Glossary of Municipal Securities Terms

Using the Glossary

Multiple Definitions

On terms which might have several different meanings, depending on the context in which the term is used, the separate definitions have been set off with numerals. The context in which a particular definition is relevant is generally indicated in the text of the definition.

Pronunciation of Acronyms

A number of the terms contained in this Glossary are acronyms. An indication of the way in which the acronym is typically pronounced by industry members is provided as follows:

1. If the acronym forms a pronounceable word (e.g., "A.l.D." in "A.l.D. CALL") but is pronounced by sounding each of the letters, the Glossary entry indicates this by using periods between each of the letters of the acronym.

2. If the acronym does not form a pronounceable word (e.g., "CNS"), it should be pronounced by sounding each of the letters. In these cases the Glossary omits the periods between the letters of the acronym.

3. If the acronym forms a pronounceable word (e.g., "BANs") and is often pronounced by industry members as a word, the Glossary entry indicates this by not using periods between each of the letters of the acronym. Many of these acronyms are also typically pronounced by sounding each of the letters.

References

Many of the definitions in the Glossary contain references to further explanatory material relevant to the term being defined. Cross references to other definitions included in the Glossary are indicated in capital letters. References to material not included in the Glossary (e.g., texts of relevant laws or regulations) are designated by the instruction "Reference."

Abbreviations

Most abbreviations used in the Glossary are defined in the appropriate places. Abbreviations used in the references, however, are as follows:

I.R.C.-Internal Revenue Code
l.R.S. Reg.-Internal Revenue Service Regulation
MSRB-Municipal Securities Rulemaking Board

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