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Understanding the Annual Rate Card

The MSRB’s four rate card fees consist of the annual municipal advisor professional fee assessed pursuant to Rule A-11 and the underwriting fee, transaction fee, and trade count fee each assessed pursuant to Rule A-13. The Board uses adjustments to the annual rate card to set and revise the rate card fees to levels that it anticipates will be sufficient to: (i) cover anticipated expenses for the related fiscal year, (ii) maintain target contribution balances between fees on regulated entities, (iii) address any prior-year variance between the amounts of each of the rate card fees actually collected versus budget, and (iv) address any variance between the amount of the Board’s organizational reserves versus the Board’s reserves target.
Consistent with the Board’s annual rate setting process, the below rate card is anticipated to remain operative for 15 months from October 1, 2022 through December 31, 2023.

  Basis     Rate
Underwriting Fee Per $1,000 Par Underwritten $0.0297
Transaction Fee Per $1,000 Par Transacted $0.0107
Trade Count Fee Per Trade $1.10
Municipal Advisor Professional Fee Per Covered Professional $1,060

The current rate card was determined based on the following target contribution amounts for each of the rate card fees: underwriting fee 37%, transaction fee 39%, trade count fee 16%, municipal advisor professional fee 8%.

To learn more about the Board’s annual rate setting process, read the MSRB Funding Policy. Read more about Dealer Assessments and Fees. Read more about Municipal Advisor Fees.