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MSRB Statistical Summaries and Reports
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MSRB Quarterly Summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market. The MSRB Fact Book includes monthly, quarterly and yearly aggregat...

Trading Patterns in the Municipal Securities Market
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MSRB analysis examines trading patterns in the municipal securities market, reviewing the fragmentation in the market and the depth and breadth of data available to market participants.

Fact Book
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The MSRB Fact Book offers a free and comprehensive reference for historical trade statistics on a quarterly and yearly basis. The reports encompass information on nearly every trade reported to the MSRB by deal...

Municipal Securities Market Trading Summary: Last Updated February 15, 2024
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Overall monthly market trading activity broken up by fixed and variable rate securities. Updated approximately one week after the end of each month.

2023 Municipal Bond Market in Review
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Detailed analysis of the municipal securities market in 2023 reveals high interest rate volatility, record trade count and strong individual investor demand for bonds.

Use of External Liquidity in the Municipal Market — 2023 Update
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MSRB report examines the use of external liquidity in the municipal securities market and changes since its November 2021 report.

Third Quarter 2023 Municipal Securities Market Summary
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MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Non-Transaction-Based Compensation (NTBC) Trade Reporting
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An MSRB report on how municipal securities trades tagged with a non-transaction-based-compensation (NTBC) indicator have changed since 2016, when the MSRB began requiring their reporting…

What Has Driven the Surge in Transaction Costs for Municipal Securities Investors Since 2022?
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MSRB research indicates a rise in customer transaction costs for municipal securities since early 2022 likely due to the steep decline in bond prices triggered by rising interest rates and market…

Second Quarter 2023 Municipal Securities Market Summary
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MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Trading Patterns in the Primary vs. Secondary Market for Municipal Bonds
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MSRB report identifies possible reasons for different patterns in customer trades in the primary and secondary markets for municipal bonds.

Municipal Variable-Rate Demand Obligations and Auction-Rate Securities (2009-2022)
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MSRB report provides transparency into the variable-rate marketplace showing how the market has changed since the 2007–2008 global financial crisis.

First Quarter 2023 Municipal Securities Market Summary
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MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Inter Dealer Municipal Trading 2022
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Summary information on inter-dealer and ATS trading.

2022 Municipal Bond Market in Review
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Detailed analysis of the municipal market detailing significantly higher interest rates, record outflows from tax-exempt mutual funds and a record number of trades.

Primary Offerings of Municipal Securities: Impact of COVID-19 Crisis on Competitive and Negotiated Offerings
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COVID-19 severely impacted the primary offering market particularly for competitive offerings, with fewer competitive bids received per issuance, more dispersed competitive bid…

Municipal Securities Market Trading Summary Last Updated: September 12, 2022
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Overall monthly market trading activity broken up by fixed and variable rate securities.  Updated approximately one week after the end of each month.

Municipal Securities Market Trading Summary Last Updated: August 9, 2022
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Overall monthly market trading activity broken up by fixed and variable rate securities.  Updated approximately one week after the end of each month.

Customer Trading with Alternative Trading Systems
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Analysis of customer transactions with Alternative Trading Systems (ATSs) and overall market comparison.

2022 Mid-Year Market Update
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Read about significant changes in the municipal bond market in the first half of 2022. Details in the MSRB’s latest analysis.

Trends in Municipal Securities Ownership
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Ownership since 2004 reveals a continuous decline in individual investor direct ownership of municipal securities while ownership through funds has steadily risen. Read the report.

Municipal Securities Market, Trade Activity 2007–2021
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Analysis of trading volumes in the securities market from 2007 to 2021 as well as identification of unique trading activity during periods of market disruption.

Number of MSRB-Registered Dealers
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Updated annual data on the number of MSRB-registered dealers since 2009. (October 2021)

Use of Internal and External Liquidity in the Municipal Market
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Report examines the use of external liquidity in the municipal securities market and changes since 2011.

2021 Municipal Market Trading Update
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Trade analysis of first eight months of 2021 and comparison with the same period of previous years.