EFTA Document EFTA01393191

2. The sources of ;mice information used to price credit default options are subject to a lack of transparency and, at times, illiquid markets. This Is attributable to, among other things: (1) the absence of last sale information and the limited availability of quotations for the reference obligation(s). (2) lack of ready availability of information on related products traded primarily in the over-the-counter market, and (3) the fact that related over-the-counter market credit derivati