Broker dealers

The board had planned to abolish the requirement that MAs advising on competitive deals apply for CUSIP numbers, but has now decided to keep the rule as is.

A case settled this week was the first brought in decades by FINRA for a rule violation on quotations.

The agenda includes discussion of possible changes to MSRB Rule G-10, on investor and municipal advisory client education and protection.

In two municipal bond transactions, Aegis Capital Corp. sold to its customers at prices that were 40% higher than the market rate.

Among over 1,200 dealers registered with the MSRB, 21 firms are bank dealers who would be impacted by the change.

The charges against Ricky Mantei stem from allegations of prearranged trading in violation of his firm's established procedures.

Much of the material being retired dates back more than 35 years.

Dealers say increased focus on systemic pennying has decreased its activity, while others aren't so sure.

The dealer group is concerned the SEC may provide another exemption for municipal advisors to work on private placement deals.

The reduction would be the largest the MSRB has done, substantially more than a previous one which caused a loss of $5.2 million.