Back to top

MSRB Annual Report 2023

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 2023 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, 2023, which help ensure transparency on how the organization manages its resources and financial reserves.
2023 Annual Report cover

“We uphold the public's trust by being transparent about our regulatory priorities and by consistently engaging with market stakeholders as we advance key initiatives.

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

Modernizing Market Regulation
house and gavel

The MSRB advanced initiatives to enhance post-trade transparency and to modernize and streamline the rule book, including an important change to our trade reporting rule to increase price transparency in the municipal securities market.


Enhancing Market Transparency through Technology

Furthering our multi-year initiative to modernize the EMMA website, the MSRB focused on enhancing the end-user experience, including upgrades to the information available on the site and to the disclosure submission process.


High Quality Market Data

The MSRB continued to work on enhancing the availability, quality and usability of municipal securities market data on the EMMA platform, including the development of a new structured data lab in EMMA Labs.


Advancing the Public Trust
a handshake

As part of our commitment to maintaining fairness and greater transparency, the MSRB adopted a new rate-setting process to better manage the organization's reserve funds and provide clarity on expenses for regulated entities.


Read the report.