WASHINGTON - The Securities and Exchange Commission has approved Municipal Securities Rulemaking Board rule changes that will require underwriters on Sept. 30 to begin participating in a new system designed to increase the timeliness and accuracy of information dealers report about new issues of muni bonds.

The New Issue Information Dissemination System, or NIIDS, which will be operated by the Depository Trust and Clearing Corp., will collect information about new muni bonds from underwriters, or their intermediaries, and then electronically disseminate it in a uniform manner on a near real-time basis to information vendors and other market participants.

Currently firms report the information directly to each vendor, and it is not always posted at the same time or in the same manner.


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