MSRB now marks two ‘special condition’ municipal trades on EMMA

By Susanna Moon

Chicago, July 18 – Municipal Securities Rulemaking Board said it has now flagged trades on the Electronic Municipal Market Access website that use alternative trading systems and those that lack markups in the trading price.

The added markers denote that a “special condition applies” to a trade and is intended to help investors better gauge municipal securities trade data, according to a notice by the MSRB.

The first indicator identifies inter-dealer trades that are executed with or using the services of an alternative trading system.

The second indicator denotes customer trades that do exclude a markup, markdown or commission in the reported trade price, which sets apart customer transactions that do not include a dealer compensation component, the release noted.

The information would offer a “more meaningful comparison,” the MSRB noted.

MSRB is a regulator of the municipal securities market.

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