Glossary of Municipal Securities Terms

Second Edition (January 2004)

How to Use the Glossary

Alphabetical Listing of Terms

By clicking on a letter in the alphabetical listing of terms on the Glossary home page, all terms beginning with that letter will be displayed in alphabetical order.

Search for Terms

Two methods of searching for terms are available on the Glossary home page:

1.            Term Search – This search method allows the user to search for terms defined in the Glossary (i.e., in the name of the term but not the definition of the term).  This search will return results based solely on the list of terms that are defined in the Glossary.  Results generally will consist of hyperlinks to defined terms listed in all capital letters (e.g., a search for the term “note” will include a number of terms, including “NOTE”).  In some cases, results will include some hyperlinks to defined terms listed in only with initial capital letters (e.g., the search for the term “note” also will include the term “Notes”).  Results appearing in only initial capital letters consist of terms that are included as sub-definitions within another defined term (e.g., the term “Notes” is a sub-definition of the term “TREASURY SECURITIES”).

2.            Full Text Search – This search method allows the user to search for any words that appear anywhere within the Glossary (i.e., either in the name of the term or in its definition).  Results will appear as described above.

Numerical Terms

Terms that begin with numerals (e.g., “10b-5 OPINION”) are alphabetized based on the spelling of such numbers (e.g., “ten-b-five opinion”).

Multiple Definitions

For terms that might have several different meanings, depending on the context in which the term is used, the separate definitions have been set off with numerals.  The context in which a particular definition is relevant is generally indicated in the text of the definition.

Pronunciation of Acronyms

A number of the terms contained in this Glossary are acronyms.  An indication of the way in which the acronym is typically pronounced by industry members is provided as follows:

1.            If the acronym forms a pronounceable word (e.g., “A.I.D.” in “A.I.D. CALL”) but is pronounced by sounding each of the letters, the Glossary entry indicates this by using periods between each of the letters of the acronym.

2.            If the acronym does not form a pronounceable word (e.g., “CNS”), it should be pronounced by sounding each of the letters.  In these cases, the Glossary omits the periods between the letters of the acronym.

3.            If the acronym forms a pronounceable word (e.g., “BANs”) and is often pronounced by industry members as a word, the Glossary entry indicates this by not using periods between each of the letters of the acronym.  Many of these acronyms also often are pronounced by sounding each of the letters.

Hyperlinks

Many of the definitions in the Glossary contain cross references to other definitions included in the Glossary, which are indicated by highlighted hyperlinks.  By clicking on a hyperlink, a second browser window will open, displaying the definition of the hyperlinked term.  In addition, in some cases, a definition will hyperlink to materials located at other websites, primarily consisting of the home pages of organizations described in the Glossary.  Clicking on these hyperlinks will cause a second browser window to open, displaying the other website.  The MSRB does not control, maintain or endorse these other websites, nor does it guarantee the accuracy or completeness of the information on these other websites.

©2008 Municipal Securities Rulemaking Board. All Rights Reserved. Terms and Conditions of Use.