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

MSRB Podcast

2020 in Review

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.

Building the Board

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.

The Path to Systems Modernization

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®.

Investing in Technology for the Future

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®.

Enhancing Board Governance

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®.

Leading through Crisis

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®.

Now You Are a Municipal Advisor – Disclosure Fundamentals

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®.

Tax Reform Impact on the Supply and Demand of Municipal Bonds

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®.

Municipal Advisor Considerations in Preparing for Examination

 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®.      

Dealer Concentration and Participation in Municipal Securities Trading

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                                               

MSRB Rule G-37: Promoting Integrity in the Municipal Securities Market

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     

Getting the Facts on the Muni Market

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                           

Professional Qualifications - A Conversation about MSRB Rule G-3

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  

A Conversation About Yield Curves

Capital raised through municipal bond offerings finance essential infrastructure and other projects for state and local governments. To enhance your understanding of the municipal securities market, the MSRB Podcast delivers information from a principal regulator of dealers and municipal advisors in the municipal securities market, the Municipal Securities Rulemaking Board (MSRB). Whether you want to learn more about MSRB rules or research, municipal market professionals’ regulatory obligations, market structure, transparency or emerging market topics, the MSRB Podcast is for you.

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MSRB Podcast

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