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.

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…

Summary information on inter-dealer and ATS trading.

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

COVID-19 severely impacted the primary offering market particularly for competitive offerings, with fewer competitive bids received per issuance, more dispersed competitive bid…

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

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

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.

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.

MSRB quarterly statistical summaries include aggregate market information for the most recent quarter.

Report examines the use of external liquidity in the municipal securities market and changes since 2011.

Detailed analysis of the municipal taxable bond market, significant increases in 2020 and historical changes.

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…

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

Market summary of municipal market trading and shifts in market behavior and structure since 2010, driven by customer purchases.

Detailed analysis of the municipal market during the market dislocation as a result of the COVID-19 pandemic.

New research by MSRB Chief Economist Simon Wu analyzes the pricing benefits of increased competitive bidding activity in the municipal securities market.

Pre-trade market activity for the period from June 1, 2018, through November 30, 2018.

Analysis of buyers of lower coupon municipal bonds and associated risks.

Analysis of trading behavior in the year since the implementation of mark-up disclosure.

Analysis of trends and changes in municipal securities dealer’s participation and concentration.

Analysis of pre-trade quote data for municipal securities available to market participants on alternative trading systems (ATSs).

MSRB Chief Economist’s analysis of reasons for the steady decline in effective spread.

The MSRB Chief Economist's analysis on the relationship between municipal bond ETFs and municipal market liquidity.

Report on municipal market trading patterns, associated pricing and the effect of price transparency on pricing.