Public Reporting of Transactions in Municipal Securities: Rule G-14

On October 2, 2001, the Securities and Exchange Commission approved the MSRB’s next step in its program to increase transparency in the municipal securities market. [1]    The MSRB will institute a Daily Comprehensive Report Service, providing a report with the details of municipal securities transactions effected during a single day.  Each day’s report will contain details of all municipal securities transactions that were effected during the trading day two weeks earlier. 

The Daily Comprehensive Report will be made available daily to subscribers via the Internet by downloading copies using a password-protected File Transport Protocol (FTP) account.  Within the coming week, the MSRB will make a sample of a single day’s transaction data available to prospective users without charge, so that they make determine whether they wish to subscribe.  The MSRB plans to make the new report available on a daily basis by November 1.

The MSRB has established an annual subscription fee of $2,000 for the Daily Comprehensive Report Service.  The annual fee is structured approximately to defray the MSRB’s production and maintenance costs.

The MSRB will continue producing its monthly Comprehensive Transaction Report, which has been available since November 2000.  Subscribers to the monthly report who prefer the fresher data of the proposed Daily Comprehensive Report will have the option to switch subscriptions to the latter service.

October 4, 2001