Kathie O'Donnell

Interactive Brokers said it "promptly addressed the issue that gave rise to the settlement."

The board also said it plans to return more than $23 million in surplus operating reserves to the municipal bond industry.

SIFMA looks forward to "the SEC approving this rate card, and the resulting fee reductions," Leslie Norwood said.

"I think, overwhelmingly, all of our market participants are wanting the same thing and that's really a thriving municipal market," Holiday said.

"If the open jacket policy is actually implemented—which we in the defense bar hope is the case—it would be a welcome reform," one attorney said.

An SEC investigation "is not a litigation," said Kathleen Marcus, a partner at Stradling Yocca Carlson & Rauth.

BDA plans to hold the fly-ins twice a year, CEO Mike Nicholas said.

The SEC-approved amendments will become effective in two stages, the MSRB said.

A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.

The medal recognizes distinguished service in public finance overall.