Municipal Division
Latest Updates:
May 2, 2008
Federal Reserve Expands Eligibility for Term Securities Lending Facility (TSLF)
The Federal Open Market Committee authorized an expansion of the collateral that can be pledged in the Federal Reserve's Schedule 2 Term Securities Lending Facility (TSLF) auctions. Primary dealers may now pledge AAA/Aaa-rated asset-backed securities, in addition to already eligible residential- and commercial-mortgage-backed securities and agency collateralized mortgage obligations.
SIFMA and ASF submit letter to Fed regarding SLABS eligibility for TSLF
April 22, 2008
SIFMA Supports Increasing Information Available for Auction Rate Securities
The Securities Industry and Financial Markets Association (SIFMA), in a comment letter filed with the Municipal Securities Rulemaking Board (MSRB), expressed its strong support for the MSRB’s proposal to develop a website which would display information on the results of auctions of auction rate securities.
April 21, 2008
SIFMA Supports the Application of Global Scale Ratings to Municipal Securities
SIFMA filed a comment letter in response to Moody's request for comment on the assignment of global ratings to tax-exempt municipal obligations.
In the letter, SIFMA notes that holders of municipal bonds have had a difficult time assessing the risk of those bonds relative to other fixed income holdings, due to differences in the ratings scales. Noting the need for holders to be able to make risk assessments of fixed income securities on an 'apples-to-apples' basis, SIFMA is a strong supporter of increased ratings transparency and clarity.
April 16, 2008
Municipal Bond Credit Report
This month's report includes "The Municipal Bond Credit Report" and "The Auction Rate Securities Market."
Approximately each month, this publication will feature a selection of articles on the securities industry, securities markets, operational issues and managerial topics of interest to securities and financial services industry senior management, policymakers, academics, and investors among others. Also included is a statistical review of monthly activity in the US primary and secondary capital markets and related economic statistics. Research Reports now includes the Research Quarterly.
April 2, 2008
SIFMA and ASF submit letter to Fed regarding SLABS eligibility for TSLF
March 28, 2008
SIFMA letter to the SEC requesting the SEC to not approve the MSRB Notice mandating NIIDS on June 30, 2008. (pdf) SIFMA supports the implementation of NIIDS, but believes the current schedule is too aggressive for a smooth rollout of a system change of this magnitude.
March 10, 2008
View Notice 2008-27 IRS and Treasury Release Guidance on Reissuance Standards for State and Local Bonds
February 26, 2008
SIFMA Supports MSRB’s EMMA Portal for Secondary Market Disclosure and Read Comment Letter
February 13, 2008
SIFMA Letter submitted to the Treasury Department regarding proposed changes to the reissuance rules for tax-exempt securities
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