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MSRB Notice

Approval By the SEC of Real-Time Transaction Reporting and Price Dissemination: Rules G-12(f) and G-14

On August 31, 2004, the Securities and Exchange Commission (“SEC”) approved a proposed rule change relating to the MSRB’s implementation of real-time transaction reporting and price dissemination.[1]  The rule change relates to Rule G-14, on transaction reporting, to Rule G-12(f), on automated comparison of inter-dealer transactions, and to the “Real-Time Transaction Reporting System” or “RTRS” facility.  The purpose of the proposed rule change is to increase price transparency in the municipal securities market and to enhance the surveillance database and audit trail used by enforcement agencies.  As amended, Rule G-14 will require brokers, dealers and municipal securities dealers (“dealers”) to report transactions in municipal securities within 15 minutes of the time of trade execution instead of by midnight on trade date, as is currently required.  As amended, Rule G-12(f) will require dealers to submit inter-dealer transactions to the central comparison system within the same time frame. 

The rule change amendment will become effective in January 2005, at which time MSRB plans to begin to disseminate transaction data electronically in real time.  MSRB expects to make a second filing on the RTRS facility in the future, stating the date of effectiveness, describing the technical means of data dissemination, and proposing fees to be charged for RTRS data products.

Testing of RTRS with dealers is now underway.  Every dealer must fill out and submit Form RTRS to the MSRB in preparation for testing and real-time reporting.[2]

The text of the rule change, along with a description of the RTRS facility, may be found in the MSRB’s previous notice announcing its filing with the SEC.[3]

September 2, 2004

[1] See Release No. 34-50294 (August 31, 2004).

[2] See “MSRB Will Make Form RTRS Available On-Line” MSRB Notice 2004-21 (June 24, 2004), and “Real-Time Transaction Reporting: Summary of Revised Certification Test Plan,” MSRB Notice 2004-24 (July 28, 2004), both on

[3] See “Real-Time Transaction Reporting:  Notice of Filing of Proposed Rule Change to Rules G-14 and G-12(f),” MSRB Notice 2004-13 (June 1, 2004), on