SIFMA Pamphlet on the Role of a Municipal Securities Broker’s Broker (with Lofchie Comment)

SIFMA published a pamphlet explaining the role of a municipal securities broker's broker ("MSBB") and the purpose of MSRB Rule G-43 ("Broker's Broker"). The pamphlet explains why market participants deal with or through MSBBs. According to the pamphlet, the principal reasons are that:

(i) dealers are seeking liquidity on behalf of themselves or their customers; (ii) dealers are seeking to distribute a new issue or adjust an inventory position; and (iii) dealers, market professionals and institutions desire direct access to the bid-wanted market.

Lofchie Comment: I am really looking forward to the SIFMA pamphlet that explains the role of lawyers.

Click here to view letter in full (links externally to SIFMA website).