The "Volume" column attempts to describe the total volume of a bond. Unfortunately, beginning June 23, 2003 the MSRB has chosen to conceal the exact volume of transactions that are greater than 1 million shares. In their words, it is a necessary step to conceal the identity of the parties conducting the trades. We think it is a step backwards in the struggle for price transparency. Not only would we argue for the exact volume for each transaction, but we think dealer identifiers should be attached to each transaction. The MSRB would prefer to conceal the dealer identity.
A volume marked '+1', means that a trade of greater than $1 million par value occurred, a volume marked '+2' means two trades of greater than 1 million each occurred, etc.