MSRB NOTICE 2002-13 (APRIL 19, 2002)

RULE G-14 REPORTING PERFORMANCE

Beginning April 19, 2002, the Municipal Securities Rulemaking Board will make available a service that allows dealers to more easily check their Rule G-14 transaction reporting performance. The new service will be added to the Dealer Feedback System (DFS), which currently allows a dealer to access the trading data it has reported to the MSRB. The new service will further enhance the ability of dealers to check the accuracy and completeness of their trade reporting by allowing each dealer to see the percentage of its trades that were subject to certain errors and how that percentage compares to industry averages.

The performance data will cover both inter-dealer trade reporting, which is done through the inter-dealer comparison system operated by NSCC, and customer trade reporting, which is done using an MSRB-specified format. For customer trades, the statistics include individual percentages of the dealer’s trades that were reported late, cancelled, amended, or reported with a questionable time of trade. Clearing brokers that submit inter-dealer trades to NSCC can obtain inter-dealer statistics on the total trades compared, trades submitted with bad dealer identifiers, trades submitted late, advisories stamped, trades with a questionable time of trade, trade submissions that remained uncompared, and trade submissions that were later deleted or withheld by the dealer.

Individuals representing a dealer will have access to trades reported for that dealer only. Monthly industry averages will be provided for the current calendar year. Individuals who wish to receive the report can follow the “Get Authorized” procedure outlined on the Dealer Feedback System homepage if they have not already done so. Requests are processed by the close of business day following the day of the request. A more complete description of the Dealer Feedback System can be found under the Transaction Reporting section of the MSRB web site.

April 19, 2002