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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…

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…

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

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.

Transaction Costs During the COVID-19 Crisis
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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.

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

Mark-up Disclosure and Trading in the Municipal Bond Market
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Analysis of trading behavior in the year since the implementation of mark-up disclosure.

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.

Transaction Costs for Customer Trades in the Municipal Bond Market: What is Driving the Decline?
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MSRB Chief Economist’s analysis of reasons for the steady decline in effective spread.