Sources and Uses of Funding

As a self-regulatory organization, the MSRB receives no taxpayer dollars and operates using funds received from market participants that it is Congressionally mandated to regulate. See the MSRB Funding Policy, which provides guidance and continuity in funding decisions and helps align strategic, operational and financial planning. The MSRB publishes a public budget and full audited financial statements in support of corporate transparency.

See FY 2018 financial highlights.


The MSRB strives to diversify the organization’s funding sources among regulated entities and other entities that fund MSRB products and services in a manner that ensures the MSRB’s long-term sustainability. The MSRB also receives revenue for subscriptions to certain market transparency products and shares in fine revenue collected by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, which enforce the rules of the MSRB. 



The MSRB’s mission requires investment in technology and people to develop rules and market transparency and surveillance systems that ensure market integrity. The MSRB’s use of funds reflect the organization’s core mission and include distinct programs aimed at achieving investor and municipal entity protection goals in an efficient and effective manner.


      To carry out the MSRB's Congressionally mandated mission, the organization must have financial stability, and maintain sufficient reserves to operate without interruption, regardless of market conditions.