MSRB Monthly Update - July 2014

Upcoming Events

MSRB Education and Outreach Seminar
Conrad Hotel
521 North Rush Street
Chicago, IL
Tuesday, July 29, 2014
2:00 p.m. – 5:00 p.m. CT

The MSRB will host a public education and outreach seminar for municipal market professionals to discuss municipal market structure issues and development of new regulations for professionals that provide financial advice to state and local governments, among other topics. View the seminar agenda.

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MSRB Publications

MSRB Updated Quarterly Rule Book Now Available
Each quarter, the MSRB publishes an updated PDF of its entire Rule Book. The July 1, 2014 version is now available on

Did You Know?

The MSRB is on LinkedIn. Follow us for news and information: LinkedIn/MSRB

MSRB Marks EMMA Anniversary

This month marks the fifth anniversary of a key milestone in the development of the MSRB’s Electronic Municipal Market Access (EMMA®) website. On July 1, 2009, EMMA became the official source for accessing disclosure and transparency information about the municipal securities market. Over the past five years, EMMA has evolved from a basic repository for municipal bond trade data and disclosure documents into an indispensable resource for the market, with interactive tools to help users understand municipal trade prices and track the availability of new information about municipal bonds

EMMA and the MSRB have played a key role in improving transparency of the municipal market for investors. View a graphic that highlights key events in the evolution of municipal market transparency.


Municipal Advisor Registration Rule Becomes Effective

The Securities and Exchange Commission’s (SEC) final municipal advisor registration rule became effective on July 1, 2014. Municipal advisors must register with both the SEC and MSRB before providing advice to state and local governments. The MSRB continues to develop a regulatory regime for municipal advisors. Click here to read a list of regulatory initiatives.

The MSRB provides educational resources to assist municipal advisors with understanding new registration requirements and other regulatory developments, including the following:

Sign up to receive updates for municipal advisors form the MSRB.


Municipal Market Statistics


Next week, the MSRB will publish a report of its statistical study on secondary market trading in the municipal market. The study will provide a highly detailed view of trading patterns and set a baseline for future academic research in the market. The study focuses on pricing differentials associated with trading patterns and the impact of MSRB real-time price transparency. The report will be available on the MSRB's website, at