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Contact:           Lynnette Kelly Hotchkiss, Executive Director
                       (703) 797-6600
                       lhotchkiss@msrb.org

Contact:           Jennifer A. Galloway, Chief Communications Officer
                       (703) 797-6600
                       jgalloway@msrb.org


THE MUNICIPAL SECURITIES RULEMAKING BOARD
ANNOUNCES NEW SECURITIES FIRM REPRESENTATIVES
Former Board Members to Fill Open Terms

Alexandria, VA - The Municipal Securities Rulemaking Board today announced that Mr. Michael F. Imhoff, Managing Director at Stifel, Nicolaus & Co., and Mr. Alan Murphy, Senior Vice President at Duncan-Williams, Inc., have joined the Board as securities firm representatives.  They fill positions on the Board that opened last month due to changes in the legal structure of firms represented on the Board. Mr. Imhoff will fill a one-year term and Mr. Murphy will assume a two-year term. Messrs. Imhoff and Murphy both previously served on the Board. 

"I am pleased that Mike and Alan have agreed to return to the Board," said MSRB Chair Ronald A. Stack.  "Their prior experience and industry knowledge will allow them to immediately help address substantive issues facing the Board.  We look forward to their contributions."

With the addition of Messrs. Imhoff and Murphy, the Board has its full complement of 15 representatives, five each from banks, securities firms and the public sector.

Mr. Imhoff is a Managing Director in Fixed Income Capital Markets for Stifel, Nicolaus & Company Inc. in Denver.  He manages Stifel, Nicolaus' Municipal Institutional syndication and trading, overseeing new issue pricing and distribution, and directing secondary market trading.  He serves on Stifel, Nicolaus' Board of Directors and on the firm's commitment and credit committees.  He also currently serves on the Board of Directors for the Colorado Venture Capital Authority, the University of Colorado Foundation and the University of Colorado at Denver Business School Advisory Board.  Mr. Imhoff served on the Municipal Securities Rulemaking Board from June 2006 to September 2008.  He received his BS in Finance and International Finance at the University of Colorado.

Mr. Murphy is a Senior Vice of the Institutional Municipal Department of Memphis-based Duncan-Williams. Prior to that, he was Managing Director at Popular Securities for its U.S. Capital Markets operations. Mr. Murphy served on the Municipal Securities Rulemaking Board from October 2006 to January 2008. Earlier in his career, Mr. Murphy spent 28 years at Prudential Securities as the Head of Municipal Underwriting and Co-Head of Tax-Exempt Fixed Income. He holds a BS in Economics from The University of North Carolina at Wilmington and an MBA in Finance from The University of Tennessee.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. MSRB is overseen by the Securities and Exchange Commission and Congress.

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