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Contact:            Tavia Gilchrist, Communications Specialist
                         (703) 797-6600
                         tgilchrist@msrb.org


The Municipal Securities Rulemaking Board Publishes First Municipal
Bond Trading Fact Book with Data on More Than 40 Million Trades

Alexandria, VA - The Municipal Securities Rulemaking Board today published its 2008 Fact Book, a comprehensive reference for historical trade data and statistics about the $2.7 trillion municipal bond market. The Fact Book provides for the first time a compilation of key municipal market statistics unavailable elsewhere, with aggregate data on more than 40 million trades made in the last five years.

The MSRB, which regulates municipal securities dealers and collects and disseminates market information, is uniquely positioned to meet investor demand for increased information about municipal bonds as it collects all official data and documents about the market.  The Fact Book encompasses information on nearly every trade reported to the MSRB by dealers since 2004 and includes data from aggregate quarterly and yearly trading volume on various types of municipal issues and trades.   For the first time, researchers, investors, market participants and the public have a single and free source of aggregate market data at their fingertips.

The MSRB's launch this year of its Electronic Municipal Market Access (EMMA) website at www.emma.msrb.org has also simplified the process of researching municipal bonds.  EMMA makes available to the public for free, hundreds of thousands of municipal bond offering documents, ongoing disclosures about the bonds, real-time prices of millions of municipal trades and daily market statistics.  An electronic version of the Fact Book in its entirety is available free of charge on EMMA and on MSRB's website at www.msrb.org.

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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