The Securities Industry and Financial Markets Association last week recommended broker-dealers follow certain procedures to test a new system that has been designed to improve the accuracy and timeliness of information on new issues of municipal bonds so that there will be minimal problems when it begins operating in September.

SIFMA made the recommendations for the New Issue Information and Dissemination System, known as NIIDS, in a two-page notice released late Thursday that lists three best practices for testing.

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