"We believe the proposal will result in increased trade transparency, rather than facilitate price transparency, and that the effect of such trade transparency will be harmful to investors."

"We believe the proposal will result in increased trade transparency, rather than facilitate price transparency, and that the effect of such trade transparency will be harmful to investors."--Mary Kuan, assistant general counsel of the Bond Market Association, on the effect of NASD's proposal to disclose counterparty trade information on TRACE.