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MSRB Annual Report 2021

MSRB Annual Report 2021
The MSRB is dedicated to overseeing the nearly $4.0 trillion municipal securities market—the primary market that helps fund important state and local government infrastructure projects. The annual report includes audited annual financial statements for the fiscal year that ended September 30, 2021, which help ensure transparency around how the organization manages its resources and financial reserves.


One of our most important accomplishments was the development of a new long-term strategic plan that puts forth a bold new vision for the future and four strategic goals that will guide us in the years to come.

Mark Kim, MSRB Chief Executive Officer

    Enhancing Market Transparency through Technology

    The MSRB allocated more than $17 million of reserves to its multi-year systems modernization effort and made progress on its goal of modernizing the EMMA website and related market transparency systems.


      Fueling Innovation with Market Data

      The MSRB continued to leverage cloud computing to deliver insights to the market and to prepare EMMA Labs, the MSRB’s innovation sandbox, for its public debut.


      Modernizing Market Regulation

      The MSRB embarked on a multi-year comprehensive review of the historical body of interpretive guidance in the MSRB rule book, retiring 15 pieces of guidance that no longer achieved their intended purpose, and continued to provide targeted regulatory relief in light of the ongoing pandemic.


      Upholding the Public Trust

      The MSRB continues to make progress on its commitment to social responsibility, diversity, equity and inclusion (DEI), including recruiting a diverse class of new Board members and creating a staff resource group focused on DEI.


      Read the report.

      Financial Stewardship

      The MSRB made an important move to right-size its reserves, providing a 40% reduction in three primary market-based fees over an 18-month period that will return to the industry $19 million in excess reserves that had accumulated over time, including as a result of pandemic-related market volatility and reduced expenses.

      Read the report.