MSRB Proposes Rule Change to Modernize Information Facility for SHORT System
Commentary by Steven Lofchie
The MSRB proposed a rule change to improve the information facility for the Short-Term Obligation Rate Transparency ("SHORT") system.
The SHORT system provides an electronic platform for municipal securities dealers to submit data and other information to the MSRB regarding variable rate demand obligations and auction rate securities. The SHORT information facility sets forth the "material aspects of the operation of the SHORT system" and explains the functionality of the SHORT system.
The proposed rule change is intended to contribute to the MSRB's efforts to enhance market transparency by providing more clarity with respect to the operations of the SHORT system.
The proposed rule change would become operative on April 8, 2019.