WASHINGTON -- Bidding in the government bond market must be computerized to guard against the type of abuses disclosed by Salomon Brothers Inc., representatives of the National Association of Securities Dealers and the New York Stock Exchange said yesterday.

Testifying before the Senate Banking securities subcommittee, NASD President Joseph Hardiman called primary dealers' current bidding system "antiquated at best." It is "very easy" to set up a computerized bidding network that would keep track of bond prices and sales in both the primary and secondary markets, he said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.