Treasuries
Auction and secondary. Online commission $0.00; dealer inventory may carry a markup.
Treasuries online
$0.00
Corporates & munis
Dealer markup
CDs
Brokered, not a bank deposit
Assisted
$25.00
Credit
Investment-grade corporates and munis trade on a dealer basis, not a $0 listed ticket.
CDs
Brokered CDs when inventory is posted. Early liquidation is not par.
Three different markets
Treasuries, credit, and brokered CDs do not share one ticket. Treasuries, auction and secondary, are $0.00 online. Investment-grade corporates and municipals trade with a dealer. The price you see can include a markup. That is not the $0.00 stock schedule. Brokered CDs appear when inventory is posted. Selling before maturity is not a promise of par.
What to read before a ticket
- Coupon, maturity, and call schedule. A yield without the call date is incomplete.
- Credit: Treasuries are not corporates. A muni is not a Treasury.
- CDs on this desk are brokered. They are not the cash-sweep bank deposit.
- Assisted orders are $25.00. Dealer markup on credit is separate.
- Do not send cash to fund a bond until clearing and banking are named.