CoachA composite price of a bond is a single estimated price built from many observations, recent trades, dealer quotes and prices of related bonds, weighted by their recency and reliability, with outliers removed.
Examples
Example 22.7 (A composite)
Quotes of 99.42, 99.45, 99.40 and 99.47, 10, 40, 90 and 5 seconds old, and a stale print at 98.20, 20 seconds old: the outlier is dropped by the median-deviation rule, and weighting the rest by a one-minute half-life gives a composite of 99.441.