The BDA is supportive of the MSRB’s efforts to have fair bid-wanted auctions and to encourage the wide distribution of the results of the auctions. However, the BDA strongly objects to broker’s brokers having to determine a fair and reasonable price, becuase it will not provide additional protection either to client brokers or to investors, will introduce unnecessary delays, and confuses the roles of broker’s brokers and broker-dealers. The BDA also objects to prohibiting broker’s brokers from contacting bidders about clearly erroneous bids. The BDA’s comments are available here.
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