WASHINGTON - The dollar amount of municipal securities traded in 2008 declined from the previous year, while the number of trades increased, the Municipal Securities Rulemaking Board will show in a municipal bond trading Fact Book it plans to release Tuesday.

The book, which contains the first compilation of trade data collected through the MSRB's Real-Time Transaction Reporting system, also reveals that short-term California notes sold primarily to retail investors were by far the most actively traded debt last year. Securities from the state's $3.8 billion note transaction in October traded 14,563 times, nearly three times more than bonds from any other deal, according to the MSRB.

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