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Variable Rate Securities

Variable Rate Securities

Who Submits Data and Documents on Variable Rate Securities to the MSRB?
Municipal securities dealers that act as program dealers for Auction Rate Securities (ARS) or Remarketing Agents for Variable Rate Demand Obligations (VRDO) are required to report information about these securities to the MSRB. 

Any person submitting disclosure documents must establish password-protected accounts with the MSRB that provides access to the submission service through an authentication system known as MSRB Gateway.

What Is the Short-term Obligation Rate Transparency (SHORT) System?
The Short-term Obligation Rate Transparency (SHORT) System is the MSRB application through which municipal securities dealers submit data and other information to the MSRB about ARS and VRDOs.

What Information Must Dealers Submit to the SHORT System about Variable Rate Securities? 
ARS Program Dealers are required to submit current interest rates, information about ARS orders and key descriptive data as well as certain program documents for ARS. Remarketing agents for VRDOs are required to submit current interest rates and key descriptive data as well as certain liquidity facility documents for VRDOs.

How Do Dealers Submit Variable Rate Securities Information?
Variable Rate Securities Submissions are made manually through the SHORT System Web User Interface or electronically using computer-to-computer streaming connections.  For instructions, please refer to the User Manuals and Specifications section below.

What is the Timeframe for Dealers to Report Information about Variable Rate Securities?
Dealers must submit current interest rates and related information to the MSRB generally by no later than 6:30 P.M. EST on the day that an auction occurs for an ARS or on the day that an interest rate reset occurs for a VRDO. Documents identified in MSRB rules are required to be submitted within five business days of receipt.

What MSRB Rule Governs Variable Rate Securities Reporting Requirements?
MSRB Rule G-34(c) requires dealers, among other things, to submit certain information and documents related to ARS and VRDOs to the SHORT system.

User Manuals and Specifications


MSRB Support For assistance, contact MSRB Support at 202-838-1330 or
Live Support: 7:30 a.m. – 6:30 p.m. ET 
Email Support: 7:00 a.m. – 7:00 p.m. ET