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Non-Transaction-Based Compensation (NTBC) Trade Reporting
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An MSRB report on how municipal securities trades tagged with a non-transaction-based-compensation (NTBC) indicator have changed since 2016, when the MSRB began requiring their reporting.

What Has Driven the Surge in Transaction Costs for Municipal Securities Investors Since 2022?
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MSRB research indicates a rise in customer transaction costs for municipal securities since early 2022 likely due to the steep decline in bond prices triggered by rising interest rates and market…

Inter Dealer Municipal Trading 2022
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Summary information on inter-dealer and ATS trading.

2022 Municipal Bond Market in Review
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Detailed analysis of the municipal market detailing significantly higher interest rates, record outflows from tax-exempt mutual funds and a record number of trades.

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…

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.

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

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.

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…

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.

Dealer Participation and Concentration in Municipal Securities Trading
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Analysis of trends and changes in municipal securities dealer’s participation and concentration.

Analysis of Municipal Securities Pre-Trade Data from Alternative Trading Systems
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Analysis of pre-trade quote data for municipal securities available to market participants on alternative trading systems (ATSs).

Transaction Costs for Customer Trades in the Municipal Bond Market: What is Driving the Decline?
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MSRB Chief Economist’s analysis of reasons for the steady decline in effective spread.

Municipal Bond ETFs: Liquidity Impact on the Municipal Bond Market
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The MSRB Chief Economist's analysis on the relationship between municipal bond ETFs and municipal market liquidity.

Report on Secondary Market Trading in the Municipal Securities Market
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Report on municipal market trading patterns, associated pricing and the effect of price transparency on pricing.