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Matrix Price
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An estimated price or value for a fixed income security. Matrix prices are based on quoted prices for securities with similar coupons, ratings, and maturities rather than on specific bids and offers for the designated security. The name 'matrix price' comes from the practice of interpolating among values for similar instruments arranged in a matrix format. These model prices must be used with care and with understanding that a specific position may be highly illiquid.
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