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6th Annual Municipal Finance Conference

Discussant for Andrew Kalotay’s paper on Creating a Live Yield Curve in the Illiquid muni market.  Discussed were the challenges and risks associated with emphasizing offering levels rather than actual transactions, as well as the limited amount of data for such daily consistent analysis.  Finally the indigenous flaw of municipal benchmarks and valuations was discussed - inability of municipal cash bond to sold “short.” This single characteristic not only limiting the market’s ability to correct a price that is too high, but also that inhibits the creation of efficient and effective derivative tools.

Thomas Doe
President and Managing Partner

Earlier Event: July 11
FFIEC Capital Markets Conference
Later Event: August 4
NABL Chicago