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The MSRB proposed a rule change "to promote the completion of allocations, confirmations, and affirmations by the end of trade date for transactions in municipal securities between brokers, dealers and municipal securities dealers and their institutional customers."

The MSRB adopted amendments to its rules on uniform practice and confirmation, clearance and settlement to "define regular-way settlement for municipal securities transactions as occurring one business day after the trade date" and to align with recent SEC rule amendments to shorten the settlement cycle.