MSRB seeks market input for developing next generation trade reporting

By Marisa Wong

Madison, Wis., Jan. 17 - The Municipal Securities Rulemaking Board said it is asking for suggestions from market participants on the design of the next generation of electronic reporting and public dissemination of municipal securities trades.

The goal is to enhance public access to real-time pricing information about municipal securities transactions.

As part of its information gathering process, the MSRB is requesting market input on potential improvements to the timeliness, fairness and efficiency of price transparency in the municipal market, including shortening the current requirement for dealers to report trades within 15 minutes.

The MSRB is looking into the current and likely future capabilities and limitations of the technology systems used by industry participants to report municipal securities trades to the MSRB's existing Real-time Transaction Reporting System (RTRS).

Comprehensive trade price information reported through RTRS is currently available to the public on the MSRB's Electronic Municipal Market Access (EMMA) website. The MSRB plans to replace RTRS with a new platform capable of evolving over time to deliver comprehensive, interactive and real-time pricing related market data.

Comments should be submitted to the MSRB no later than March 15.

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