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Monthly Municipal Market Summary Last Updated: November 14, 2022
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Overall monthly market trading activity broken up by fixed and variable rate securities.  Updated approximately one week after the end of each month.

Quarterly Statistical Summaries
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MSRB quarterly statistical summaries include aggregate market information for the most recent quarter. In addition to the data on municipal trading activity, the quarterly data includes the number of interest r...

Primary Offerings of Municipal Securities: Impact of COVID-19 Crisis on Competitive and Negotiated Offerings
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COVID-19 severely impacted the primary offering market particularly for competitive offerings, with fewer competitive bids received per issuance, more dispersed competitive bid…

Municipal Securities Market Trading Summary Last Updated: September 12, 2022
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Overall monthly market trading activity broken up by fixed and variable rate securities.  Updated approximately one week after the end of each month.

Municipal Securities Market Trading Summary Last Updated: August 9, 2022
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Overall monthly market trading activity broken up by fixed and variable rate securities.  Updated approximately one week after the end of each month.

Customer Trading with Alternative Trading Systems
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Analysis of customer transactions with Alternative Trading Systems (ATSs) and overall market comparison.

2022 Mid-Year Market Update
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Read about significant changes in the municipal bond market in the first half of 2022. Details in the MSRB’s latest analysis.

Trends in Municipal Securities Ownership
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Ownership since 2004 reveals a continuous decline in individual investor direct ownership of municipal securities while ownership through funds has steadily risen. Read the report.

Municipal Securities Market, Trade Activity 2007–2021
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Analysis of trading volumes in the securities market from 2007 to 2021 as well as identification of unique trading activity during periods of market disruption.

Quarterly Statistical Summaries 2022 First Quarter: January - March
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MSRB quarterly statistical summaries include aggregate market information for the most recent quarter.

Fact Book
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The MSRB Fact Book offers a free and comprehensive reference for historical trade statistics on a quarterly and yearly basis. The reports encompass information on nearly every trade reported to the MSRB by deal...

Number of MSRB-Registered Dealers
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Updated annual data on the number of MSRB-registered dealers since 2009. (October 2021)

Use of Internal and External Liquidity in the Municipal Market
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Report examines the sue of external liquidity in the municipal securities market and changes since 2011.

2021 Municipal Market Trading Update
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Trade analysis of first eight months of 2021 and comparison with the same period of previous years.

Overview of the Taxable Municipal Bond Market
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Detailed analysis of the municipal taxable bond market, significant increases in 2020 and historical changes.

Transaction Costs During the COVID-19 Crisis
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A new commentary by MSRB Chief Economist Simon Wu reviews how the COVID-19 pandemic has affected trading costs for investors buying and selling municipal securities.

Characteristics of Municipal Securities Trading on Alternative Trading Systems and Broker’s Broker Platforms
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This paper focuses on the impact of electronic trading technology on the municipal securities market by analyzing inter-dealer trading activity on alternative trading systems (ATSs) and broker’s…

Inter-Dealer Municipal Trading
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Summary information on inter-dealer and ATS trading.

Non-Transaction Based Compensation (NTBC) Trade Reporting
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Summary statistics on Non-Transaction Based Compensation (NTBC) Trade Reporting.

Municipal Securities Market Sees Noticeable Shift in Buying Patterns
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Market summary of municipal market trading and shifts in market behavior and structure since 2010, driven by customer purchases.

2020 Municipal Bond Market in Review
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Detailed analysis of the municipal market during the market dislocation as a result of the COVID-19 pandemic.

Competitive Bidding for Primary Offerings of Municipal Securities: More Bids, Better Pricing for Issuers?
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New research by MSRB Chief Economist Simon Wu analyzes the pricing benefits of increased competitive bidding activity in the municipal securities market.

Municipal Securities Pre-Trade Market Activity: What Has Changed Since 2015?
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Pre-trade market activity for the period from June 1, 2018, through November 30, 2018.

Different Buying Patterns of Retail and Institutional Investors in Municipal Bonds
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Analysis of buyers of lower coupon municipal bonds and associated risks.

Mark-up Disclosure and Trading in the Municipal Bond Market
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Analysis of trading behavior in the year since the implementation of mark-up disclosure.