MSRB Podcast

MSRB Chief Market Structure Officer John Bagley and Director, Market Practices Carol Converso discuss analysis of the municipal securities market in 2023 that reveals high interest rate volatility, record trade count and strong individual investor demand for bonds.

MSRB Chief Market Structure Officer John Bagley and Senior Director of Research and Market Transparency Marcelo Vieira examine notable trends in the 2022 municipal bond market, including record trade count.

MSRB Chief Market Structure Officer John Bagley examines notable trends in the 2021 municipal bond market, including near record new issuance coupled with low volatility and the lowest overall trading volumes since 2016.

MSRB Chief Market Structure Officer John Bagley, fresh off his return from secondment at the Federal Reserve Bank of New York to assist the Municipal Liquidity Facility, analyzes notable trends in the municipal market in 2020, including the unprecedented market dislocation and spectacular recovery.

Hear from special guest Gary Hall, former Board Chair, as well as current Board members, Caroline Cruise and Seema Mohanty, about the MSRB’s work to recruit a new class of Board members and create a Board that is diverse, inclusive and representative.

Modernizing decades-old market transparency systems is no small task. Get a behind-the-scenes look from the MSRB's technology and data leadership at this complex process, from taking our systems to the cloud to upgrading our infrastructure and developing a data strategy.

Modern regulation is dependent on technological advancement. This episode features several members of the MSRB Board of Directors discussing the MSRB's strategic investment in technology and their vision for advancing fairness, transparency and efficiency in the municipal market. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

Effective municipal market regulation depends on efficient and representative governance. This episode covers new amendments to MSRB rules, that enhance governance standards and reduce the size of the MSRB Board of Directors. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

In the first episode of the second season of the MSRB Podcast, MSRB leadership walks through the organization’s response to the pandemic and corresponding municipal market liquidity and credit crises. The MSRB Director of Research later joins for a deep dive into the data behind the March market dislocation. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

Non-solicitor municipal advisors have an obligation to disclose conflicts of interest and other information to clients. This episode discusses the disclosure provisions of MSRB Rule G-42.The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

Changes to the U.S. tax code have the potential to impact both the supply of municipal bonds and investor demand. This episode discusses important tax considerations, such as the state and local tax (SALT) deduction, that can influence municipal bond supply and demand, and provides additional insights into municipal market trends since the implementation of the Tax Cuts and Jobs Act of 2017. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

Municipal advisors are periodically examined by the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, Inc. and other regulatory authorities for compliance with Municipal Securities Rulemaking Board rules. This episode discusses considerations for municipal advisors when preparing for a review by an examining authority. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

The MSRB periodically analyzes dealer participation and concentration in municipal securities trading—two measures of liquidity that provide unique insights into trading activity. This episode discusses trends and changes in municipal securities dealer trading activity. The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.

Learn about key provisions of MSRB Rule G-37 and how the rule promotes integrity of the municipal bond market.The MSRB Podcast expands the array of existing, market education resources provided by the MSRB, including an online Education Center and compliance resources, and its eLearning platform, MuniEdPro®.Resources: MSRB Rule G-37:http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-37.aspx Political Contributions Database:https://emma.msrb.org/MarketActivity/PoliticalContributions.aspx Interpretive Guidance:http://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-37.aspx?tab=2

The MSRB’s collection of municipal bond market data and annual Fact Book provide information on municipal market trading patterns, primary market and continuing disclosures, and interest rate resets for municipal variable rate securities. Learn more about comprehensive and historical municipal market statistics and the MSRB Fact Book.Resources:MSRB Fact Book http://www.msrb.org/~/media/Files/Resources/MSRB-Fact-Book-2018.ashx?la=en EMMA Market Activityhttps://emma.msrb.org/MarketActivity/ViewStatistics.aspx

MSRB professional qualification standards establish baseline knowledge and competency requirements for municipal bond market professionals. Learn why individuals must meet minimum qualifications to engage in municipal dealer and advisory activities. Resources:MSRB Rule G-3 Professional Qualificationshttp://www.msrb.org/Rules-and-Interpretations/MSRB-Rules/General/Rule-G-3.aspx Professional Qualificationshttp://www.msrb.org/Regulated-Entities/Professional-Qualification.aspx

The municipal securities market is composed of more than one million unique bonds, each with its own specific structural characteristics, credit ratings and yields. Market benchmarks such as yield curves, provide sector-specific or broad market information about the general level of municipal interest rates. Not all benchmarks and yield curves are created equal. Hear about how different yield curves are used to evaluate a bond’s yield or performance.Resources:EMMA® Website Yield Curves and Indiceshttps://emma.msrb.org/ToolsAndResources/MarketIndicatorsUnderstanding Yield Curves and Indiceshttp://www.msrb.org/~/media/Files/EMMA/Understanding-Yield-Curves-Indices.ashx??la=en

This episode discusses why disclosure of information by municipal securities issuers is important for investors. It reviews the common types of disclosures and covers steps for making continuing disclosures available for investors on the MSRB’s Electronic Municipal Market Access (EMMA) website.

What does it mean for municipal advisors to be regulated? This episode explains the importance of registration with securities regulators and the nature of MSRB rules. Municipal advisors can also find out how to participate in the rulemaking process and stay informed about new MSRB rules and interpretive guidance.