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

MSRB PROVIDES EDUCATIONAL RESOURCES ON MARKET INDICES 

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today provided new educational resources to help investors and state and local governments understand the use of municipal market indices, yield curves and benchmarks.

The MSRB’s educational resource on municipal market indices, yield curves and benchmarks provides an overview of the types of indicators used to estimate the general level of municipal bond yields. This resource briefly describes the methodologies used to create the most commonly used indices, benchmarks and yield curves in the municipal market.

The MSRB also is providing an introduction to the London Interbank Offered Rate (LIBOR) and its relevance for the municipal market, and provides guidance for state and local governments seeking to evaluate transactions with structures based on LIBOR.

“In the wake of allegations of manipulation in the LIBOR rate-setting process, the MSRB is using its unique position in the market to enhance understanding of the methodologies, mechanics and functions of municipal market indices,” said MSRB Executive Director Lynnette Kelly. “We look forward to continuing to work with providers of market indices, yield curves and benchmarks to promote transparency in the municipal market.”

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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