Washington

The Securities and Exchange Commission issued a long-awaited report on the $3.7 trillion municipal securities market Tuesday that recommended at least 15 major legislative and regulatory changes to improve disclosure and price transparency for retail and other investors.

The Securities and Exchange Commission's long-awaited report on the municipal market asks Congress to give it authority to set disclosure standards for muni issuers and to provide the tools to enforce those standards.

The Securities and Exchange Commission has scheduled a conference call with reporters at 11 a.m. Tuesday to discuss the agency's long-anticipated report on the municipal securities market.

The Municipal Securities Rulemaking Board announced it will begin a multi-month review of muni bond indexes with the aim of increasing transparency and educating market participants about how the they are developed and used.

The Municipal Securities Rulemaking Board has named Jay Goldstone, chief financial officer and chief operating officer of San Diego, as its new board chairman, effective Oct. 1 for a one-year term.

Members of the Senate Banking Committee grilled Treasury Secretary Timothy Geithner Thursday about his knowledge of manipulation of the London Interbank Offered Rate, or Libor, and raised concerns about its potential impact on state and local governments that entered into Libor-based swaps.

Former employees of financial firms who have already pleaded guilty to rigging muni bond contracts will be allowed to testify in the upcoming bid-rigging trial against former UBS Financial Services Inc. bankers Peter Ghavami, Gary Heinz and Michael Welty, a judge ruled Tuesday.

Municipal Securities Rulemaking Board officials said Tuesday the board is looking into the Libor scandal to see how it may impact the municipal bond industry.

The federal judge assigned to the upcoming bid-rigging trial against three former UBS Financial Services Inc. bankers has struck down requests to drop all six criminal counts of conspiracy, wire fraud, and witness tampering.

The SEC will be asked to allow federal civil charges to be filed against Miami for failing to disclose serious budget problems in its bond offerings.