The $38 trillion U.S. bond market needs to be improved to allow better access for all investors, said Securities and Exchange Commission member Elisse Walter.
"The more I look at it the more concerns about fairness I have," she said today at a series of roundtable discussions the agency is holding in Washington on fixed-income markets.
Walter sought to assure participants that the agency isn't trying to impose an equity-market structure on bonds with exchange trading and pre-trade price transparency. The challenge, she said, is for regulators to understand the complexity of how debt trades to discover what must be changed. "In this arena, I keep having to reassure people that we get it," she said.
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