A bond that is trading above par is said to be trading at a premium, while a bond trading below par is trading at a discount. You buy a bond with a par value of $1,000 and a coupon rate of 5%.

The term algorithmic trading is tossed around a lot these days. But what does it mean? Let’s break ... trade is comprised of a $100,000 par or less block of bonds), James also observed that ...