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

MSRB ENHANCES PRICE TRANSPARENCY FOR LARGE TRADES

Alexandria, VA ‒ The Municipal Securities Rulemaking Board (MSRB) is now displaying real-time exact par values on all municipal securities transactions valued at $5 million or less on the Electronic Municipal Market Access (EMMA®) website. Previously the real-time dissemination of par values was limited to transactions up to $1 million. The change reflects the MSRB’s goal of providing market participants with more complete and timely information about the pricing of municipal securities.

The MSRB plans to continue to evaluate whether the $5 million threshold can be raised further or completely eliminated with a view towards bringing full transparency of exact par values to the municipal market in real-time.

Read more about the MSRB’s enhancement to large trade size transparency.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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