WASHINGTON - A Wall Street-based financial advisor is urging the Municipal Securities Rulemaking Board to increase the transparency of the auction-rate securities market by requiring broker-dealers to release auction results that are similar to the Treasury Department's and by encouraging auction agents to open up the auctions to as many broker-dealers as possible to increase liquidity.

Joseph Fichera, senior managing director and chief executive officer of Saber Partners LLC, stressed in a letter to the board yesterday that the MSRB should act decisively to fix the auction-rate market rather than let it languish.

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