SEC to probe bond allocation process

摘要

The us securities and exchange commission may be gearing up to regulate how investment banks allocate new bond issues, with the regulator launching an investigation into banks including goldman sachs, citigroup and morgan stanley following complaints from investors. Some in the market allege that banks are favouring large asset managers in the bookbuilding process at the expense of smaller outfits. Lawyers say that even if no rules have been broken, the investigation could be the first step in attempting to make allocation more transparent and fair.