先进的理论 & 实践的债券

2022年3月2日-3日(星期三-星期四)

资本市场中的数字资产

银行家需要知道什么- 2022年5月11日(星期三)

什么是跟踪?

跟踪 (贸易 Reporting 和 Compliance Engine®) is the Financial Industry Regulatory Authority’s (FINRA) fixed income market real-time price reporting 和 dissemination service.

Bond markets predominantly work on an over-the-counter (OTC) basis where a bond buyer 和 seller typically need to speak over the phone to transact with little to no use of technology. 场外交易的另一个主要问题是债券价格缺乏透明度. 投资者, 特别是个人投资者, 不得不依靠银行或经纪人来了解债券的价格. 为了解决这个问题, FINRA introduced 跟踪 in July 2002 as a vehicle to consolidate transaction data for all eligible public 和 private corporate bonds, 机构债, 证券化产品包括资产支持证券(ABS)和抵押贷款支持证券(MBS). 跟踪 facilitates m和atory reporting of OTC transactions by member broker-dealer in the above 跟踪 eligible securities.

因此, 跟踪数据包括实际场外债券交易的信息,包括交易价格, 交易量和交易方向. This data can be extremely useful to investors 和 can serve as a benchmark for the price of a particular bond, 尤其是最近发生的交易.

 

什么是美国金融业监管局?

Financial Industry Regulatory Authority (FINRA) is a government-authorized not-for-profit organization that oversees US brokerage firms 和 exchange markets. 美国金融业监管局受美国证券交易委员会(SEC)监管. 美国金融业监管局:

  • Writes 和 enforces rules governing ethical activities of all registered broker-dealer firms 和 registered brokers in the US
  • 检查公司是否遵守这些规定
  • 促进市场透明度
  • 提供投资者教育

 

如何使用跟踪数据?

跟踪 data can be extremely useful for 市场参与者 including investors 和 advisors as it serves as a benchmark for a particular bond’s price at a given point in time. 没有这个数据, 市场参与者, particularly individual investors have no information on the price at which a particular bond has actually traded. This information gap can sometimes be exploited by intermediaries by adding spreads/commissions to bond prices. 随着跟踪数据的传播, investors can compare the bond price being offered to them to actual trade prices of a particular bond to ensure that they are being offered a reasonably fair price.

We at 皇冠hg3088推荐 have always called for more transparency in the bond markets by leveraging technology. 皇冠hg3088推荐的程序, 哪家公司一直在向全球成千上万的债券投资者提供经过评估的债券价格, 现在还提供跟踪数据. 因此,投资者和顾问可以在同一个屏幕上访问债券的评估和交易价格. 这是一个有力的参考点, particularly when transacting as investors can see what the evaluated price is based on quotes from interbank sources 和 where the bond actually traded at in the past. Data on actual bond trades is particularly useful for bonds that have wide bid-ask spreads or bonds that are relatively less liquid.

 

所有债券都有跟踪数据吗?

并非所有债券都有跟踪数据. Only broker/dealers who are FINRA member firms have an obligation to report transactions to 跟踪 under an SEC approved set of rules. Rule 6710 generally defines a “跟踪-Eligible 安全” as: (1) a debt security that is USD denominated 和 issued by a US or foreign private issuer 和, 如果是《皇冠hg3088》第144(a)(3)条中定义的“限制性证券”, sold pursuant to Securities Act Rule 144A; or (2) a debt security that is USD denominated 和 issued or guaranteed by an “Agency” as defined in Rule 6710(k) or a “Government-Sponsored Enterprise” as defined in Rule 6710(n).

 

解释来自BEV应用程序的跟踪数据

在BEV App上,从经销商的角度上报和传播跟踪数据. 这意味着一个经销商要么在向另一个经销商或客户买卖. 美国金融业监管局只在跟踪上传播二级市场交易. 下面,皇冠hg3088推荐提供一个例子,从BEV应用程序的跟踪数据上 汇丰银行(HSBC) 4%的持股人将在2026年被召回 以及如何解释它.

汇丰银行(HSBC)补跟踪

  1. 实际最后交易价格与交易日期. 这出现在买卖价格之间,这是从皇冠hg3088推荐的债券定价算法评估的价格. 对于没有跟踪数据的债券,最后的交易价格将不会出现.
  2. 下面的图表, we have the with FINRA 跟踪 “Last 贸易d” data that indicates the last three trades (if available). 对于没有跟踪数据的债券,“最后交易”部分将不存在
  3. 从左边, 皇冠hg3088推荐有最近三个交易发生的日期(日/月/年)和时间(时:月). 时间是根据你的时区来定的. 例如, 如果用户是在新加坡, 时间以印度用户的SGT为准, 时间是IST.
  4. 在这里,皇冠hg3088推荐提供各方之间每笔交易的交易价格
  5. 贸易额, 以面值1美元表示,000 -因此体积除以1,000表示交易的债券数量. 在上面的例子中,300个债券(名义金额为30万美元)以101美元的价格交易.693; over 1,000 bonds (of over notional amount $1,000,000) were transacted at 101.66; 和 601 bonds (of notional amount $601,000) were transacted at 101.91.
  6. 下一列描述了交易的类型,即它是否是一个买入/卖出交易. 这里给出的是向跟踪报告的交易商是否购买或出售债券. “买入”交易表明交易员购买了债券, 而“卖出”交易则表明交易商卖出了债券.
  7. 最后一栏表示交易的各方. 有两种类型的聚会:
    1. 报告方:在大多数情况下,报告交易的是经纪自营商. 如果经销商没有报告交易, 它可以是一个替代交易系统(ATS), 下面解释).
    2. Contra Party: This indicates the party on the other side of the transaction 和 can contain one of the following
      1. 另一个经销商
      2. 客户(非FINRA成员)
      3. 附属机构(例如,非FINRA成员,是报告方的附属机构), 高盛(北美)与高盛国际(欧洲)之间的交易, 或瑞银(交易商)与瑞银财富管理之间的交易)
      4. 另类交易系统(ATS)

An 另类交易系统(ATS) is an SEC-regulated electronic trading system that acts like an exchange to match buy 和 sell orders but is not necessarily required to register as a national securities exchange. 它们提供了另一种获取流动性的途径. 例子 的ATS包括互动经纪公司的ATS, 贸易web的直接, MarketAxess的美国胸科协会, ICAP at, IDX市场ATS等.

 

结论

跟踪 data from FINRA therefore acts as one more layer to enhance transparency with respect to bond prices. 投资者 should thus make it a point to review actual traded bond prices along with indicative or evaluated bond prices, 可在BEV应用程序上获得, 每日及在债券交易前,追踪其债券投资的价值. 最后, the history of the last few trades may also help judge whether the bond’s price has been moving higher or lower.

 

免责声明

The materials 和 information contained herein are solely for general information reference 和 educational purposes only, 不打算构成或作为法律的替代品, 来自独立的持牌或合格专业人士的商业和/或财务建议. 的信息, 本文中所表达的意见和观点是无效的, 并不得构成要约或推荐出售, 要约购买要约或购买任何证券的要约, 也不应被视为要约, 或者是要约的请求, 或建议, 购买或出售任何投资产品或服务或参与任何投资策略.  Nothing herein has been tailored to the investment objectives or financial situation of any specific individual, are current only as of the date hereof 和 may be subject to change at any time without prior notice. 没有表示, warranty or claim whatsoever is made nor implied as to the accuracy or completeness of any material or information contained herein, 皇冠hg3088推荐对任何错误也没有任何责任, 错误或遗漏. 在作出任何投资决定时,不应依赖本文件所提供的资料或信息, 和 we accept no liability whatsoever for any direct or indirect loss whatsoever which may arise from the use or reliance of any such material or information.  The business of investing is a complicated matter that requires serious financial due diligence for each investment.  不就任何证券的适宜性或其他方面作出任何陈述, 产品, 或任何特定投资者的服务.  Each investor is solely responsible for its own independent investment decision based on its personal investment objectives, 财务状况及风险承受能力, 并应寻求自身的独立合法, 在做出任何此类决定前提供税务和其他专业咨询.

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