The MSRB analyzed municipal bond market trading activities since the mark-up disclosure rule went into effect. MSRB determined that trading costs and trading patterns were "consistent with historic variation."
In a Swiss Institute Research paper, finance professors found that trading volumes are larger and transaction costs are higher in the "dealer-to-client" trades than "interdealer trades" of the credit default swaps market.
MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.