The BDA supports the MSRB’s focus on market transparency and we believe this is a significant step in evaluating improvements to overall municipal market transparency. However, as the MSRB suggested it would consider raising the threshold in the future “with a view towards bringing full transparency of exact par values to the municipal market in real-time,” we want to reiterate a concern outlined in our initial comment letter to the MSRB, that they take into consideration that institutional investors may materially alter their trading practices if the effect would be to compromise their proprietary information.
View BDA’s full comment letter [here.]
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