RW Smith does not allow “rounding up” of bids once bonds have been marked for sale, as this process can potentially lead to mismanagement of confidential bidding information. It is RW Smith’s position that “last looks” are not part of our authorized operating policies with our clients.
Clients who submit bids to RW Smith on bid wanted items in a timely manner will, if their bid is used to get the bonds marked for sale, buy the bonds.
In the instance when a high bid is turned in to the originating client (potential seller), on an around-time bid wanted, and in between the time the bid is turned in and the bonds are marked for sale another higher bid is received by RW Smith, that bid is acceptable. These are not considered a last-look situation, but rather a regular occurrence on an IDB/broker’s broker trading desk on around time bid wanted auctions.