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Securities Law

MSRB Issues Reminders on Interdealer Trade Reporting, EMMA Enhancements

Municipal bond dealers need to report contractual prices of interdealer muni bond trades starting Feb. 25, the Municipal Securities Rulemaking Board reminded them in a notice released Thursday.

The original effective date for the requirement had been Nov. 5, but was pushed back due to the effects of Hurricane Sandy on the systems of the Depository Trust and Clearing Corporation.

Purchasing and selling dealers will need to submit the prices to DTCC’s Real-Time Trade Matching System, or RTTM, which then forwards the information to the MSRB’s Real-time Transaction Reporting System.
   The requirement, part of an MSRB filing aimed at improving transparency of large-trade prices, was approved by the Securities and Exchange Commission in October.

The board also reminded market participants that it recently enhanced the search capabilities of its EMMA system so that users can more easily locate specific securities and related pricing information among the universe of 1.2 million outstanding municipal securities.

Market participants can go to the EMMA website and watch a tutorial on its search capabilities, the board said.

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