Benchmark tax-exempt yields dramatically outperformed the Treasury bond market, which saw yields rise significantly last week after a much stronger than expected September employment report. To see current and historical tax-exempt and Treasury bond yields, visit the Yield Curve section of EMMA. https://lnkd.in/gqYjtcfD
Municipal Securities Rulemaking Board
Financial Services
Washington, DC 15,005 followers
We give America the confidence to invest in its communities.
About us
The Municipal Securities Rulemaking Board (MSRB) protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.
- Website
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http://www.msrb.org
External link for Municipal Securities Rulemaking Board
- Industry
- Financial Services
- Company size
- 51-200 employees
- Headquarters
- Washington, DC
- Type
- Nonprofit
- Founded
- 1975
- Specialties
- Municipal Bonds, Municipal Market Regulation, Market Transparency, Research, Education, Regulation, Public Finance, Infrastructure, Financial Regulation, and Bonds
Locations
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Primary
1300 I Street NW
Suite 1000
Washington, DC 20005, US
Employees at Municipal Securities Rulemaking Board
Updates
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The Municipal Securities Rulemaking Board (MSRB) today published its annual budget to report on the allocation of its resources as it fulfills its congressional mandate to protect investors, issuers and the public interest by promoting a fair and efficient market. https://lnkd.in/eUEscxTG
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Municipal securities new issuance topped $45 billion in September, the sixth consecutive month of over $40 billion in monthly issuance. Year to date, issuance is up 35% compared to the same period last year, and just over $10 billion is expected to be issued this week. See upcoming new issues in the New Issue Calendar on EMMA. https://lnkd.in/dKpYX5H
Municipal Securities Rulemaking Board::EMMA
emma.msrb.org
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As the chart below shows, September ended an unprecedented run of five consecutive months with 1.2 million trades or more in the municipal securities market. That said, the unprecedented run of consecutive months with at least 1 million trades has now reached 14 months. Year to date, trade count is up 18% compared to 2023, a record year for trade count, although par amount traded is up only 4% compared to 2023. To see trade data, go to the Market Statistics section under Tools and Resources on EMMA. https://lnkd.in/eZEpAtsz
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Benchmark tax-exempt yields have moved in a very narrow range since early September. The graph below shows that 10-year tax-exempt yields have been virtually unchanged since September 6, trading within a very narrow 2 basis point range during this time. To see current and historical yields in the tax-exempt and Treasury markets, visit EMMA https://lnkd.in/gqYjtcfD.
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It’s College Saving Month. Did you know most states offer tax-advantaged 529 plans to help you save for college? MSRB provides an investor guide and additional resources to help you learn more. https://lnkd.in/eAHzK-88
Curious About 529 Plans and ABLE Programs? | MSRB
msrb.org
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MSRB staff had the opportunity to hear from outgoing Chair Meredith Hathorn and incoming Chair Bo Daniels during a fireside chat hosted by CEO Mark Kim. Meredith shared valuable insights from her time as chair, while Bo outlined his vision and priorities as he takes on the role as Chair on Oct. 1. We extend sincere thanks to Meredith for her exceptional leadership and look forward to working with Bo as we serve our Congressional mandate and give America the confidence to invest in its communities.
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Last week, the Federal Reserve lowered short-term interest rates by 50 basis points — the first reduction since the start of the pandemic in March 2020. As shown below, tax-exempt yields were virtually unchanged on the week while Treasury yields were mixed, and the Muni/Treasury ratio has climbed for all maturities since the start of the year. This week the market is faced with a large new issue calendar, estimated at $14 - $15 billion including three deals of $1 billion or more. To see what new issues are expected to come to market, visit the New Issue Calendar section of EMMA - https://lnkd.in/dKpYX5H
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MSRB today received approval from the Securities and Exchange Commission for amendments to MSRB Rule G-14, shortening the time for municipal securities trades to be reported to MSRB. The amendments change the current 15-minute standard to as soon as practicable, but no later than one minute after the time of trade, subject to certain exceptions, including new exceptions for manual trades and firms with limited trading activity. Read the press release: https://lnkd.in/eN2F8zyw
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Read the MSRB’s fall edition the of Compliance Corner newsletter to learn more about recent amendments to MSRB Rule G-47 on time of trade disclosure and more: https://lnkd.in/eAcd6UXp