EFTA Document EFTA01393163

2. The sources of price 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 oblige- tion(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-Me-counter market credit derivativ