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Securities Law

MSRB Changes Bid-to-Cover Ratios

DEC 10, 2012 10:37am ET

The Municipal Securities Rulemaking Board has changed how it calculates "bid to cover" ratios for auction-rate securities to make the data more indicative of investor demand.

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Comments (3)
Hooray for Joe Fichera, one of the people who is paying attention and promoting responsible conduct!
Posted by Charles S | Monday, December 10 2012 at 1:51PM ET
The credit goes to Ernie Lanza at the MSRB. Until he got involved nothing was going to happen. Whether it is LIBOR, SIFMA or an ARS bid-to-cover number, investors, broker-dealers and issuers need to have confidence that the information they are given is accurate and useful. The ARS market may still be broken, but It is never too late for market integrity for the regulator to get the rules right. Thank you Mr. Lanza. Hopefully other regulators will follow the MSRB lead.
Posted by t7733m683 | Monday, December 10 2012 at 9:03PM ET
On behalf of Saber Partners, LLC.
Posted by t7733m683 | Monday, December 10 2012 at 9:04PM ET
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