WASHINGTON - The Municipal Securities Rulemaking Board yesterday proposed establishing a centralized system for the collection and dissemination of critical market information about auction-rate securities that would increase the amount of information available to market participants.

"The MSRB remains concerned about the lack of information available to market participants regarding municipal auction-rate securities and other short-term instruments," the board said in an eight-page notice describing the proposal. "Currently, there is no source of comprehensive same-day information about auction-rate securities available to non-market professionals, even information as basic as the clearing rates set through the auction process."

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