Merrill Lynch's Christopher Ricciardi, who heads the firm's global structured credit products group, had some choice words for dealers competing in the CDO market: put up or shut up.

With heightened market transparency efforts linked to increased liquidity of the CDO product and increased interest by new investor bases, Ricciardi specifically called upon dealers who do not post deal documents to the Bond Market Associations' new CDO Library ( to start doing so. He went one step further and encouraged investors investigating new CDOs to ask dealers if they will post the documents online; if there are no plans to do so, simply do not purchase the security until those plans are underway, he said.

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