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.
The SEC approved an MSRB proposal to require the underwriters of (i) college savings plans, and (ii) Achieving a Better Life Experience ("ABLE") programs to report additional data on transactions fees.
A broker-dealer agreed to settle SEC allegations concerning (i) fraudulent overcharges of various securities trading fees and mark-ups and (ii) misleading disclosures regarding trade functionality on a government securities trading platform.