August 19, 1998
For further information, please contact:
Christopher A. Taylor, Executive Director
Municipal Securities Rulemaking Board
1150 18th Street, N.W., Suite 400
Washington, DC 20036
Telephone: (202) 223-9347
FAX: (202) 872-0347
Today the Securities and Exchange Commission approved the Boards plan to institute a service to provide a daily public report summarizing prices and volumes of trading in the municipal securities market during the previous day (the "Combined Daily Report"). Beginning Monday, August 24, 1998, the Combined Daily Report will be produced on an operational basis and will be available by subscription to information vendors and any other interested parties.
The new report will summarize both inter-dealer and customer transactions, using a format similar to that of the Boards currently produced Inter-Dealer Daily Report. Like the Inter-Dealer Daily Report, the Combined Daily Report will be available by approximately 6:00 a.m. each business day, reporting on the previous days market. Subscribers may transfer the report, in electronic form, from the Boards system to their own computer systems. A printed copy of the report will be available for examination, free of charge, in the Boards Public Access Facility in Alexandria, Virginia. These dissemination methods are the same as for the current Inter-Dealer Daily Report.
The Boards Chairman, Terry L. Atkinson, noted: "This new report will provide all market participants, particularly investors, with substantially more information concerning the pricing of municipal securities. The expanded information will give investors, issuers and dealers a more complete picture of the municipal market. This system is a further demonstration of the Boards commitment to increased price transparency.
"On behalf of the Board, I would like to thank the dealer community, The Bond Market Association, and National Securities Clearing Corporation for their cooperation and support of this project. Dealers from across the nation were instrumental in the successful testing of this system."
Sample reports can be viewed on the Boards World Wide Web site, http://www.msrb.org. The fee for subscriptions to the Combined Daily Report Service is $15,000 per year.
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