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BlackRock: Corporate bond market "broken"

Sep. 23, 2014 2:37 PM ETBlackRock, Inc. (BLK) StockLQD, BLK, CORP, IGS, SPBO, IGU, QLTA, QLTB, COBO, USIGBy: Stephen Alpher, SA News Editor1 Comment
  • Among the changes BlackRock (BLK -0.9%) is urging in a new paper is replacing banks as the primary middlemen in the market and moving transactions to electronic markets. Another: Encouraging companies to issue debt with more standardized terms, thus cutting the complexity of the market.
  • Despite years of effort by BlackRock and others to wrest control of corporate debt trading from banks, the top ten dealers still control more than 90% of trading, according to Greenwich Associates. For now, ZIRP is masking many issues, but the price gaps and scant liquidity remain.
  • “These reforms would hasten the evolution from today’s outdated market structure to a modernized, ‘fit for purpose’ corporate bond market."
  • ETFs: LQD, CORP, CRED, QLTA, COBO, IGS, QLTB, CBND, IGU

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