*As written from the FINRA website Executive Summary In light of the increasingly automated market for equity securities and standardized options, and recent advances in trading technology and communications in the fixed income markets, FINRA is issuing this Notice to reiterate the best execution obligations that apply when firms receive, handle, route or execute customer…
Category: Best Execution Standards for Municipal Securities
Best execution requires the use of “reasonable diligence” to identify the best trading venue for customer transactions under prevailing market conditions. BDA has produced a considerations document to assist member firms in updating policies and procedures according to MSRB guidance.
Implementation Guidance on MSRB Rule G-18, on Best Execution
[pdf-embedder url=”https://bondmarket.org/wp-content/uploads/2017/02/MSRB-Best-Ex-Implementation-Guidance.ashx_.pdf”]
BOND DEALERS OF AMERICA 2015 YEAR-IN-REVIEW – REGULATORY & LEGISLATIVE ADVOCACY
BOND DEALERS OF AMERICA 2015 YEAR IN REVIEW FEDERAL REGULATORY & LEGISLATIVE ADVOCACY In early 2015, BDA Board Chair Steve Genyk of Janney Montgomery Scott discussed the BDA’s 2015 municipal market priorities in an interview with the Bond Buyer. Genyk discussed maintaining the tax-exemption for municipal bonds and increasing the annual issuance limit for issuers…
BDA Submits Comment Letter to the SEC in Response to MSRB's Proposed Rule Change on Best Execution of Transactions in Municipal Securities
Today, the BDA submitted a comment letter to the SEC in response to a request for comment regarding MSRB’s proposed rule change on best execution of transactions in municipal securities. You can view our final comment letter here. Specifically, the letter addresses the following: The approach taken by the MSRB is flawed on a technical level since…
MSRB Draft Rule G-18 "Best Execution" Comments Filed
Today BDA filed comments, available [here], on MSRB Notice 2014-02, “Request for Comment on Draft Best- Execution Rule, Including Exception for Transactions with Sophisticated Municipal Market Professionals.” The comments assert: MSRB’s proposed rule should better reflect FINRA Rule 5310 by considering that in instances in which quotations are inaccessible, “reasonable steps” should be employed through the maintenance of appropriate policies and…
BDA Submits Letter to MSRB on "Best Execution" Concept Proposal
A Summary of BDA’s Comment Letter to the MSRB Include: Draw distinctions between the municipal and corporate bond markets and urge the MSRB not to simply cut and paste from FINRA Rule 5310; Recommend that any rule provide for policies and procedures to be put in place rather than being applied on a trade-by-trade basis;…
MSRB Requests Comment on Fair Pricing Proposals Including Best Execution
This morning, the MSRB released requests for comment on two fair pricing proposals, including one to streamline municipal securities dealers’ existing fair pricing obligations and one on whether to require the use of specific procedures designed to promote fair pricing (known as “best execution”). A copy of the press release and links to the concept…