The Securities Industry and Financial Markets Association and the Bond Dealers of America aired their concerns in the comments sent to the MSRB over its concept release on pre-trade and post-trade pricing data dissemination through a central transparency platform. The release requested industry feedback on what pre-trade and post-trade pricing information the MSRB should consider publicly disseminating over the CTP it plans to develop. There is currently no central location where muni market participants can access pre-trade pricing data. Such information is often available to institutional investors through broker’s brokers, alternative trading systems, or other systems. But it is not really available to retail investors.
The MSRB collects and publicly disseminates secondary market trade data and prices over EMMA, but wants to know what improvements can be made.