Municipal Securities Rulemaking Board

Benchmark tax-exempt yields rose significantly last week. In fact, 10-year tax-exempt yields have matched the yearly high last seen in early November and are more than 85 basis points higher than at the beginning of the year. Once again, higher rates and volatility have led to increased demand, as last week saw the highest weekly trade count all year. To see trade volume statistics, visit the Overall Trade Pattern section under Market Statistics on EMMA. Happy Holidays. https://lnkd.in/gqYjtcfD

Today marks the ninth anniversary of the Achieving a Better Life Experience Act (ABLE). This program provides eligible individuals with disabilities the ability to create tax-free savings and investment accounts, which help them maintain independence and improve quality of life. Learn more about ABLE programs through our investor guide. https://lnkd.in/eCcGU-2s

Last week, tax-exempt benchmark yields rose significantly in response to higher yields in the Treasury market and a significant increase in bid-wanteds in the municipal securities market. The new issue calendar is expected to be quiet over the next few weeks, which could bolster the market since demand from individual investors remains robust. To see current and historic tax-exempt and Treasury yields, visit the Yield Curve section on EMMA. https://lnkd.in/gqYjtcfD

MSRB is requesting comment on possible initiatives to modernize the disclosure duties of broker-dealers in connection with interests in 529 savings plans, ABLE programs and local government investment pools. See the concept proposal for details: https://lnkd.in/eNF-wYMi

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Investor demand for municipal securities shows no signs of slowing down. Last week had the highest trade count this year, with over 372,000 trades. Mutual funds and ETFs continue to see strong positive inflows, and demand from individual investors through SMA and non-SMA accounts remains strong. To find information on trade count and par amount traded, visit the Overall Trade Patterns section under Market Statistics on EMMA. https://lnkd.in/eZEpAtsz

We always want to ensure the information we’re posting on the municipal securities market is clear, timely, informative and helpful. Please take our brief communications survey so we can deliver the information you value and find most relevant. The survey closes on Monday, December 16. https://lnkd.in/geH88Q8H

MSRB is seeking volunteers to join its FY 2025 Compliance Advisory Group and newly created Technology Advisory Group. Monday, Dec. 9, 2024, is the last day to apply! Learn more and apply: https://lnkd.in/efeFwbbm

Yesterday, year-to-date trade count reached a new record surpassing the 13.1 million trades reported in 2023. Trade count has been bolstered by consistently high demand from investors as well as historically high new issue volume. This marks the third consecutive year for record trade count following a record low year in 2021. With 19 trading days left this month, trade count could exceed 14 million for the first time. To see current and historical trade count and par amount traded volumes visit the Overall Trade Patterns section under Market Statistics on EMMA. https://lnkd.in/eZEpAtsz

We always want to ensure the information we’re posting on the municipal securities market is clear, timely, informative and helpful. Please take our brief communications survey so we can deliver the information you value and find most relevant. The survey closes on Monday, December 16. https://lnkd.in/geH88Q8H