SEC APPROVAL OF CHANGE TO PUBLIC REPORT OF TRANSACTIONS IN MUNICIPAL SECURITIES:  RULE G-14

The Securities and Exchange Commission (“SEC”) has approved a change to the service which provides the Daily Comprehensive Report (the “Report”) of municipal securities transactions.[1]  The revised Report will provide the details of transactions effected on the trading day one week previous to the day of the report, in contrast to the current Report which has transactions effected two weeks previously. 

The Service

The revised Report will be available beginning August 30, 2002.  Like the current two-week delayed report, the new Report will be available daily to subscribers.  Subscribers to the current two-week delayed report will continue to access the new Report via the Internet and download copies from the MSRB’s computer using a password-protected FTP account. 

The MSRB will continue the established annual fee of $2,000 for the Report Service.  The fee is structured approximately to defray the MSRB’s costs for production of daily data sets, operation of telecommunications lines, and subscription maintenance.  Subscription fees that have been paid for the two-week delayed report will be applied toward the one-week delayed report.

To enable the MSRB to compile a comprehensive trades database for enforcement purposes, dealers report a small number of trades after trade date, and a few trades may be added, deleted or amended as late as a few weeks after trade date.[2]  To ensure that subscribers to the report have access to those trades, the MSRB will make available each day an “updated” report containing all trades effected one month previously.  This will enable subscribers to have a more complete database of transactions, including any changes reported by dealers after the one-week report was disseminated.

August 30, 2002

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