Historically, the price information

Historically, the price information available to bond investors has been substantially different
from price information available to stock investors. Specifically, stock investors can receive upto-
the-minute transaction prices on all NYSE, AMEX, and NASDAQ national stocks as well as
daily closing prices for most other NASDAQ stocks. In contrast, most bond trading has been
done on the over-the-counter (OTC) market, and there was limited reporting of transactions,
with the exception of the very liquid government bond market. Fortunately, this environment
in the bond market changed dramatically beginning in 2004. As described by Lucchetti and
Soloman (2004) and subsequently by Rappaport (2004b), the National Association of Securities
Dealers (NASD), through its Trade Reporting and Compliance Engine (TRACE), began
releasing more timely pricing data for a broad group of corporate bonds. Specifically, as of
October 2004, NASD expanded the number of corporate bonds for which it reports pricing

Results (English) 1:

Historically, the price information available to bond investors has been substantially differentfrom price information available to stock investors. Specifically, stock investors can receive upto-the-minute transaction prices on all NYSE, AMEX, and NASDAQ national stocks as well asdaily closing prices for most other NASDAQ stocks. In contrast, most bond trading has beendone on the over-the-counter (OTC) market, and there was limited reporting of transactions,with the exception of the very liquid government bond market. Fortunately, this environmentin the bond market changed dramatically beginning in 2004. The us described by Lucchetti andSoloman (2004) and subsequently by Rappaport (2004b), the National Association of SecuritiesDealers (NASD), through its Trade Reporting and Compliance Engine (TRACE), beganreleasing more timely pricing data for a broad group of corporate bonds. Specifically, as ofOctober 2004, FINRA expanded the number of corporate bonds for which it reports pricing

Results (English) 2:

Historically, the price information available to bond investors has been substantially different
from the price information available to stock investors. Specifically, stock investors can receive upto-
the-minute transaction prices on all NYSE, AMEX, and NASDAQ national stocks as well as
the daily closing prices for most of the NASDAQ stocks. In contrast, most bond trading has been
done on the over-the-counter (OTC) market, and there was limited reporting of transactions,
with the exception of the very liquid government bond market. Fortunately, this environment
in the bond market beginning in 2004. Dramatically changed as described by lucchetti and
Soloman (2004) and subsequently by Rappaport (2004b), the National Association of Securities
Dealers (NASD), through its Trade Reporting and Compliance Engine (TRACE ), Began
releasing more timely pricing of data for a broad group of corporate bonds. Specifically, as of
October 2004, NASD expanded the number of corporate bonds for the which it reports pricing