Variable Rate Securities Subscriptions

The MSRB offers two ways to for market participants to acquire the MSRB’s market-wide collection of information and documents for municipal Auction Rate Securities (ARS) and municipal Variable Rate Demand Obligations (VRDOs): through a real-time subscription or a historical data set.  

Subscription Service
The Short-term Obligation Subscription Service provides a real-time data feed of all of the information collected by the MSRB’s Short-term Obligation Rate Transparency (SHORT) System. The SHORT System is the MSRB application through which municipal securities dealers submit data and other information to the MSRB about securities bearing short-term interest rates.

The Short-term Obligation Subscription Service includes, but is not limited to:

  • Interest rate
  • Auction date
  • Reset date
  • Maximum rates
  • Minimum rates

The Short-term Obligation Subscription Service is delivered to subscribers via computer-to-computer data streams utilizing XML files. The subscription is available for $11,000 a year.

Historical Data Product 
In addition to the Short-term Obligation Subscription Service, the MSRB offers a SHORT Historical Product which is available for $5,000 for a consecutive 12-month period, plus a one-time $2,000 fee for first-time purchasers. This product consists of the same data set as the Short-term Obligation Subscription Service, which includes current interest rates, related information and documents for Auction Rate Securities (ARS) and Variable Rate Demand Obligations (VRDOs) collected by the SHORT System dating to January 30, 2009.

Additional Information

Beta Testing Resources Effective April 28, 2014

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