MSRB NOTICE 2009-02 (JANUARY 5, 2009)


The Municipal Securities Rulemaking Board (“MSRB”) is announcing the availability for testing of the MSRB’s planned Short-term Obligation Rate Transparency (“SHORT”) System Web User Interface.[1]  Beginning today, once a submitter has completed MSRB Gateway registration requirements to use the SHORT System,[2] the submitter can access the SHORT System Web User Interface through MSRB Gateway by selecting the appropriate option under the “Market Information Systems” heading of the MSRB Gateway main menu.  The SHORT System Web User Interface can be used for manual input of data to the SHORT System and for reviewing submitted information, including information submitted to the SHORT System using a computer-to-computer connection (“SHORT System Web Service”).[3] 

Questions about testing the SHORT System, accessing and using the SHORT System Web User Interface, and registering to use the SHORT System in MSRB Gateway should be directed to the Market Information Help Desk at 703-797-6668.  Other questions about this notice and feedback on the SHORT System Web User Interface should be directed to Justin R. Pica, Director, Uniform Practice Policy, at 703-797-6716.

January 5, 2009

[1] On November 18, 2008, the MSRB filed with the SEC a proposed rule change to increase transparency of municipal Auction Rate Securities (“ARS”) and municipal Variable Rate Demand Obligations (“VRDO”) 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 ARS and VRDO.  See MSRB Notice 2008-46 (November 18, 2008).  On January 2, 2009, the MSRB filed an amendment to this proposed rule change relating to the effective date for the proposed amendments to Rule G-34 relating to VRDO.  See MSRB Notice 2009-01 (January 2, 2009).

[2] For information on how to register to use the SHORT System in MSRB Gateway, see MSRB Notice 2008-49 (December 16, 2008).

[3] For SHORT System Web Service technical specifications, see