Is It Time to Start Including “Odd Lot” Trades in Evaluated Prices?
Evaluated prices for fixed income securities are relied upon for a variety of uses. Brokers and custodians use them to generate statement values for their customers. ETFs use them to calculate NAVs. Portfolio managers use them to choose bonds for their portfolios. Every part of the fixed income investing ecosystem relies on evaluated prices...We tend to ignore that this is a marginal approach to valuation. open website