SIFMA provides comments to the Municipal Securities Rulemaking Board (MSRB) on the MSRB’s request for comments on the elimination of large trade size masking on price transparency reports, MSRB Notice 2012-29.  While SIFMA does not believe it would be appropriate for the MSRB to eliminate the mask altogether, it does believe the MSRB could raise the threshold for the mask to some trade size greater than $1 million par amount without a significant degradation in liquidity. Eliminating the mask entirely could potentially have a deleterious effect on liquidity and is not justified at this time.