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MSRB Annual Report 2022

As the principal regulator of the municipal security market, the MSRB is squarely focused on upholding the public’s trust in this $4 trillion market that helps build our nation’s critical infrastructure. Our 2022 annual report demonstrates our progress across the four pillars of our long-term strategic plan. The report also includes audited annual financial statements for the fiscal year that ended September 30, 2022, which help ensure transparency around how the organization manages its resources and financial reserves.
FY 2022 annual report thumbnail

“Our mission to protect investors and issuers in this market has never been more important as financial markets continue to evolve at an ever-increasing pace.

Meredith Hathorn, Board Chair
Mark Kim, MSRB Chief Executive Officer

Modernizing Market Regulation
goal one

The MSRB continued efforts to modernize our rules to reflect changing market practices, and promote efficiency, consistency and clarity in the MSRB rule book, and began a comprehensive examination of fixed income market structure in coordination with fellow regulators.


Enhancing Market Transparency through Technology
second goal

Furthering our multi-year initiative to modernize the EMMA website and upgrade the end-user experience, the MSRB delivered new features and  near-term improvements to the data and information on EMMA.


Fueling Innovation with Market Data
third goal

Leveraging our investment in cloud computing and data analytics, the MSRB continued to enhance the quality, accessibility, security and value of our data for market participants, including the launch of our innovation sandbox, EMMA Labs.


Upholding the Public Trust
fourth goal

As part of our commitment to uphold the public trust in the municipal market and our role as the market’s primary regulator, the MSRB adopted a more efficient fee model and advanced our plan to promote diversity, equity and inclusion in the municipal market.


Read the report.