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Comments [2]
Several academic studies on TRACE that are available on FINRA's website show that, if done carefully, transparency does reduce transaction costs. You can see these studies here:
http://www.finra.org/Industry/ContentLicensing/TRACE/P117112
Louise Story said that companies that hedge were resisting efforts to improve transparency. This is not correct. The proximity of this statement to her discussion of the changes to the corporate bond market makes it especially misleading. End users support the implementation of a trade repository for all trades AND improvements to price transparency via a system such as TRACE for corporate bonds. The reason end users a system such as TRACE is that it provides price transparency without the onerous margin/collateral requirements of an exchange or clearinghouse. Onerous collateral requirements are the #1 concern of end users. 3M and Caterpillar are against exchange trading and clearing, but would likely support a central trade repository and a system like TRACE.
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