Bear Stearns PricingDirect to Provide 4 P.M. Valuations.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Pricing Direct Inc. ("PricingDirect") today announced the availability of 4 p.m. valuations of domestic taxable fixed income securities and swaps. This service, the first in the industry, will give investors evaluation information that will coincide with the close of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ("NYSE NYSE See: New York Stock Exchange ") and take account of credit events known to PricingDirect as well as yield curve changes. PricingDirect decided to offer the 4 p.m. valuations after a nine-month study on the effects of market movements between 3 p.m. and NYSE close. The survey found significant changes including a one-in-four probability that daily returns for a 5-year treasury note could change by 3.1 basis points. Evaluations as of 3 p.m. may be more appropriate for investors whose preferences dictate that their evaluations coincide with the close of the futures market futures market, a commodity exchange where contracts for the future delivery of grain, livestock, and precious metals are bought and sold. Speculation in futures serves to protect both the developers and the users of the commodities from unfavorable and unpredictable . Alternatively, 4 p.m. evaluations may be more appropriate for investors whose preferences dictate that their evaluations coincide with the NYSE close. "The last hour of trading can affect pricing, so it made perfect sense to offer these NYSE market-close valuations," said Unmesh Bhide, vice president of PricingDirect. "In the end, we believe this is very helpful for those investors having the processing capability and a preference for NYSE close evaluations to take advantage of this more up-to-date information." While the study focused on 2-, 3-, 5-, 10- and 30-year Treasury issues, Bhide said any fixed income asset whose price movements are based on the Treasury market may also experience similar changes, including mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , corporate and agency bonds. PricingDirect supplies daily pricing data for more than one million U.S. taxable fixed income securities to enable mutual funds, money managers, fund accounting administrators and financial institutions to determine the market value of their assets. PricingDirect began delivering the 4 p.m. valuations on June 1 and continues to offer the 3 p.m. valuations. Investors typically receive the later valuations approximately 45 minutes after NYSE close. About PricingDirect PricingDirect is an affiliate of Bear, Stearns & Co. Inc., (NYSE:BSC (Binary Synchronous Communications) See bisync. ) a leading global investment banking, securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm. PricingDirect is a securities evaluation service that supplies daily pricing data on more than one million U.S. taxable fixed income securities. Institutional clients include a wide range of mutual funds, broker-dealers, risk managers, clearance services, insurance companies, fund accounting administrators, banks, trust companies and investment managers. |
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