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AUGUST 13, 2007
Edited by Amy Dunkin TRADING SYSTEMS Bonds: A Slow Start Suppose you launched a bond-trading system and nobody showed up? That's essentially what's going on at the New York Stock Exchange (NTX ). On Apr. 23 the Big Board opened NYSE Bonds, which it hoped would vastly boost its corporate bond-trading business and make investing in bonds for individuals more like buying and selling stocks. With NYSE Bonds, those retail investors, who account for only 5% of cash going into bonds but place two-thirds of trades, need do little more than ask for a quote. Previously, investors or their brokers had to call multiple market makers --the folks who offer to buy and sell the issues--to figure out a price. Now, three months later, 3,000 bonds are available, with 5,000 expected by yearend. But does anybody know that? On most days, only five to 10 trades are placed, most for fewer than 50 bonds. On July 23, not a single bond traded. Everything is going according to plan, says NYSE Euronext Vice- President John Holman. First, he explains, the NYSE is slowly getting traders to make markets. The goal is to have at least three quotes per bond. When that happens--the NYSE hopes it will be by the end of the summer--the exchange will launch a marketing blitz to bring brokers and investors on board. By Ben Levisohn BENEFITS Buying Time Off As your summer winds down, you may be lolling in your beach chair wishing you could just buy yourself another week of vacation. Well, some 14% of large companies now allow employees to purchase extra vacation days, according to benefits consultant Hewitt Associates (HEW ), proving that, for many workers, time can be more precious than money. To avail yourself of such a perk if your company offers it, you usually sign up during the benefits-enrollment period in the fall. The cost of the extra time is deducted from your pay over the year, often in money-saving pretax dollars. Xerox (XRX ) started offering the benefit for 2007, and about 10% of its 28,400 U.S. employees bought an additional week, says Lawrence Becker, director for benefits and policies. Some of those employees are undoubtedly enjoying that extra vacation right now. 
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