On Around-time bid wanted items, bidders have the right to ask for a post on their position in the bid pad. RW Smith brokers are required to inform the bidding client, prior to providing the post, that the item is an around-time bid wanted and therefore still open for bidding (if this is the case), so the post is only an indication of their position at this time, not potentially their ultimate position in the bid pad. Further required is that the broker is to inform the bidder that once a post is provided by RW Smith the bidder may not re-bid the item; once RW Smith gives a post that account is locked in to their level. If instructed by the client to provide the post, the RW Smith broker is permitted to provide the client’s position in the bid pad (high bid/1-5/6-10/ etc.), but that is all. Once a post has been provided to the bidder, the RW Smith broke is to enter an “X” (the symbol for Posted) in the trading system next to their bid. The client has the right, at all times, to pull their bids(s).
On Sharp/Firm bid wanted items, all bidders are entitled to post on their bids immediately following the Sharp time; they are entitled to know where they stand in the bid pad, but are not entitled to know the level of the high bid.
Due to market transparency, after a transaction has occurred, RW Smith brokers may post clients where the bonds traded (the level). As soon as a bid wanted item is no longer active (either because the item traded, its status was changed to “Will Not Trade” or “Traded Away,” or it is the next business day making the bid wanted a historical item) a full posting is permissible. A full posting includes the high bid, cover bid, and the number of bids received by RW Smith on the bid wanted. Also, this information is available to market participants via the post report found on the RW Smith website.