Back to top

MSRB Update: Fall 2021

Message from Board Leadership: Shaping the Future Together

MSRB Chair Patrick Brett and Vice Chair Meredith Hathorn

We are delighted to be leading the Board during a year that is shaping up to be one of the most productive and impactful years in MSRB history. At our first quarterly meeting in October, we discussed initiatives to advance the goals outlined in our new strategic plan : to modernize municipal market regulation, enhance market transparency through technology, fuel innovation through data and uphold the public trust. Read about the Board’s discussions.

While we are just getting started with this important work in FY 2022, we are already looking for four individuals to join our Board in FY 2023 to help us continue to advance the strategic plan and contribute to a fair, transparent and efficient market for all participants. We encourage individuals representing the wide variety of backgrounds and perspectives that contribute to the field of public finance to read more about the Board application process and how to apply when the application window opens in January 2022. Read the press release and view a copy of the application here.

In addition to considering whether Board service might be right for you, we encourage market participants to volunteer their time and ideas to support the work of our advisory groups.

We continue to seek stakeholder input through our long-standing Compliance Advisory Group (CAG) and Mutual Fund Securities Advisory Group (MFSAG) and are seeking volunteers for CAG. In particular, we are looking for individuals from diverse backgrounds who are associated with regulated entities and who serve in compliance, legal, trading, and operations roles, as well as public officials and employees of municipal entities. We are also seeking input on topics the MSRB should consider in developing compliance resources and tools and/or areas related to municipal fund securities. The MSRB will accept volunteer submissions and input through Monday, December 13, 2021. Learn more about our FY 2022 advisory groups.

Your input, participation and collaboration help inform and enhance everything we do, and we appreciate your continued engagement in shaping the future of the municipal market.

Upcoming Events

Webinar Previewing Enhanced CUSIP Groups Feature on EMMA

On December 2 , join MSRB staff for a free webinar to preview the completely redesigned "CUSIP Groups" feature that allows issuers to save a group of CUSIPs to use for future disclosure filings. This is one of a series of enhancements the MSRB is making to the free tools available for managing CUSIPs in the Electronic Municipal Market Access (EMMA®) system. Learn more and register here.

Bond Buyer "Advances in Tech" Showcasing EMMA Labs

On December 9 , the Bond Buyer will be hosting a free virtual “Advances in Tech” event, showcasing the MSRB's new innovation hub, EMMA Labs. With EMMA Labs, market participants can collaborate to put data prototypes to the test, improving their utility and accelerating the pathway for enhanced market transparency tools on the EMMA website. Learn more and register here.

Check out MSRB Research

As the municipal market’s official repository of market data, the MSRB conducts research to support understanding of market trends. Recent research reports include:

Use of Internal and External Liquidity in the Municipal Market

This report examines changes in patterns of customer transactions and the use of external and internal liquidity during the periods of 2011, 2015, 2019 and 2020.

2021 Municipal Market Trading Update

MSRB data report looks at trading volume in the municipal market over the last five years and finds that trading volume has declined significantly in 2021 compared to the same period in the prior five years, with near record-low par traded and trading volume during the summer months.

Characteristics of Municipal Securities Trading on Alternative Trading Systems and Broker's Broker Platforms

MSRB research paper assesses the impact of electronic trading technology on the municipal securities market by analyzing inter-dealer trading activity on alternative trading systems (ATS) and broker's broker platforms.

Access other research and market data publications from the MSRB.

Rules and Guidance Roundup

Visit the Rules and Guidance page of to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.

Compliance Resources

Visit the online Compliance Center for resources and information to help regulated entities understand and comply with MSRB rules.

Recent Press Releases

Read the MSRB’s latest press releases on