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First Quarter 2024 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.

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…

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.

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 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.

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

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.

Non-Transaction Based Compensation (NTBC) Trade Reporting
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Summary statistics on Non-Transaction Based Compensation (NTBC) Trade Reporting.

Dealer Participation and Concentration in Municipal Securities Trading
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Analysis of trends and changes in municipal securities dealer’s participation and concentration.

Municipal Bond ETFs: Liquidity Impact on the Municipal Bond Market
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The MSRB Chief Economist's analysis on the relationship between municipal bond ETFs and municipal market liquidity.