MSRB NOTICE 2008-48 (DECEMBER 10, 2008)


This notice was updated on December 11, 2008 to correct the proposed effective date of the proposed rule change.

The Municipal Securities Rulemaking Board (“MSRB”) is publishing today the specifications for creating and submitting properly formatted Extensible Markup Language (XML) files for submission to the MSRB’s planned Short-term Obligation Rate Transparency (“SHORT”) System.[1]  The XML Interface is designed to permit users of the SHORT System to upload XML files that include the information relating to Auction Rate Securities (“ARS”) and Variable Rate Demand Obligations (“VRDO”) identified in proposed changes to MSRB Rule G-34, which the MSRB has proposed to become effective on January 30, 2009.[2]            

On or shortly after December 15, 2008, the MSRB plans to allow submitters to make test submissions to the SHORT System using the XML Interface.  Once the SHORT System XML Interface is available for testing, a notice on will be published announcing the availability of testing as well as SHORT System registration procedures for granting a submitter access to the SHORT System. 

The MSRB also is developing a SHORT System Web User Interface for manual input of data to the SHORT System and for reviewing information submitted using the SHORT System XML Interface.  In December the MSRB is planning to make the SHORT System Web User Interface available for testing and a notice on will be published announcing the availability of the SHORT System Web User Interface for testing.

Questions about this notice should be directed to Justin R. Pica, Director, Uniform Practice Policy, at 703-797-6716.

December 10, 2008





[1] On November 18, 2008, the MSRB filed with the SEC a proposed rule change that would (i) implement the SHORT System; (ii) provide free public access to information disseminated from the SHORT System through the MSRB’s Electronic Municipal Market Access (EMMA) system; and (iii) amend Rule G-34, on CUSIP numbers and new issue requirements, to require dealers to report, or ensure the reporting of, certain interest rate and descriptive information to the SHORT System about Auction Rate Securities and Variable Rate Demand.  The MSRB proposed an effective date of January 30, 2009 for the proposed rule change.  See MSRB Notice 2008-46 (November 18, 2008).

[2] Id.