American Century is relying on a pricing service for interest rate swaps from Bear Stearns. Firms want independent pricing, said Unmesh Bhide, managing director at Bear Stearns. Traditionally, however, counterparties have relied on derivative counterparties to price trades.
American Century had relied on Bear Stearns for some mortgage pricing, with the remaining fixed income priced by FT Interactive Data. Jean Wade, treasurer at American Century, declined comment.
