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Justice Investigating Online Bond-Trading Systems

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  • John Baker
    According to reports in The Standard and Bond Buyer on Thursday and subsequently confirmed by the Department of Justice, its antitrust division is
    Message 1 of 1 , Dec 2 9:44 PM
      According to reports in The Standard and Bond Buyer on Thursday and
      subsequently confirmed by the Department of Justice, its antitrust
      division is investigating possible antitrust violations in connection
      with several online bond trading platforms. According to the
      reports, the antitrust division's computer and finance section has
      sent Civil Investigative Demand letters to the BondDesk.com, Bond
      Book, Market Axxess, and perhaps other platforms. The DoJ concern
      apparently is that increased one-sided market transparency (i.e.,
      buyer-to-buyer or seller-to-seller communication) could increase the
      possibilities of price-fixing. Civil Investigative Demand letters
      are said to result in enforcement actions about 40% of the time.
      Although the Bond Buyer report is only available to subscribers, the
      report in The Standard is available online at

      http://www.thestandard.com/article/display/0,1151,20464,00.html


      John M. Baker JBaker@...
      Stradley, Ronon, Stevens & Young, LLP
      1220 19th Street, N.W., Suite 700, Washington, DC 20036
      (202) 822-9611 Fax (202) 822-0140
      Http://www.stradley.com/bios/bakerj.htm
      FundLaw Listowner Http://www.egroups.com/group/fundlaw
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