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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.

Overview of the Taxable Municipal Bond Market
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Detailed analysis of the municipal taxable bond market, significant increases in 2020 and historical changes.

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.

Characteristics of Municipal Securities Trading on Alternative Trading Systems and Broker’s Broker Platforms
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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…

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

Municipal Securities Market Sees Noticeable Shift in Buying Patterns
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Market summary of municipal market trading and shifts in market behavior and structure since 2010, driven by customer purchases.

2020 Municipal Bond Market in Review
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Detailed analysis of the municipal market during the market dislocation as a result of the COVID-19 pandemic.

Municipal Securities Pre-Trade Market Activity: What Has Changed Since 2015?
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Pre-trade market activity for the period from June 1, 2018, through November 30, 2018.

Competitive Bidding for Primary Offerings of Municipal Securities: More Bids, Better Pricing for Issuers?
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New research by MSRB Chief Economist Simon Wu analyzes the pricing benefits of increased competitive bidding activity in the municipal securities market.

Different Buying Patterns of Retail and Institutional Investors in Municipal Bonds
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Analysis of buyers of lower coupon municipal bonds and associated risks.

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.

Analysis of Municipal Securities Pre-Trade Data from Alternative Trading Systems
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Analysis of pre-trade quote data for municipal securities available to market participants on alternative trading systems (ATSs).

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.

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.

Timing of Annual Financial Disclosures by Issuers of Municipal Securities
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MSRB analysis of the timing of annual continuing disclosure submissions and changes over time.

Report on Secondary Market Trading in the Municipal Securities Market
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Report on municipal market trading patterns, associated pricing and the effect of price transparency on pricing.

MUNICIPAL VARIABLE RATE DEMAND OBLIGATIONS AND AUCTION RATE SECURITIES Interest Rate and Trading Trends
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

MSRB-Short-Report-June-2012
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

MSRB-Short-Report-July-2011
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Statistical report on trading, interest rate and other characteristics of the municipal variable rate securities market.

Build America bonds Issuance and Trade Activity, 2009
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Analysis of the primary and secondary markets for Build America Bonds (BABs).

Unregulated Municipal Market Participants A Case for Reform
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The report details the prevalence of financial advisors and other entities in municipal market transactions.