WASHINGTON — Secondary market trading volume surged to more than $851 billion in the third quarter of 2011, the highest so far this year, but still fell 8.5% short of the almost $931 billion reached during the same period last year, the Municipal Securities Rulemaking Board said Wednesday.

In its report summarizing third-quarter muni market statistics, the board’s data also showed retail investors withdrew as interest rates and yields dipped to historic lows.

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