The Nature of Our Undertaking
RW Smith & Associates, LLC. (“RW Smith”) is a fixed income interdealer broker (IDB), acting as agent or riskless principal to facilitate buys and sells of municipal securities between two contra parties, including broker-dealers, dealer banks, and institutional customers. RW Smith does not disclose the identities of its bidders and sellers prior to or at the conclusion of its bid-wanted auction, unless requested by one party and agreed to by both parties.
RW Smith must make a reasonable effort to obtain a price that is fair and reasonable in relation to prevailing market conditions. RW Smith will avoid taking any action that works against that client's interest to receive current available market pricing. RW Smith is presumed to act on behalf of the seller in a bid-wanted unless both the seller and bidders agree otherwise in writing in advance of the bid-wanted.
Conduct of Bid-Wanteds
In order to meet its obligations under MSRB rules, RW Smith takes several steps to ensure it is obtaining a fair and reasonable price for its selling clients.
Policies in the Conduct of Bid-Wanteds
RW Smith upholds a high standard of ethical conduct and as such will continue to conduct its bid-wanteds according to certain policies and procedures, including the following:
Additional policies and information can be found on our website: