Michael Moise

Clarity BidRate Alternative Trading System, A Division of Arbor Research & Trading, LLC The Clarity BidRate Alternative Trading System (Clarity) is an all encompassing alternative trading system that enables a centralized marketplace for bidding, pricing, trading, and analyzing data for municipal variable rate securities. For the first time investors will have pricing power through a competitive bid process and the benefit of full market transparency. Investor demand and bid rates are available to all participants on an anonymous pre-execution basis. Our internet based ‘open-architecture’ lowers barriers of entry, levels the playing field, and sets the stage for broad based distribution and superior execution.