MSRB Seeks to Establish Subscription To Short-Term Interest Rate Data

Date: August 10, 2010

Contact:        Jennifer A. Galloway, Chief Communications Officer
                    (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today filed a proposal with the Securities and Exchange Commission (SEC) to establish a data stream subscription to interest rate and other information about short-term municipal securities.  The subscription data, which includes interest rates for auction rate securities and variable rate demand obligations, is collected by the MSRB through its Short-term Obligation Rate Transparency (SHORT) system and available for free on its Electronic Municipal Market Access (EMMA) website on a security-by-security basis. If approved, the data would be available to subscribers through an electronic feed beginning September 30, 2010.  Today’s filing is consistent with the MSRB’s mission to make municipal market data readily accessible in a more convenient fashion to investors.

The MSRB also today published a subscriber manual which contains preliminary specifications, subject to change, for subscribers interested in receiving the electronic subscription feed.

The proposed subscription service is the latest phase of the MSRB’s effort to create an integrated collection of subscription services and provide market transparency for investors.  The MSRB Continuing Disclosure Subscription Service provides a feed of all continuing disclosure documents and related information collected by the MSRB.  The MSRB Transaction Subscription Service provides a feed of all municipal trade data reported to the MSRB by municipal securities dealers.  The MSRB Primary Market Subscription Service provides a feed of all primary market disclosure documents provided by municipal bond dealers.

MSRB Notice 2010-25 provides a detailed explanation of the subscription service and a link to preliminary specifications for the subscription feed.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.