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MunicipalBonds.com Uncovers Same-Day Market Spreads of 50 Points and more
The bid is 50,...and offered at 100.
Attn: Congress, SEC, MSRB, NASD
For three years now, MunicipalBonds.com has been uncovering and publishing
wide and potentially illegal spreads in the Municipal Bond markets.
These are not just spreads of a few basis points or a few (full) points,
we have exposed same day bid/offer market spreads of 50 points and more!
These huge spreads happen on a daily basis.
Below you will see links to our daily Worst Spreads reports, as well as
our end-of-quarter and end-of-year studies.
There has been extensive coverage, and the problem has seen wide public
and private commentary.
(please see our News and Press Releases page)
You, the securities industry oversight
and regulation authorities, forced "price
transparency" on the Muni Markets back in 1994. Only now, in 2003, will
the Muni industry finally release full next-day trade and price reports
(as of June 23, 2003.)
The Municipal Securities Rulemaking Board (MSRB) say they have progressed
the implementaiton of Muni price reporting in "measured steps." It is
unclear who has been doing the measuring, but it should be pointed out
that it took less time for this great Country to go to the Moon than it
has taken for the MSRB and the Muni industry to develop Muni Market trade
and price reporting.
What is clear is that Municipal Bond price transparency exposes unfair and
unreasonable pricing. More reporting will just uncover more problems.
It is time for you to do something about "fair pricing."
Why is it that one investor pays 80 for a bond and another must pay 100?
Similarly, why is it that one investor gets paid 110 for a bond and
another a 95?
These aren't hypothetical scenarios--they happen every day!!
MunicipalBonds.com urges you to remember Municipal Bond investors and help
them achieve fair pricing.
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