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MSRB meeting addresses steps for transparency and fair pricing
By Jennifer Chiou
New York, July 26 - The board of directors of the Municipal Securities Rulemaking Board discussed fair pricing and transparency at its quarterly meeting held from July 24 to July 26.
To advance the MSRB's discussion of fair pricing in the municipal market, the board said it agreed to take a two-step approach to clarifying and potentially expanding the fair pricing obligations of dealers.
According to an MSRB release, the board agreed to consolidate into a new rule municipal securities dealers' obligations related to fair pricing outlined in a number of existing rules and interpretations. It will seek public comment on condensing relevant requirements described in MSRB Rule G-30 on fair pricing, MSRB Rule G-18 on agency transactions and interpretations to MSRB Rule G-17 on fair dealing.
The release said that the board's new concept release will seek public comment on improving the quality and usefulness of available post-trade information and the appropriate standards for the collection and dissemination of pre-trade information on the MSRB's EMMA site as part of its transparency efforts.
"We continue to engage the market in an incremental process to provide public access to a consolidated display of all possible sources of pricing-related market data," MSRB chair Jay Goldstone said in the release.
The board also agreed to publish a concept release on the merits of requiring municipal securities dealers to take specific steps to obtain the best price for investors buying and selling municipal securities.
The MSRB additionally discussed the Detroit bankruptcy and approved new officers and board members.
The board said that its EMMA site provides free public access to Detroit bond filings as well as current and historical trade price information.
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