MSRB Monthly Update - November 2012

Municipal Securities Rulemaking Board sent this bulletin at 11/09/2012 10:34 AM EST

The MSRB will release statistics on third quarter 2012 municipal market trading data, continuing disclosure documents submitted to the MSRB and other figures for the $3.7 trillion municipal bond market.

The MSRB's EMMA website had 2.3 million page views during the month of October.

Highlight of the Month

MSRB Enhances Price Transparency for Large Trades

The Municipal Securities Rulemaking Board (MSRB) announced today that it is now displaying real-time exact par values on all municipal securities transactions that are valued at $5 million or less on the Electronic Municipal Market Access (EMMA®) website. Previously the real-time dissemination of par values was limited to transactions up to $1 million. The change reflects the MSRB’s goal of providing market participants with more complete and timely information about the pricing of municipal securities.

New and Noteworthy

MSRB Board of Directors Quarterly Meeting Summary

The MSRB held its quarterly Board of Directors meeting October 24-26, 2012 where, among other things, it advanced a proposal to increase disclosure of contributions by municipal securities dealers and municipal finance professionals to bond ballot campaigns, and further refined a number of investor protection initiatives.

Read the full meeting summary.

EMMA Market Statistics

Municipal Issuance Bounces Back but Trading Volume Still Lags

New issuance of municipal securities bounced back in the first 10 months of 2012 after issuance reached a 10-year low in 2011. Issuance totaled $367 billion through October of 2012, considerably higher than the $283 billion issued during the same period in 2011 and only 7.3 percent lower than the first 10 months of 2010, when new issue volume reached an all time high. Trading activity has not matched the higher levels of new issues in 2012. When looking at the first 10 months of the year, par amount traded totaled $2.36 trillion in 2012, compared to $2.41 trillion in 2011 and $2.77 trillion in 2010.

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

Regulatory Roundup

Update on Effectiveness of Changes to Transaction Reporting Requirements (November 2, 2012)

Reminder of November 1, 2012 Effective Date Regarding Amendments to MSRB Rule G-34 Relating to Use of the Term "Not Reoffered" for New Issues of Municipal Securities
(October 25, 2012)

SEC Approves Enhancements to Large Trade Price Transparency (October 25, 2012)

MSRB Files Amendments with SEC to Streamline New Issue Information Submission Requirements Under MSRB Rules G-32 and G-34 (October 23, 2012)

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