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Municipal Securities Rulemaking Board

Regulatory self-regulatory organization for municipal securities

Overview

The Municipal Securities Rulemaking Board (MSRB) is a self-regulatory organization that oversees the municipal securities market. It writes and enforces rules for participants to keep trades fair, transparent, and to protect investors, issuers, and the public interest while promoting efficiency, competition, and capital formation. It operates as a private entity governed by an independent board with market expertise and is mainly funded through fees paid by regulated entities, not federal appropriations, with oversight by Congress and the Securities and Exchange Commission. Its goal is a well-functioning municipal market where information is trustworthy, money can be raised efficiently for public projects, and capital can flow to funded programs.

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About Municipal Securities Rulemaking Board

Simplify's Rating
Why Municipal Securities Rulemaking Board is rated
B
Rated A on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Government & Public SectorFinancial Services

Company Size

51-200

Company Stage

N/A

Total Funding

N/A

Headquarters

Washington DC, United States

Founded

1975

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What believers are saying

  • MSRB launched EMMA Labs in 2026, accelerating data analytics across municipal trading.
  • MSRB added Tradeweb AAA Municipal Curve to EMMA, deepening hourly pricing coverage.
  • Bo Daniels returned in 2026, strengthening board continuity during retrospective rule reviews.

What critics are saying

  • SEC oversight can override MSRB priorities, limiting strategic independence.
  • Municipal market centralization on EMMA makes a platform outage an existential credibility shock.
  • December 1, 2026 gift-rule compliance burdens bank dealers and municipal advisors immediately.

What makes Municipal Securities Rulemaking Board unique

  • MSRB controls EMMA, the municipal market’s primary free transparency hub.
  • MSRB’s 2026-2030 plan centers on regulatory modernization, market transparency, and public accountability.
  • MSRB harmonizes municipal rules with FINRA, reducing dealer compliance fragmentation.

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Benefits

  • Wellness Program
  • Hybrid Work Options

Company News

Arizent
Sep 26th, 2024
Bo Daniels steps into chair position at MSRB

Bo Daniels steps into chair position at MSRB.

Arizent
Jun 17th, 2024
MSRB adds Tradeweb AAA Municipal Curve to EMMA

The Municipal Securities Rulemaking Board announced Monday the addition of the Tradeweb AAA Municipal Curve to its Electronic Municipal Market Access website, the latest step in the board's years-long effort to centralize more such data on EMMA.

University of Nevada, Reno
Mar 6th, 2024
University of Nevada, Reno's Sean Wilkoff becomes MSRB's new visiting scholar

University of Nevada, Reno's Sean Wilkoff becomes MSRB's new visiting scholar.

FF News
Dec 6th, 2023
Investing Platform Public Expands Fixed Income Offering With The Launch Of Corporate And Treasury Bonds - Fintech Finance

Public, the investing platform that lets members invest in stocks, ETFs, crypto, Treasury bills, and alternative assets, announces it is rolling out access for members to invest fractionally in corporate and Treasury bonds on desktop and mobile in response to the increasing demand from investors for fixed-income products. Public continues to see tremendous growth in its 6-month Treasury bill offering, which is the most popular asset on the platform this year by AUM. Retail investors will have access to an expansive suite of treasury and corporate bonds, where they can sift through an advanced screener tool with thousands of bonds at different rates and maturities and access advanced financial metrics that allow them to evaluate.Bonds have traditionally been more readily available to institutional investors, but recently, with interest rates rising, they have started to become favored by modern retail investors. Nevertheless, they are still difficult to buy, as evidenced by the approximately one percent of retail investors directly owning corporate bonds. Public’s launch of bonds comes with a new layer of context to help inventors understand the lifecycle of these securities, including relevant financial metrics and reference data associated with a bond to ensure investors make educated decisions through an easy-to-use experience.In the last year, Public has seen increased interest from retail investors in Treasury bills and fixed-income ETFs. Based on a recent survey of retail investors, investors are increasingly focused on diversification and diligence, and many of them have made Treasury bills part of their portfolios.“For the last 15 years, the bond markets have been largely irrelevant for retail investors, but after an unprecedented set of rate hikes, retail demand for fixed income products has exploded, and investors are experiencing friction with existing offerings being archaic and having high minimums,” said Jannick Malling, co-CEO and co-founder of Public

PR Newswire
Dec 6th, 2023
Investing Platform Public Expands Fixed Income Offering With The Launch Of Corporate And Treasury Bonds

Bonds have traditionally been more readily available to institutional investors, but recently, with interest rates rising, they have started to become favored by modern retail investors. Nevertheless, they are still difficult to buy, as evidenced by the approximately one percent of retail investors directly owning corporate bonds. Public's launch of bonds comes with a new layer of context to help inventors understand the lifecycle of these securities, including relevant financial metrics and reference data associated with a bond to ensure investors make educated decisions through an easy-to-use experience.In the last year, Public has seen increased interest from retail investors in Treasury bills and fixed-income ETFs. Based on a recent survey of retail investors , investors are increasingly focused on diversification and diligence, and many of them have made Treasury bills part of their portfolios."For the last 15 years, the bond markets have been largely irrelevant for retail investors, but after an unprecedented set of rate hikes, retail demand for fixed income products has exploded, and investors are experiencing friction with existing offerings being archaic and having high minimums," said Jannick Malling, co-CEO and co-founder of Public. "Public pioneered fractionalization for equities, and we always wanted to broaden that feature to more asset-classes. After launching treasury bills earlier this year, we're now doubling down by reimagining the entire user experience of how retail finds, evaluates and invests in the full universe of corporate and treasury bonds.""Historically, direct bond access has been limited to institutions and high-networth investors," said Sam Nofzinger, GM of Brokerage at Public

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