Broker dealers

Veteran public finance banker Shawn Dralle has joined Los Angeles County as assistant-treasurer tax collector.

Pricing deals on Monday, alerting investors weeks ahead of pricing, and crafting SMA-friendly structures are some of the ways dealers are promoting their deals in a flood of supply.

The veteran underwriter said he's excited about joining a smaller, more focused firm, where he can once again expand its competitive bidding capabilities.

Currently, the 15-member board consists of eight public representatives and seven regulated representatives.

While fixed-spread tenders may be a novelty for tax-exempt bonds, they have been around for over 40 years for corporate bonds.

"I was disappointed that it didn't go further," said Peg Henry, who launched a municipal securities legal consulting and expert witness services business last year.

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.