Third Edition (August 2013)
The MSRB’s glossary of terms used in the municipal securities industry is intended to help investors and other market participants get a basic understanding of commonly used municipal market terminology.
The brief definitions included in this glossary are intended for educational purposes only and are not comprehensive or official MSRB definitions. The MSRB Board of Directors does not review or adopt the definitions, which have no legal authority under MSRB rules or any other federal securities laws. Instead, the definitions reflect the consensus of industry professionals about the general usage of these terms in the municipal market. Many of these terms are also used in other segments of the securities industry and may have a different meaning when used in those other contexts.
The MSRB periodically reviews the glossary to respond to continued development and change in the industry. Comments and suggestions about this edition of the glossary are welcomed here.