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Contact:  Jennifer A. Galloway, Chief Communications Officer
              (703) 797-6600
              jgalloway@msrb.org

MSRB ENHANCES PRICE TRANSPARENCY FOR LARGE TRADES

Alexandria, VA ‒ The Municipal Securities Rulemaking Board (MSRB) is now displaying real-time exact par values on all municipal securities transactions valued at $5 million or less on the Electronic Municipal Market Access (EMMA®) website. Previously the real-time dissemination of par values was limited to transactions up to $1 million. The change reflects the MSRB’s goal of providing market participants with more complete and timely information about the pricing of municipal securities.

The MSRB plans to continue to evaluate whether the $5 million threshold can be raised further or completely eliminated with a view towards bringing full transparency of exact par values to the municipal market in real-time.

Read more about the MSRB’s enhancement to large trade size transparency.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.

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