QCurves™ white paper by Madhura Katre in Tabb Forum and Traders Magazine
Despite numerous regulatory efforts for greater transparency, the nature of the municipal bond market remains opaque due to its fragmented nature. Even with 30,000-plus trades reported daily, publicly available trade data fails to provide meaningful context for price discovery of municipal securities without extensive manipulation. For many investment professionals, it is difficult to establish the relative value of securities in which they wish to invest.
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