the University of Southern California. For all but the largest investors, trading bonds is many times more expensive than trading stocks. This is odd. In theory bonds should be no more expensive to trade than equities.
Even before sales commissions, the spread between what investors receive when selling $20,000-worth of corporate bonds and what they pay when buying is about 1.4%, or about one-quarter of a year's return. Costs are still higher in the convertible-bond market. And in the municipal-bond market, the spread reaches 2%, according to a similar study published by the SEC in the summer. All told, this is at least four
经济类文章精选:Ripe2 〖预览〗 S S&P 标准普尔 S&P 500 Index 标准普尔500种股份指数 Samurai bonds 武士债券 Sales return 销货退回 SEAQ 证券交易所自动报价系统 (英国) SEATS 证券交易所另项交易系统 (英国) SEC 证券交易委员会( 美国) Second junior subordinated debenture 更次一级公司债 Second liner/second line stock 二线股 Secondary offering 二级发行;次级发行 Sector Fund 产业基金;板块基金 Secular 长期性;非周期性 Secured debt 有担保债务 Securities 证券 Securities and Futures Commission 证券及期货事务监察委员会 (证监会)( 香港) Securities Exchange Commission 证券交易委员会( 美国) Securities Exchange of Thailand 泰国证券交易所 Seed financing 种子资金融通 Seed stage [投资] 种子期 Sell short 卖空……【】经济类文章精选:Ripe3 〖预览〗 Q QIB 合资格机构买家/投资者[股市] 指一家总体拥有和具有酌情权在证券市场投资最1亿美元的机构。就银行机构而言,必须符合最低净值不少于2,500万美元的要求 Qualified Institutional Buyer 合资格机构买家/投资者 Qualitative analysis 定性分析 Quantitative analysis 定量分析 Quasi-credit fiancings 类似信用融资 Quasi money 准货币 Questionnaire 问卷 Quick ratio 速动比率(又称酸性测验比率) Quoted company (= listed company) 上市公司 R Rally 回升 Ramping 炒高价格 Random assignment 随机分配 Rating 评级 Rating Agency 信用评级机构 Raw materials 原材料 Real Estate Investment Trusts 房地产投资信托基金;不动产投资信托公司 Realized interest rate 实现利率 Recapitalization 资本重组;再资本化 Recourse 追索权 Rec……【】
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选择要添加的生词本
plumperHe pushed a plump little hand towards me.
He pushed a plump little hand towards me.
他把一只胖胖的小手朝我伸了过来。
(通过摇抖或拍打)使膨松,使松软鼓起
If you plump a pillow or cushion, you shake it and hit it gently so that it goes back into a rounded shape.
plumperShe panics when people pop in unexpectedly, rushing round plumping cushions.
She panics when people pop in unexpectedly, rushing round plumping cushions.
一群人冷不防地冒出来,跑来跑去地拍松垫子,这把她吓坏了。
(常指经过犹豫或深思熟虑后)选择,选中
If you plump for someone or something, you choose them, often after hesitating or thinking carefully.
plumperI think Tessa should plump for Malcolm, her long-suffering admirer.
I think Tessa should plump for Malcolm, her long-suffering admirer.
我想特莎应该选择长期默默爱慕她的马尔科姆。
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