Thomson Financial Networks Inc.'s AutEx Systems Inc. has dropped plans to launch a bulletin board-style automated trading facility for high-yield securities, so-called junk bonds. The decision not to proceed with the system followed a six-month test, and cautionary words about increased transparency in the high-yield debt market from Securities and Exchange Commission chairman Richard Breeden.
AutEx has long provided a bulletin board for equities. The system, used by both buy- and sell-side
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