MSRB Monthly Update - February 2014

February 2014
Upcoming Events

On February 28, 2014 at 12:00 p.m. EST, the MSRB will host a webinar to take users  of the EMMA website on a tour of the site's new features.

Learn more. Sign up for the event.

Coming Soon

The MSRB will soon publish its 2013 Fact Book to assist market participants in understanding municipal market trends and activity over the last year. Prior editions of the Fact Book are available here.

Did You Know?

The MSRB provides educational resources to help state and local governments understand the role and responsibilities of the deal team on a new bond issue.

Highlight of the Month

EMMA Computer

MSRB Enhances Design of EMMA Website to Improve Access to Municipal Market Information

To make it easier for investors and other municipal market participants to find important information about municipal securities, the MSRB recently unveiled improvements to the navigation and design of its Electronic Municipal Market Access (EMMA®) website. EMMA’s enhancements include easier browsing of municipal securities issuers, a snapshot of market activity from the previous trading day and a clean, modern design.

Tour the new homepage. Sign up for an upcoming webinar to learn more.


New and Noteworthy

MSRB to Request Comment on Best Execution Rule for Municipal Market

The MSRB plans to seek public comment soon on a proposed rule that would establish for the first time an explicit “best-execution” standard for transactions in the municipal market. The proposed rule aims to improve the structure and efficiency of the municipal market for the benefit of retail investors by increasing municipal securities dealers’ obligations when they buy and sell on behalf of retail investors.  Sign up for regulatory updates to know when the proposed rule is available.


EMMA Market Statistics

New Issuance Levels at Lowest Since January 2012

New Issuance Levels

Volume of new municipal issues coming to market in 2014 declined to levels not seen in nearly two years. Issuance fell to $20.2 billion in January 2014, the lowest monthly volume since January 2012 when it totaled $19.3 billion. Over the past two years, total monthly issuance ranged between $30-40 billion about one third of the time and hovered in the $20-$30 billion range two thirds of the time. Only twice in the past two years, in June 2012 and August 2012, has monthly municipal issuance exceeded $50 billion.    

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


Regulatory Roundup

Proposed Rule Change Consisting of Proposed Revisions to MSRB Rule G-30, on Prices and Commissions and the Deletion of Rule G-18, on Execution of Transactions January 29, 2014

Filing of Amendment to Proposed Rule Change Consisting of New MSRB Rule G-45, on Reporting of Information on Municipal Fund Securities, and Form G-45, and Amendments to Rules G-8, on Books and Records, and G-9, on Preservation of Records (January 14, 2014)