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Their commission is in the spread. The same as brokers who make markets in over
the counter stocks.
Earl Adamy wrote:
> Yes, true for the institutional market ($1 million up) but I am trying to
> get a better feel for current spreads in retail lots of $50k-$100k more
> typical of a private laddered portfolio of bonds across a wide range of
> maturities. I seem to remember that when I did bonds at Schwab in $100k
> lots, the spread was around 3 ticks plus $50 commission but that was some
> time ago. Fidelity does not charge a commission on bond trades of $25k up,
> however spreads of 24/32 on bonds and 9/32 on notes seem egregious which is
> why I'm checking.
>
> Earl
>
> ----- Original Message -----
> From: "Robert Hodge" <r-hodge@xxxxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Monday, August 20, 2001 9:27 AM
> Subject: RE: [RT] Re: Retail Bond Spreads
>
> > http://www.jpmorgan.com/MarketDataInd/GovernBondIndex/GBI_Outlines/US.html
> >
> > supports Chris's recollection...
> >
> > RH
> >
> > -----Original Message-----
> > From: chrischeatham@xxxxxxxxx [mailto:chrischeatham@xxxxxxxxx]
> > Sent: 20 August 2001 16:21
> > To: realtraders@xxxxxxxxxxxxxxx
> > Subject: [RT] Re: Retail Bond Spreads
> >
> >
> > I haven't bought actual bonds in a while, but that doesn't sound
> > anywhere close to right. If I recall correctly, liquid 10s typically
> > trade at 1/64th to 1/32 in the institutional mkt. most of the time.
> > If it is an obscure issue that they have to look for, maybe that
> > could add some, but otherwise does not make much sense. And Fidelity
> > is charging a commission on top of that I bet.
> >
> > Chris
> >
> >
> > --- In realtraders@xxxx, "Earl Adamy" <eadamy@xxxx> wrote:
> > > Oops, should have indicated these are US Treasury bonds and notes
> > of various
> > > maturity dates.
> > >
> > > Earl
> > >
> > > ----- Original Message -----
> > > From: <chrischeatham@xxxx>
> > > To: <realtraders@xxxx>
> > > Sent: Monday, August 20, 2001 8:54 AM
> > > Subject: [RT] Re: Retail Bond Spreads
> > >
> > >
> > > > What credit quality are you talking about? I have a friend who
> > > > trades junk bonds in the 100-300k range and he is always harping
> > on
> > > > the huge spreads. I'd be happy to ask his insight on whatever
> > credit
> > > > you're interested in. I recall him saying that he had been
> > > > successful placing limit buy orders, and was able to get filled
> > > > inside the spread frequently.
> > > >
> > > > Chris
> > > >
> > > > --- In realtraders@xxxx, "Earl Adamy" <eadamy@xxxx> wrote:
> > > > > Fidelity Bond desk is quoting spreads of 24/32 on bonds
> > (ranging 20-
> > > > 30
> > > > > years) and 9/32 on 10 year notes in increments of $50-100k. Does
> > > > this seem a
> > > > > bit steep compared to other retail firms?
> > > > >
> > > > > Earl
> > > >
> > > >
> > > > To unsubscribe from this group, send an email to:
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> > > >
> > > >
> > > >
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> > > >
> > > >
> >
> >
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> >
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> >
> >
> >
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> >
> >
>
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