PelatihA 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.
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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.