The MSRB issued a request for comments from municipal market stakeholders on a proposal to enhance the public availability of municipal securities trade data on the MSRB's Electronic Municipal Market Access ("EMMA") Web site. Among the proposed new data elements are the following: (i) information about trades in new issues that result from conditional allocations by dealers, (ii) information regarding sale transactions by dealers that have long-term marketing agreements with underwriters, and (iii) information about transactions executed through alternative trading systems. Additionally, the

The MSRB requested the SEC's approval of a proposal to expand the post-trade data displayed on its Electronic Municipal Market Access ("EMMA") Web site. The amendments to MSRB Rule G-14 regarding the Real-Time Transaction Reporting System would require municipal securities dealers to indicate trades that were executed on an alternative trading system and those that involved non-transaction-based compensation arrangements. See: MSRB Rule Filing.

The SEC voted to propose rules requiring alternative trading systems ("ATSs") that trade stocks listed on a national securities exchange ("NMS stocks") to publish detailed information about their operations. ATSs that fall under the requirements would include so-called "dark pools." Disclosures would be made on a new Form ATS-N, on which an ATS that trades NMS stocks would be required to disclose (i) the activities of the broker-dealer that operates the ATS and the broker-dealer's affiliates, and (ii) the manner in which the ATS operates, particularly its trading rules. The SEC's press release

MFA and AIMA expressed support for an SEC proposed amendment that would 1) enhance disclosures regarding the operation of an alternative trading system to address potential conflicts of interest with affiliates and other broker-dealers, and 2) provide written safeguards and procedures for protecting subscribers' confidential trading information.

The SEC adopted technical corrections to a final rule on business conduct standards for security-based swap dealers and major security-based swap participants. The adopted technical corrections were published in the Federal Register.