This lack of market transparency can dilute the protections afforded investors by a competitive market structure. Electronic trading in municipal securities is proliferating, as evidenced by the rise of ATSs. No greater affront can be given to a nation than to put its ambassadors to death, or even to throw them into prison.
The use of technology in these initiatives should bolster post-trade transparency and readily provide retail investors with better pricing and other municipal securities information. Second, investors currently do not know what they are paying their dealers for their services.
Pleased as I am to have completed the report, more work remains to be done—by the Commission and its staff and the MSRB, and I look forward to what I hope will also be a robust dialog with Congress.
In my view, it certainly provides us with an opportunity to take a significant step in the municipal market towards creating transparency in this area. However, the order display and execution access provisions of Reg ATS, which are themselves imperfect and in need of review, do not apply to ATSs that trade municipal securities.
That is, in requiring transparency of trading interest on significant electronic trading networks, regulation can encourage the use of technology to improve market efficiency and promote competition and fairness in the municipal securities market for the benefit of its investors.
And the grace of the Spirit, producing faith and love, and every grace. Grace, that is, the favour of God; and all good, spiritual and temporal, which is from it, is and shall be with all those who thus love our Lord Jesus Christ in sincerity, and with them only.
That system collects and disseminates current interest rates and related information for municipal auction rate securities and variable rate demand obligations. To me, it is vital to enable customers to effectively assess whether market professionals are giving them fair prices and best execution.
Let me briefly paint a picture of the municipal securities market that exists today. Such enhancements could include better search functionalities, analytical tools and research, and additional pricing-related market data. John has been a leader in the area of municipal finance in a distinguished career that will serve him well in his new position, and I am very excited that he has joined our agency.
Technology and Transparency Pre-Trade Transparency As highlighted in the Commission report as well as the GAO report issued this past January regarding the market structure, pricing, and regulation of the municipal securities market, 13 the municipal securities market could benefit from more meaningful price transparency, especially pre-trade price transparency.
By peace, understand all manner of peace; peace with God, peace of conscience, peace among themselves. It is remarkable that he did not ask them to pray that he might be released. Let me take this opportunity to repeat my heartfelt thanks to my fellow Commissioners and all of the Commission staff who labored tirelessly on the report.
And all grace and blessings come to the saints from God, through Jesus Christ our Lord. Speech by SEC Commissioner: Here, once again, I commend the MSRB for its significant first step in improving market transparency by implementing a real-time trade reporting regime.
That is, trading interest is still selectively disclosed, and access to that trading interest is selective. As I ought to speak - Whether in bonds or at large. It can inhibit robust competition among market participants to provide the best prices. Post-Trade Transparency Fortunately, there have been significant improvements in recent years in post-trade price transparency with the help of advanced technology.
It has attributes that are somewhat analogous to the municipal bond market: And given the recent scrutiny into certain benchmarks that are used in the financial industry, the MSRB has recently published educational materials on its Web site to help investors and state and local governments better understand municipal market indices, yield curves, and other benchmarks and the methodologies used to create them.
As we know, change is incremental; but change can precipitate more change.
The report also highlighted three other important areas intended to bolster the duties owed by dealers. Liquidity providers using an ATS can now post available bond inventory and trading interest efficiently. There is something especially touching in this. Inthe Commission approved detailed interpretative guidance by FINRA that provided the framework for dealers in determining prevailing market price for non-municipal debt securities.
Having additional information regarding transactions that allows for greater comparability across the wide variety of municipal securities can provide valuable information to an investor concerning the prices he or she is receiving. The Commission report recommends, among other things, that Congress consider allowing the SEC to set baseline disclosure standards and require municipal issuers to have audited financial statements as appropriate.
Dear Honorable Ambassador, I would like to extend my thanks to you for your excellent speech, marking the 40th anniversary of the historic Weston Hotel. It was truly an honor to have you with us, and your presence made the celebration all the more memorable. A Letter to Madam Ambassador Kennedy In a speech you made immediately after you assumed the post of Ambassador, you quoted a passage from a Japanese classical work.
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