MSRB Proposes Additional Mark-up Disclosure

The MSRB solicited comments on draft rule amendments to Rule G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers") to require broker-dealers and municipal dealers to disclose the mark-up or mark-down on retail customer confirmations for specified principal transactions. The proposed amendments would require disclosure on retail customer confirmations of:

• the mark-up for principal transactions when the dealer transacts in a municipal security in a specified trade size on the same side of the market as the customer within two hours of the customer's transaction; and
• a hyperlink and URL address to the Security Details page for the customer's security on Electronic Municipal Market Access, along with a brief description of the type of information available on that page.

The proposed amendments would also require inclusion of all customer confirmations of the time of trade execution with an accuracy to the nearest minute. Comments on the proposed amendments must be submitted by November 20, 2015.