MSRB Monthly Update - August 2013

Municipal Securities Rulemaking Board sent this bulletin at 08/09/2013 09:30 AM EDT

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

The MSRB would like to hear from readers of the Monthly Update. Submit comments and suggestions on the publication to Sara Wist at swist@msrb.org.

Highlight of the Month

Issuers Can Now Get Email Reminders about Financial Disclosures

The MSRB now provides a tool to help issuers of municipal securities file timely financial disclosures to the Electronic Municipal Market Access (EMMA®) website.

State and local governments and other entities with annual or quarterly disclosure deadlines can schedule email reminders to alert multiple recipients that a deadline is approaching for a financial disclosure submission to EMMA. Learn more.

New and Noteworthy

MSRB Provides Information on Detroit Bonds

Information is available on the MSRB’s EMMA® website related to Detroit bond issues.

A spreadsheet, available here, contains links to Detroit bond offering documents, as well as to detailed information available on EMMA for all bond and certificate of participation issues identified in the appendices of the June 14, 2013 City of Detroit’s Proposal for Creditors. This information includes ongoing disclosure filings as well as real-time and historical trading data for all of the bonds and certificates of participation identified in Detroit’s proposal.

EMMA Market Statistics

Small Trades at 30-Month High

The number of municipal securities trades of $100,000 or less, which are typically considered to indicate retail activity, accounted for 84.3 percent of the 755,063 total trades in July 2013. This was the highest level since January 2011 when small trades reached 84.7 percent of all trades. In terms of par traded, trades of $100,000 or less accounted for 10.5 percent of all par traded in July, up from the 9.1 percent in July of 2012.

The MSRB will soon publish its quarterly statistical report with more detailed data for the second quarter of 2013. 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 Publishes Notice Regarding Policy on Interpretive Guidance (August 8, 2013)

MSRB Requests Comment on Proposed Consolidation of Fair-Pricing Rules and Adoption of "Best Execution" Standard for Municipal Securities Transactions
(August 6, 2013)

MSRB Seeks Input on Potential Enhancements to Price Transparency in the Municipal Market (July 31, 2013)

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