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Third Quarter 2024 Municipal Securities Market Summary
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MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Analysis of Primary vs. Recently Issued and Competitive vs. Negotiated Municipal Securities Markets
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Analysis of trading and pricing trends in the municipal securities market, comparing the primary market to the recently issued market, and the competitive market to the negotiated market.…

Second Quarter 2024 Municipal Securities Market Summary
Publication date:

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

First Quarter 2024 Municipal Securities Market Summary
Publication date:

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Third Quarter 2023 Municipal Securities Market Summary
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MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

What Has Driven the Surge in Transaction Costs for Municipal Securities Investors Since 2022?
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MSRB research indicates a rise in customer transaction costs for municipal securities since early 2022 likely due to the steep decline in bond prices triggered by rising interest rates and market…

Second Quarter 2023 Municipal Securities Market Summary
Publication date:

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

First Quarter 2023 Municipal Securities Market Summary
Publication date:

MSRB quarterly market summaries discuss key developments in yields, trading volume, new issuance, and mutual fund flows in the municipal bond market.

Inter Dealer Municipal Trading 2022
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Summary information on inter-dealer and ATS trading.

Customer Trading with Alternative Trading Systems
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Analysis of customer transactions with Alternative Trading Systems (ATSs) and overall market comparison.

2022 Mid-Year Market Update
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Read about significant changes in the municipal bond market in the first half of 2022. Details in the MSRB’s latest analysis.

Trends in Municipal Securities Ownership
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Ownership since 2004 reveals a continuous decline in individual investor direct ownership of municipal securities while ownership through funds has steadily risen. Read the report.

Transaction Costs During the COVID-19 Crisis
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A new commentary by MSRB Chief Economist Simon Wu reviews how the COVID-19 pandemic has affected trading costs for investors buying and selling municipal securities.

Characteristics of Municipal Securities Trading on Alternative Trading Systems and Broker’s Broker Platforms
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This paper focuses on the impact of electronic trading technology on the municipal securities market by analyzing inter-dealer trading activity on alternative trading systems (ATSs) and broker’s…

Mark-up Disclosure and Trading in the Municipal Bond Market
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Analysis of trading behavior in the year since the implementation of mark-up disclosure.

Analysis of Municipal Securities Pre-Trade Data from Alternative Trading Systems
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Analysis of pre-trade quote data for municipal securities available to market participants on alternative trading systems (ATSs).

Transaction Costs for Customer Trades in the Municipal Bond Market: What is Driving the Decline?
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MSRB Chief Economist’s analysis of reasons for the steady decline in effective spread.