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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…

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.

Timing of Annual Financial Disclosures by Issuers of Municipal Securities
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MSRB analysis of the timing of annual continuing disclosure submissions and changes over time.

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.

MUNICIPAL VARIABLE RATE DEMAND OBLIGATIONS AND AUCTION RATE SECURITIES Interest Rate and Trading Trends
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

MSRB-Short-Report-June-2012
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

MSRB-Short-Report-July-2011
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

Build America bonds Issuance and Trade Activity, 2009
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Analysis of the primary and secondary markets for Build America Bonds (BABs).

Unregulated Municipal Market Participants A Case for Reform
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The report details the prevalence of financial advisors and other entities in municipal market transactions.