Preemptive strike

The prospect of Eliot Spitzer launching a probe into fixed-income research has prompted the BMA to draw up a set of guiding principles for the industry. But some investors are questioning the motivation for such an initiative.

After months of discussion and negotiation with research analysts, compliance officers and legal advisors from all the major banks across the United States and Europe, the Bond Market Association has finally released the fruits of its labor: a 69-page document detailing proposals for a set of guiding principles to promote the independence of fixed-income research.

In a move prompted by a series of high-profile investigations, Congressional hearings and regulatory developments concerned with

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