Don’t apply OTC equity rules to bonds, says SEC’s Peirce

Republican commissioner warns proposed transparency rule could deter electronic trading of bonds

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The US Securities and Exchange Commission’s Hester Peirce says transparency in US over-the-counter bond trading deserves its own rulemaking, rather than the approach taken by SEC chair Gary Gensler.

Commissioner Peirce says she supports better transparency for US fixed income markets, but disagrees with Gensler’s decision to push ahead with applying Rule 15c2-11 to OTC bonds. This approach could reverse the trend towards more efficient markets for these instruments through electronic trading

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