The birth of the domain name and Microsoft's Internet Explorer 4.0 software in September 1997 set in motion a two-decade transformation.

Municipal veterans, asked to reflect on the past 20 years, cited the growth of online technology that took off in the latter half of the 1990s as a major contributor to changes in their market that ranged from lower interest rates and tighter spreads between munis and Treasury securities to increased regulation and greater investor sensitivity to credit risk.

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