The Municipal Securities Rulemaking Board recently announced its intent to move forward with several actions aimed at enhancing price transparency for municipal securities. These actions include:
- A rule proposal this fall that would require a dealer to disclose on retail customer trade confirmations the price the dealer paid for the subject security on the same day if the dealer is acting as principal and possible disclosure of bond mark-ups for trades that could be considered riskless principal transactions by a dealer;
- A forthcoming request for comment on enhancing the Real-Time Transaction Reporting System to collect additional post-trade information for public display on the MSRB Electronic Municipal Market Access system; and
- Submitting proposed MSRB Rule G-18 (Best Execution) to the Securities and Exchange Commission for approval this month.