WASHINGTON - The Municipal Securities Rulemaking Board and the Depository Trust and Clearing Corp. plan to host a phone-in workshop on July 29 to discuss the testing and implementation of the New Issue Information Dissemination System with broker-dealers.
The DTCC plans to test and operate NIIDS, a centralized system for the collection and dissemination of information about new issues of municipal securities that is designed to improve the timeliness and accuracy of such information.
Currently broker-dealer firms report new issue information directly to each information vendor and it is not always posted at the same time or in the same manner. Under NIIDS, the DTCC will collect this information from underwriters or their intermediaries and then electronically disseminate it in a uniform manner and on a near real-time basis to information vendors in the market.
During the workshop, MSRB officials will review its new requirement that broker-dealers that sold long-term municipal securities within the past year test NIIDS by Sept. 15 and ensure they are prepared to begin using the system by Sept. 30.
The DTCC will discuss the NIIDS testing schedule and provide guidelines to help firms successfully test the system.
The workshop is to be held from 1:00 p.m. to 2:15 p.m. eastern time. Those who want to register for the workshop can visit the web page at www.finra.org/phoneinworkshops. Questions about MSRB rules on NIIDS can be directed to Justin Pica, the MSRB's uniform practice policy adviser at 703-797-6716, or Sara Pranio, uniform practice assistant at 703-797-6714.
