|Availability of Information on Transactions in Municipal
Securities: Rule G-14
On August 19, 1998, the Commission approved the service to provide a daily public report summarizing activity in the municipal securities market the previous business day. Comprehensive information for dealers regarding existing transaction reporting requirements is now available in electronic form.
Questions about subscriptions to the Service may be directed to Thomas A. Hutton, Director, Municipal Securities Information Library System. Questions about rule G-14 may be directed to Larry M. Lawrence, Policy and Technology Advisor, and those about technical requirements and operational aspects may be directed to the Transaction Reporting Assistants at the Boards offices.
COMBINED DAILY REPORT SERVICE APPROVED
On August 19, 1998, the Securities and Exchange Commission approved the Boards plan to institute a service (the "Service") to provide a daily public report summarizing prices and volumes of trading in the municipal securities market during the previous day (the "Combined Daily Report")1. Since August 24, 1998, the Combined Daily Report has been produced on an operational basis and has been available by subscription to information vendors and any other interested parties. The fee for an annual subscription to the Service is $15,000.
GUIDANCE FOR DEALERS AVAILABLE ON BOARDS WEB SITE
The Boards World-Wide Web site (http://www.msrb.org) now contains all information needed by dealers to comply with the transaction reporting requirements of rule G-14. Via this site, dealers may access:
Guidelines for Timely and Accurate Reporting
The Board has published several notices detailing the importance of timely and accurate trade reporting and noting that dealers must do the best possible job of reporting their transactions accurately and on trade date2. Any trade reported after trade date, and any amendment or cancelation of a trade report, calls into question the completeness and accuracy of the Combined Daily Reports. Dealers are again reminded of the requirement to report every trade on trade date and to review their internal procedures to minimize the need for any change to trade data after it is submitted.
To help dealers comply with rule G-14, the Boards Web site now provides, among other things, the following information on timely and accurate reporting:
February 1, 1999
1. See Securities and Exchange Act Release No. 40337 (August 19, 1998).
2. Notices describe requirements for both inter-dealer and customer reporting. See, e.g., "Public Reporting of Transactions in Municipal Securities," MSRB Reports, Vol. 18, No. 2 (August 1998) at 25-27; "Reminder G-14 Customer Transaction Reporting Program," MSRB Reports, Vol. 17, No. 1 (October 1997) at 9; "Rule G-14 Transaction Reporting Procedures Time of Trade Reporting," MSRB Reports, Vol. 16, No. 3 (September 1996) at 17-18; "Guidelines for Reporting Inter-Dealer Transactions under Rule G-14," MSRB Reports, Vol. 16, No. 2 (June 1996) at 9-12. Dealers also receive from the Board descriptions of any errors found, and corrective actions needed, regarding customer trades they report each day.
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