MSRB Update: December 2020
Message from Our New CEO
My name is Mark Kim, and it is my honor and privilege to serve as CEO of the MSRB, the principal regulator of the $4 trillion municipal securities market.
In my first few weeks and months as the MSRB’s new CEO, I have had the pleasure of connecting with many of you - our core stakeholders. I am grateful for the appreciation you expressed for our proactive industry outreach and for our mutual interest in promoting a fair and efficient market. I want to thank you for your optimism and for your support of the MSRB.
My commitment to you as a stakeholder is to foster greater transparency and inclusivity at the MSRB, so that you have greater opportunities to share your expertise and insight with us to inform the work that we do.
My focus as CEO will be to advance the core mission of the MSRB by modernizing our rules and technology and by leveraging data analytics to deliver greater value to the industry that we serve. Let me briefly touch on each of these three core areas.
Rules: We will be modernizing our rulebook by updating our interpretive guidance to ensure that it remains relevant and reflects current market practices. Our goal is to protect investors and issuers by helping regulated entities better understand and comply with our rules.
Technology: We will be modernizing our technology systems by investing in cloud computing. Our goal is to improve the user experience and deepen stakeholder engagement because our technology systems are the primary way that you interact with the MSRB.
Data: We will be delivering greater value to the industry by improving the quality of our data. Our goal is to leverage data analytics to identify market trends and emerging risks and, ultimately, to empower investors and other market participants to make better investment decisions and to identify new business opportunities.
With your support, I am confident that we can achieve our shared goal of a more fair and efficient market. I am truly excited about the work ahead and I look forward to partnering with you to create a stronger municipal securities market. Thank you.
New MSRB Podcast Episodes Available
In the MSRB Podcast's most recent episode, Building the Board, we hear from Gary Hall, Former MSRB Chair and Partner at Siebert Williams Shank, and MSRB Board Members Caroline Cruise, Chair of the Nominating Committee, and Seema Mohanty , Chair of the Stakeholder Engagement Committee. They provide a step-by-step look at the Board’s nominating process, outlining what a prospective applicant should expect and underscoring the Board’s objective to create a diverse and representative Board. Listen to the episode.
Catch up on previous episodes:
- The Path to Systems Modernization: Modernizing decades-old market transparency systems is no small task. Get a behind-the-scenes look from the MSRB's technology and data leadership at this complex process, from taking our systems to the cloud to upgrading our infrastructure and developing a data strategy.
- Investing in Technology for the Future: Modern regulation is dependent on technological advancement. This episode features several members of the MSRB Board of Directors discussing the MSRB's strategic investment in technology and their vision for advancing fairness, transparency and efficiency in the municipal market.
- Enhancing Board Governance: Effective municipal market regulation depends on efficient and representative governance. This episode covers new amendments to MSRB rules that enhance governance standards and reduce the size of the MSRB Board of Directors.
- Leading through Crisis: In the first episode of the second season of the MSRB Podcast, MSRB leadership walks through the organization’s response to the pandemic and corresponding municipal market liquidity and credit crises. The MSRB Director of Research later joins for a deep dive into the data behind the March market dislocation.
Apply to the MSRB Board of Directors
The MSRB is accepting applications for four positions on its Board of Directors for the 2022 fiscal year. Selected candidates will be elected to four-year terms beginning October 1, 2021, where they will have the opportunity to oversee the organization’s strategic initiatives to support an evolving market through effective regulation, modernized technology and big data.
For a visual look into the process, check out the new infographic illustrating how the puzzle pieces must come together to optimize representation on the Board.
Applications will be accepted through the MSRB's online portal now through February 5, 2021. Questions regarding the application and selection process should be directed to Sara Ahmadzai, Senior Manager, Corporate Governance, at 202-838-1341 or firstname.lastname@example.org.
Follow the MSRB on Social Media
Publications and Resources
The Board of Directors of the MSRB oversees the organization responsible for protecting municipal securities investors, the states and communities that issue municipal bonds, and the public interest. Read this infographic to learn more about the composition of the Board, how new members are selected and how the puzzle pieces must come together to optimize representation on the Board.
The MSRB's quarterly statistical summaries include aggregate municipal market information for the most recent quarter and cover different types of municipal issues, trades and interest rate resets. The MSRB publishes this information to regularly update certain data published annually in the MSRB Fact Book with the goal of providing market participants with historical statistics that can be further analyzed, studied and reviewed.
The MSRB published its annual budget reflecting the organization’s strategic priorities for safeguarding the integrity of the critical market that enables cities and towns around the country to invest in schools, hospitals, roads and other essential infrastructure. For FY 2021 beginning today, the MSRB budget demonstrates continued investments in data and technology to advance market transparency, as well as sustained pursuit of regulatory initiatives that reduce compliance burdens and costs for regulated entities.
Rules and Guidance Roundup
Visit the Rules and Guidance page of msrb.org to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.
Visit the online Compliance Center for resources and information to help regulated entities understand and comply with MSRB rules.
Recent Press Releases
Read the MSRB’s latest press releases on msrb.org.