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

MSRB analyzes transaction costs in the municipal securities market for the period from January 2021 through December 2024 and then compares them with those in the corporate bond and agency…

MSRB analyzes the dynamics of individual and institutional investor trading in odd-lot trades of $100,000 or less in the municipal securities market and finds a fundamental shift in municipal…

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Analysis of trading and pricing trends in the municipal securities market, comparing the primary market to the recently issued market, and the competitive market to the negotiated market.…

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

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.

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

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…

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…

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

MSRB report identifies possible reasons for different patterns in customer trades in the primary and secondary markets for municipal bonds.

MSRB report provides transparency into the variable-rate marketplace showing how the market has changed since the 2007–2008 global financial crisis.

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

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

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.

Report examines the use of external liquidity in the municipal securities market and changes since 2011.

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

Detailed analysis of the municipal taxable bond market, significant increases in 2020 and historical changes.

A new commentary by MSRB Chief Economist Simon Wu reviews how the COVID-19 pandemic has affected trading costs for investors buying and selling municipal securities.

This paper focuses on the impact of electronic trading technology on the municipal securities market by analyzing inter-dealer trading activity on alternative trading systems (ATSs) and broker’s…