Pershing is committed to providing tools and services to meet your regulatory needs. Integrated within BondCentral is MarketCheck, the latest regulatory-minded enhancement that provides a pre-trade price discovery and evaluation tool to assist in the evaluation of the offering price of corporate and municipal bonds—and it is easily accessible on investment professionals’ desktops. By reviewing Trade Reporting and Compliance Engine (TRACE) and Municipal Securities Rulemaking Board (MSRB) activity for the selected offering, MarketCheck evaluates historical trades for the same CUSIP® in the last five business days and presents the user with three possible outcomes.
- Verified—The security is offered three points better for purchases or three points less (four points for high-yield securities) for bids wanted than the average of reported trades in that CUSIP in the last five business days.
- Insufficient Data—A price evaluation cannot be made because there were no reported trades in the same CUSIP in the previous five business days.
- Needs Further Review—The security is offered lower than three points for purchases or three points lower (four points for high-yield securities) for bids wanted than the average of reported trades in that CUSIP in the last five business days.