MSRB NOTICE 2004-06 (FEBRUARY 10, 2004)


The Municipal Securities Rulemaking Board (“MSRB”) wishes to remind brokers, dealers and municipal securities dealers (collectively “dealers”) of the need to carefully monitor error reports sent by the Transaction Reporting System on T+1.

Under Rule G-14, dealers are required to report all transactions to the MSRB on trade date and have an obligation to report the information specified in the Transaction Reporting Procedures accurately and completely.  The MSRB provides several services that allow dealers to monitor their transaction reporting compliance.  The MSRB Dealer Feedback System (“DFS”) provides a “snapshot” report two days after trade date of inter-dealer transactions reported.  The DFS also provides a monthly report covering both customer and inter-dealer transactions that provides statistical information on transactions reported and information about individual transactions.  An important report, that should be reviewed daily, is the report that provides feedback on customer transactions.  This report is known as the “customer report edit register” and it indicates trades successfully submitted and those that contained errors or possible errors.[1]

In addition to the reports the MSRB generates to assist dealers in their compliance with Rule G-14, staff members of the MSRB’s Transaction Reporting Program contact various dealers on a daily basis to alert them to specific errors or possible errors.  However, the MSRB cannot contact each dealer with a transaction reporting error or possible error on a daily basis.  Dealers should review the customer report edit register and make any necessary corrections to ensure trades are reported accurately with valid formats and values.  Failure to do so will affect the accuracy of the information published in price transparency reports as well as the information retained in the surveillance database.[2] 

For additional information on the services the MSRB provides to assist dealers in complying with Rule G-14, please visit the Transaction Reporting System section of the MSRB’s web site at or call the MSRB at 703-797-6600 and ask to speak with a Transaction Reporting Assistant.

February 10, 2004 

[1] For additional information about these services and the compliance information they provide, see “Reminder Regarding MSRB Rule G-14 Transaction Reporting Requirements,” MSRB Notice 2003-7 dated March 3, 2003, on

[2] Transactions reported to the MSRB are made available to the NASD and other regulators for their market surveillance and enforcement activities.