MSRB Summarizes Executive Budget for Fiscal Year 2019

The MSRB summarized its executive budget for the fiscal year that began on October 1, 2018. According to the MSRB, the annual budget funds all statutory responsibilities of the organization and affiliated expenses.

The MSRB said that in fiscal year 2019:

• the budget projects an operating deficit of $1.7 million and also includes a $2.6 million reduction in certain fees assessed on regulated entities, leading to a total budget deficit of $4.3 million, which will be funded with reserves;

• revenues are budgeted at $36.1 million, which is a reduction of $3.7 million compared to the previous year;

• expenses are budgeted at $40.5 million - the same as the previous year;

• 54 market transparency and IT staff will focus on projects dealing with the effectiveness and resiliency of the MSRB's transparency systems; and

• market regulation staff will be engaged in a "retrospective rule review" that includes examining MSRB rules for their "clarity and outcomes," and implications concerning technology and market changes.