MSRB Monthly Update - October 2012

MSRB Monthly Update - October 2012
Coming Soon Final

The MSRB is enhancing the search capabilities on its Electronic Municipal Market Access (EMMA®) website. Improved search filters will enable users to locate municipal securities on EMMA that share certain characteristics. Users can also expect to see improvements in search performance. Look for the changes soon.

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Did you know
The MSRB's online directory of rules can be easily filtered by rule type and upcoming changes.

Highlight of the Month

MSRB Provides Resources on Market Indices

Indices Report

As part of its mission to help improve understanding of the municipal market, the MSRB has made available educational resources to help investors and state and local governments understand the use of municipal market indices, yield curves and benchmarks. The MSRB’s municipal market indices, yield curves and benchmarks publication provides an overview of the types of indicators used to estimate the general level of municipal bond yields. Its introduction to the London Interbank Offered Rate (LIBOR) publication discusses LIBOR's relevance for the municipal market.

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New and Noteworthy

MSRB Names General Counsel

Gary Goldsholle

The MSRB recently announced the addition of a key staff member. Gary L. Goldsholle will be joining the MSRB as General Counsel on October 22, 2012. Mr. Goldsholle will oversee the legal activities of the MSRB, including market regulation, professional qualifications, enforcement support and corporate governance. Prior to joining the MSRB, Mr. Goldsholle was vice president and associate general counsel for the Financial Industry Regulatory Authority (FINRA), where he was responsible for regulatory policy and rule development. Mr. Goldsholle also worked in the Office of the Chief Counsel, Division of Trading and Markets at the Commodity Futures Trading Commission. He began his legal career as an associate at Steptoe & Johnson.

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EMMA Market Statistics

Percentage of Issuance of Taxable Securities Increases in Third Quarter of 2012

EMMA Market Statistics

Taxable securities accounted for approximately 9.5 percent, or $11 billion, of the nearly $120 billion of municipal securities issued in the third quarter of 2012, the highest amount since the fourth quarter of 2010. Compared to previous quarters, issuance of taxable securities accounted for 6.9 and 5.6 percent in the first two quarters of 2012, and 7.1 percent in third quarter of 2011. Meanwhile, trading of taxable securities has remained relatively stable, accounting for 8.9, 8.3 and 8.7 percent of all trading in first three quarters of 2012.

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

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Regulatory Roundup