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 analysis studies the primary drivers of municipal securities trading volume to understand what has driven the record trading volume in the municipal securities market over the past three…

Detailed analysis of the municipal securities market in 2024 reveals high interest rate volatility, record trade count and strong individual investor demand for bonds.

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.

This MSRB report updates a 2017 study on the timing of annual financial disclosures by municipal securities issuers.

MSRB’s new analysis, which reviewed quote data from three-month periods in 2021 and 2022, indicates that there was a substantial increase in the number of quotes and trading activity on the…

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.

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

MSRB report examines the use of external liquidity in the municipal securities market and changes since its November 2021 report.

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.

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

COVID-19 severely impacted the primary offering market particularly for competitive offerings, with fewer competitive bids received per issuance, more dispersed competitive bid…

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

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