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

MUNICIPAL SECURITIES RULEMAKING BOARD SEEKS TO ESTABLISH
SUBSCRIPTION TO SHORT-TERM INTEREST RATE DATA 

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today filed a proposal with the Securities and Exchange Commission (SEC) to establish a data stream subscription to interest rate and other information about short-term municipal securities.  The subscription data, which includes interest rates for auction rate securities and variable rate demand obligations, is collected by the MSRB through its Short-term Obligation Rate Transparency (SHORT) system and available for free on its Electronic Municipal Market Access (EMMA) website on a security-by-security basis. If approved, the data would be available to subscribers through an electronic feed beginning September 30, 2010.  Today’s filing is consistent with the MSRB’s mission to make municipal market data readily accessible in a more convenient fashion to investors.

The MSRB also today published a subscriber manual which contains preliminary specifications, subject to change, for subscribers interested in receiving the electronic subscription feed.

The proposed subscription service is the latest phase of the MSRB’s effort to create an integrated collection of subscription services and provide market transparency for investors.  The MSRB Continuing Disclosure Subscription Service provides a feed of all continuing disclosure documents and related information collected by the MSRB.  The MSRB Transaction Subscription Service provides a feed of all municipal trade data reported to the MSRB by municipal securities dealers.  The MSRB Primary Market Subscription Service provides a feed of all primary market disclosure documents provided by municipal bond dealers.

MSRB Notice 2010-25 provides a detailed explanation of the subscription service and a link to preliminary specifications for the subscription feed.

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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