Press Releases
SIFMA Decision Re: Early Close Recommendations Enhances Liquidity for Investing Public, Says RW Smith
NEWS RELEASE
April 7, 2009
BELLEVUE, Wash.--(BUSINESS WIRE)--“At a time when liquidity is especially critical to the investing public, the recent decision by the Securities and Financial Markets Association (SIFMA) to keep markets open rather than close early the day before certain holidays, is both timely and appropriate and should be applauded,” according to Paige W. Pierce, President and CEO of RW Smith, an interdealer broker in the fixed income secondary markets.
“Historically, early close days have hindered the markets,” said Ms. Pierce. “With the reduction of early close days from 12 to 5, all but the most reasonable ones have been eliminated. SIFMA’s determination to make this change indicates a deep understanding of issues faced by small firms, specifically our mission to provide both access and liquidity at all times. To accomplish this, the markets must be open. .
”We fully support SIFMA’s commendable focus on investor protection and view it as a win for investors, small and large, across the country,” said Ms. Pierce.
Last Friday (April 3), SIFMA announced its recommendation to reduce the number of early market close days as they apply to the dollar-denominated, fixed income markets. In a press release announcing its decision, Randy Snook, EVP at SIFMA, cited “…the interconnected, global nature of the fixed income markets” and the “nearly round the clock access to liquidity…” that would be enhanced by these changes.
Headquartered in Bellevue, Wash., RW Smith, www.rwsbroker.com, is an interdealer broker in the fixed income (debt) markets with 11 offices across the U.S. Interdealer brokers facilitate transactions in the wholesale financial markets between dealers, dealer banks, and qualified institutions around the world.