WASHINGTON — The Municipal Securities Rulemaking Board is initiating a study of the municipal market with an emphasis on pre-transaction pricing efficiency and liquidity, Securities and Exchange Commission member Elisse Walter announced Tuesday.

Walter, who briefly touched on the study in prepared remarks at the start of the SEC's second hearing on munis, has repeatedly warned that there is often no way of knowing the precise price of a municipal bond, particularly in the secondary market if the bond has not recently been traded.

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