MSRB Enhances Price Transparency for Large Trades

Date: November 9, 2012

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

MSRB ENHANCES PRICE TRANSPARENCY FOR LARGE TRADES

Alexandria, VA ‒ The Municipal Securities Rulemaking Board (MSRB) is now displaying real-time exact par values on all municipal securities transactions valued at $5 million or less on the Electronic Municipal Market Access (EMMA®) website. Previously the real-time dissemination of par values was limited to transactions up to $1 million. The change reflects the MSRB’s goal of providing market participants with more complete and timely information about the pricing of municipal securities.

The MSRB plans to continue to evaluate whether the $5 million threshold can be raised further or completely eliminated with a view towards bringing full transparency of exact par values to the municipal market in real-time.

Read more about the MSRB’s enhancement to large trade size transparency.


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.