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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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MSRB Proposes Changes To Municipal Securities Fair-Pricing Rules |
By Meena Thiruvengadam, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The Municipal Securities Rulemaking Board is proposing standardizing the way prevailing market prices are set for municipal securities.
The self-regulatory organization, which writes market rules that the Securities and Exchange Commission enforces, wants to bring the methodology for setting prevailing prices in line with guidelines set by the Financial Industry Regulatory Authority.
Dealers currently establish prevailing market prices for securities and either mark them up or down. Mark-ups and mark-downs represent dealer compensation and affect customer prices.
The proposed MSRB guidance would require mark-ups and mark-downs not to exceed a fair and reasonable amount. Also, it would require customer prices to be " reasonably related" to the market value of a security.
"The way they establish prevailing prices has not been fairly prescribed," MSRB Executive Director Lynnette Kelly Hotchkiss said.
The MSRB move is aimed at helping to ensure retail investors, typically heavy investors in the municipal bond market, get fair prices when buying or selling bonds.
"You really have to do what you can to protect those people. It's one of the most important things we can do to help the health of this market" Hotchkiss said. "If retail investors don't think they're getting a fair deal, that could drive up borrowing costs for governments and there could be a ripple effect."
The Securities Industry and Financial Markets Association, however, is speaking out against the proposal. "The existing fair pricing rules for municipal securities are well understood and flexible enough to accommodate rapidly changing market conditions," Leslie Norwood, co-head of municipal securities at SIFMA said.
She said SIFMA is concerned the proposed interpretive guidance could make firms less willing to make markets and hold inventory.
The MSRB is taking comments on its proposal through early June.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629; meena.thiruvengadam@ dowjones.com
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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