WASHINGTON - The Municipal Securities Rulemaking Board plans to launch the first phase of a new system aimed at improving the transparency of auction-rate securities and variable-rate demand obligations during the first quarter of 2009, the board announced Friday after a three-day meeting in Beaver Creek, Colo.

The first phase of the system will include basic reset rates for ARS and VRDOs. Later phases will expand the publicly available data about both types of securities, MSRB chairman Frank Chin told reporters during a teleconference. Currently there is no source of comprehensive same-day information about either types of security available to non-market professionals - even information as basic as the clearing rates for ARS.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.