MSRB Monthly Update - June 2013

MSRB Monthly Update - June 2013
Upcoming Event

Join the MSRB for an education and outreach seminar for municipal market participants on
July 23, 2013 in Boston, MA. Learn more.

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Coming Soon Final

Education Materials

The MSRB will soon make available new tools to assist issuers with making financial disclosures to the EMMA® website. Sign up for email updates from the MSRB.

Updated Glossary

Later this year, the MSRB will release an updated edition of its Glossary of Municipal Securities Terms. Sign up for email updates from the MSRB.

Did you know

The MSRB is governed by a 21-member Board of Directors, with a public majority. Learn more.

Video Tells the MSRB's Story

The Municipal Securities Market and the MSRB

The MSRB recently released a short video that tells the story of the organization and explains the MSRB’s role in the $3.7 trillion municipal securities market.

The Municipal Bond Market and the MSRB explains the municipal finance market and how the MSRB was created by Congress to protect investors and state and local governments and other municipal entities.

The video is the first in a series of educational videos the MSRB plans to make available as part of its digital strategy to promote municipal market education. The MSRB will soon make available a video series for investors about what they should expect from their financial professionals.


New and Noteworthy

MSRB Publishes First Quarter 2013 Municipal
Market Statistics

The MSRB recently released municipal market statistics for the first quarter of 2013, including data that provide details about the trading patterns and continuing disclosure documents submitted to the MSRB and other statistics for the $3.7 trillion municipal bond market.

The MSRB’s quarterly statistical summaries include aggregate market information for different types of municipal issues and trades, and the number of interest rate resets for variable rate demand obligations and auction rate securities. The data also include statistics pertaining to continuing disclosure documents received through the MSRB’s Electronic Municipal Market Access (EMMA®) website.


EMMA Market Statistics

Continuing Disclosure Submissions Continue
Steady Increase

EMMA Market Statistics

Since July 2009, the MSRB has been the official electronic repository for municipal disclosures in the United States and has received more than 500,000 documents through the first quarter of 2013. The number of documents received in the first quarter of 2013 increased to 43,520, up 11 percent from the 39,175 during the same period last year. During the first quarter, financial disclosures accounted for nearly 60 percent of all disclosures and event disclosures accounted for the remainder. Bond calls and audited financial statements, or CAFR, disclosures accounted for most of the documents submitted in the first quarter of 2013, with 24 percent each.  

The MSRB will soon publish a more comprehensive report with analysis on trends and types of continuing disclosure submissions reported since July 2009.

For more information or other statistics on municipal trading activity, continuing disclosures or variable rate resets, visit the MSRB’s EMMA website.


Regulatory Roundup

MSRB Reminds Investors, Market Professionals to Assess Terms of Build America Bonds and other Direct-Pay Bonds in Light of Federal Sequester (June 12, 2013)

MSRB's Revised Telemarketing Rule Approved (May 29, 2013)