SEC May Back Junk Bond Quote System:...
From Times Staff and Wire Reports
SEC May Back Junk Bond Quote System: The Securities and Exchange Commission may be looking into developing a centralized price quote system for the junk bond market. In a letter to a Senate committee, SEC Chairman Richard C. Breeden said the agency needs to keep closer tabs on the junk bond market but cautioned against “overly intrusive” legislation. The letter accompanied an SEC report on junk bonds in which Breeden said he wanted to improve the availability of price information. Until its collapse last month, Drexel Burnham Lambert Inc. was the primary source for junk bond prices.
