MSRB Monthly Update - February 2013

February 2013 Monthly Update
Upcoming Event

The MSRB and Texas MAC are co-hosting an education and outreach event for municipal market professionals on March 7, 2013 in Dallas, Texas. The event will provide an opportunity for industry professionals to learn about the MSRB’s current priorities and its rulemaking efforts for municipal advisors and dealers.

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Did you know

The Securities and Exchange Commission Historical Society maintains a virtual museum and archive of the history of financial regulation, including the history of self-regulatory organizations such as the MSRB.

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Highlight of the Month

MSRB Seeks Seven New Board Members

The MSRB is seeking qualified applicants to fill seven positions on its Board of Directors beginning October 1, 2013. Members of the 21-member Board represent the public as well as regulated municipal dealer and municipal advisor industries. The Board is seeking to appoint four individuals representing the public and three individuals representing regulated entities to serve three-year terms.

Learn more or begin the application process.


New and Noteworthy

MSRB Seeking Comment on Rule Book

The deadline is approaching for the industry and public to comment on the MSRB's Rule Book as the MSRB engages in a comprehensive review to ensure that its rules reflect current market practices. Comments should be submitted by February 19, 2013.

Earlier this month, the MSRB released the electronic version of its 2013 Rule Book, which describes rules for municipal securities dealers and municipal advisors effective as of January 1, 2013.

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MSRB Rule Book

MSRB Board of Directors Quarterly Meeting Summary

The MSRB held its quarterly Board of Directors meeting January 23-25, 2013 where it approved several initiatives, including the display of municipal market benchmarks on its transparency website and rules to enhance investor and issuer protection in the municipal securities market. The Board agreed to:

Read the full meeting summary.

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Municipal Market Trading Statistics

Par Amount Traded Steady in 2012; Number of Trades Decline

EMMA Market Stats

In 2012, par amount of municipal securities traded remained relatively stable compared to the prior year. Par amount traded totaled $3.23 trillion in 2012, down 1.8 percent from the $3.29 trillion traded in 2011. Par amount traded has decreased considerably in the last six years with 2012 levels less than half of the record $6.69 trillion traded in 2007. The number of trades continued to decline in 2012, falling nearly seven percent to 9.7 million, compared to 10.4 million trades in 2011.

The MSRB’s 2012 Fact Book will soon be released and will include comprehensive municipal securities trade data as well as trends of continuing disclosure submissions and variable rate resets. For previous versions of the Fact Book, please visit the MSRB's Market Statistics page.

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Regulatory Roundup

RTRS Inter-Dealer Regulatory Dollar Price Reporting Requirement Effective February 25, 2013 (January 31, 2013)

Request for Comment on More Contemporaneous Trade Price Information Through a New Central Transparency Platform (January 17, 2013)

SEC Approves Amendments to Streamline New Issue Information Submission Requirements Under MSRB Rules G-32 and G-34 (December 24, 2012)

Reminder of Effective Date of New Rule and Interpretive Notice Concerning Regulation of Broker's Brokers
(December 17, 2012)

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