MSRB Clarifies Reporting Rules for Certain Trades

Hume, Lynn
May 2003
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p5
Trade Publication
The Municipal Securities Rulemaking Board (MSRB) of New York City has issued reporting rules which is applicable when an independent investment adviser buys municipal securities from a dealer and then directs that dealer to deliver the bonds to another dealer that is holding the advisers' client accounts. The selling dealers in such transactions should report them as dealer trades with customers, for which there is no comparison system, and not as interdealer trades. The MSRB said in the two-page notice issued on May 23, 2003. The notice is an attempt to clear up confusion about how these trades are reported and could lead to improvement in dealer comparison rates. The comparison rates are the rates at which the trade information is reported by dealers on both sides of an interdealer trade match.


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