Broker dealers

Nearly a trillion dollars worth of state and local government assets are now being held in Local Government Investment Pools.

The MSRB plans to issue the request for comment regarding MSRB Rule D-15 "within the next week or so."

"I think, overwhelmingly, all of our market participants are wanting the same thing and that's really a thriving municipal market," Holiday said.

Top figures in public finance have weighed in on important events at this year's Infrastructure event.

Larger dealer networks lead to lower markups, but smaller networks show evidence of potential collusion and market manipulation, the paper said.

The action stems from conduct that occurred from 2020-2023, FINRA alleged.

The MSRB's decision to rescind the one-minute trade reporting deadline "comes after months of dialogue and engagement with market participants," MSRB President and CEO Mark Kim said.

The muni market's self-regulatory organization has undergone major changes in its five decades, and challenges are ahead.

"It is FINRA's position that, for multiple reasons discussed in its brief opposing Alpine's petition for writ of certiorari, the case did not meet the Supreme Court's standards for review," FINRA said.

Siebert Williams Shank & Co has been censured and fined $55,000 by the Financial Industry Regulatory Authority for rule violations including reporting inaccurate trade times for roughly 12,100 municipal securities transactions.

Levy, a member of The Bond Buyer's Rising Stars Class of 2017, assumed the role of chair in late April.

"FINRA has drifted far from its intended purpose," Rep. Lisa McClain said.

MSRB's goal is to address the public comments it received and to file a new rate card with the SEC before the end of the year, a spokesperson said.

MSRB appreciates "the robust stakeholder engagement and response" to its requests for feedback on both the rate card and a municipal fund securities concept release, Board Chair Bo Daniels said.

FINRA fined three individuals a total of $40,000, a settlement document shows

Responses to an MSRB request for comment indicated broad support for an option designed to modernize delivery of municipal fund securities disclosure documents, but there was less unanimity regarding the need for a stand-alone time of trade disclosure rule.

It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.  

The judge cited "substantial evidence" for charges of collusion among the banks to fix interest rates on millions of variable-rate demand bonds.

As an alleged fraud scheme puts a spotlight on due diligence, some say it may be time to rethink practices in that area amid the rise of AI.

If the MSRB pursues a pre-trade transparency initiative—though its necessity is debatable given the private sector has already addressed this need—it should leverage existing tools and services used by market participants.