The Bond Pricing Institute (BPI – a Division of the Bond Dealers of America) was launched early 2022 within to bring together and represent diverse professionals engaged in the work of pricing evaluations of fixed-income securities for investors, funds, broker-dealers, insurance companies and others.
The mission of the BPI is to promote professionalism and best practices in fixed-income securities pricing through advocacy, education, and communication. Improved pricing and valuation of fixed income securities to benefit investors is of primary focus.
BPI provides a menu of services to member professionals and companies, including:
- Federal Advocacy – Providing direct representation for Pricing and Valuation Firms
- Direct Participation in developing and maintaining Industry Best Practices
- Events and Webinars
- Research & Surveys
- Industry Resources Handbook
We Focus On
- Communication, education, networking and awareness as scrutiny by regulators (globally) increases for pricing and valuation providers
- Representation and advocacy for this important segment of the fixed income markets – especially as the SEC and others focus on overall bond market structure
- Investors benefit from collaborative efforts to improve securities pricing and valuations
Issues
Regulatory
- SEC Rule 15c2-11 SEC
- Fair Value Rule 2a-5
- Compliance with accounting Levels 1-3
- PCAOB scrutiny of broker quotes
Business/Market Structure
- Market liquidity
- Electronification of market and transparency of pricing
- Public to private market trends
- Reference price for best ex – retail versus institutional markets
Structure and What We Do
Steering Committee
The Bond Pricing Institute is led by a Steering Committee of 15 individuals representing the different members of the Division, and includes two BDA Board member from sell-side dealers.
Meetings
The Division meets virtually or in-person on a quarterly basis or as needed. Meetings are tied to BPI/BDA events when possible – example is an in-person Division meeting correlated with the BDA annual FI conference.
2023 BPI Program
| Day/Month | Event | Location |
|---|---|---|
| 13 Feb | 2023 Bond Pricing Guide & Handbook | View |
| 15 Feb | BPI Steering Committee Meeting | Virtual |
| 23-24 Mar | BDA Bond Market Structure Conference * | Dallas, TX |
| 18 Apr | BPI Steering Committee Meeting | Virtual |
| 16 May | BPI Webinar – Topic SEC & Information Providers | Virtual |
| 25 Jul | BPI Steering Committee Meeting | New York, NY |
| 26 Jul | BPI Conference – Fixed Income Pricing Market Structure, Data & Technology (planned) | New York, NY |
| 14 Sep | BPI Webinar – Topic TBD | Virtual |
| 25 Oct | Advocacy Fly-In | Washington, DC |
| 25 Oct | BPI Annual Meeting | Washington, DC |
| 26-27 Oct | The BDA’s National Fixed Income Conference * | Washington, DC |
| 16 Nov | BPI Webinar – Topic TBD | Virtual |
| December | BPI Xmas Networking Drinks (planned) | New York, NY |