MSRB Monthly Update - July 2013

MSRB Monthly Update - July 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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For those unable to attend the outreach event in person, the MSRB will webcast the Boston event to expand accessibility to all industry professionals.

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Coming Soon Final

The MSRB will soon make available a new tool to help state and local government issuers keep track of due dates for recurring financial disclosure submissions to the EMMA website.

Issuers will be able to schedule email reminders to alert multiple recipients when it is approaching the time to make annual or quarterly submissions. Sign up to receive updates.

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Did you know

Beginning July 1, 2013, municipal securities dealers are required to disclose to the public additional information about their bond ballot campaign contributions. Learn more.

Highlight of the Month

MSRB Continues Video Campaign

What to Expect from Your Broker

The MSRB recently released a new series of educational videos for municipal securities investors about what they should expect from their brokers when investing in the municipal securities market. Designed to easily communicate important concepts, the videos focus on three key obligations of brokers when engaging in municipal securities transactions.

The videos are a key addition to the MSRB’s Investor Toolkit, an online resource to equip investors with basic information to successfully navigate the municipal securities market.


New and Noteworthy

MSRB Reminds Investors of Educational Resources

In light of recent volatility in the municipal securities market, investors can refer to educational materials provided by the MSRB about the costs and risks of buying and selling municipal bonds.

The MSRB's Investor Toolkit includes Evaluating a Municipal Bond's Interest Rate Risk, which addresses how a municipal bond's value can fluctuate due to changes in interest rates and What to Know When Selling a Municipal Bond Prior to Maturity, which reminds investors what they should consider when selling their municipal securities.

Access the Investor Toolkit.


EMMA Market Statistics

Number of Trades in June Highest Since March 2011

EMMA Market Statistics

According to EMMA Market Statistics, trade activity increased significantly in June 2013. The number of trades increased to 983,146 in June, the highest monthly level since March 2011 and 10.2 percent higher than the same period in 2012. The number of trades peaked on June 25, 2013 at 65,164 trades, the most trades in a single day since November 19, 2010. Par amount traded in June totaled $261.5 billion, up from the $229.6 billion in May 2013 and relatively unchanged from June 2012. The volume of $23.3 billion traded on June 27 was the highest since September 15, 2011.

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 Files with the SEC a Proposed Rule Change Consisting of Amendments to MSRB Rule A-3 to Modify the Standard of Independence for Public Board Members (July 3, 2013)

MSRB Files with the SEC Proposed Rule Changes Regarding Disclosures in Connection with Primary Offerings and Retail Order Period Requirements (June 17, 2013)

MSRB Files with the SEC Proposed New MSRB Rule G-45 and Amendments to Rules G-8 and G-9, on Reporting of Information on Municipal Fund Securities (June 10, 2013)