MSRB Announces New Board Members to Fill Open Seats

Date: October 8, 2008

Contact:           Lynnette Kelly Hotchkiss, Executive Director
                       (703) 797-6600
                       lhotchkiss@msrb.org

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


THE MUNICIPAL SECURITIES RULEMAKING BOARD
ANNOUNCES NEW SECURITIES FIRM REPRESENTATIVES

Former Board Members to Fill Open Terms

Alexandria, VA - The Municipal Securities Rulemaking Board today announced that Mr. Michael F. Imhoff, Managing Director at Stifel, Nicolaus & Co., and Mr. Alan Murphy, Senior Vice President at Duncan-Williams, Inc., have joined the Board as securities firm representatives.  They fill positions on the Board that opened last month due to changes in the legal structure of firms represented on the Board. Mr. Imhoff will fill a one-year term and Mr. Murphy will assume a two-year term. Messrs. Imhoff and Murphy both previously served on the Board. 

"I am pleased that Mike and Alan have agreed to return to the Board," said MSRB Chair Ronald A. Stack.  "Their prior experience and industry knowledge will allow them to immediately help address substantive issues facing the Board.  We look forward to their contributions."

With the addition of Messrs. Imhoff and Murphy, the Board has its full complement of 15 representatives, five each from banks, securities firms and the public sector.

Mr. Imhoff is a Managing Director in Fixed Income Capital Markets for Stifel, Nicolaus & Company Inc. in Denver.  He manages Stifel, Nicolaus' Municipal Institutional syndication and trading, overseeing new issue pricing and distribution, and directing secondary market trading.  He serves on Stifel, Nicolaus' Board of Directors and on the firm's commitment and credit committees.  He also currently serves on the Board of Directors for the Colorado Venture Capital Authority, the University of Colorado Foundation and the University of Colorado at Denver Business School Advisory Board.  Mr. Imhoff served on the Municipal Securities Rulemaking Board from June 2006 to September 2008.  He received his BS in Finance and International Finance at the University of Colorado.

Mr. Murphy is a Senior Vice of the Institutional Municipal Department of Memphis-based Duncan-Williams. Prior to that, he was Managing Director at Popular Securities for its U.S. Capital Markets operations. Mr. Murphy served on the Municipal Securities Rulemaking Board from October 2006 to January 2008. Earlier in his career, Mr. Murphy spent 28 years at Prudential Securities as the Head of Municipal Underwriting and Co-Head of Tax-Exempt Fixed Income. He holds a BS in Economics from The University of North Carolina at Wilmington and an MBA in Finance from The University of Tennessee.


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.