The Automated Bond System (ABS) is simply a database used in the New York Stock Exchange (NYSE). It tracks offers and bids in traded bonds that are inactive – this is tracked until the stocks or bonds are cancelled. There are traders who buy, bid on, and sell stocks that are inactive, and these folks are tagged as the “cabinet crowd”. Another term for inactive bonds is “cabinet securities” – this was because before the advent of the Automated Bond System (ABS), the New York Stock exchange would keep inactive securities in metal cabinets.
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