Developments of new instruments, practices and differing fact situations have been and must continue to be shaped to comply with those standards. In addition to the strictures of the antifraud provisions and Rule 15c2-12, and the results of various industry initiatives, disclosure by municipal issuers will be governed by the demands of market participants, particularly in the unfolding universe of electronic communication. As the volume of information available to investors in the corporate securities markets continues to increase and become more readily accessible and expected by retail investors, it is likely that investors in the municipal markets will begin to expect similar levels of information. Institutional investors in municipal securities have already begun to voice their frustrations, particularly regarding secondary trading. Ultimately, the expectations of both institutional and retail purchasers for more information in the municipal market may be met through innovative applications of evolving electronic media.
Investors are free to use their purchasing power to demand more disclosure.
Issuers can be expected to respond in their own self-interest. One area where the municipal securities industry has distinguished itself relative to its other fixed income brethren is in the area of transparency of pricing information. For several years now, last sale information for municipal securities has been available, albeit in many instances on a delayed basis. And the MSRB not only supported this effort, but actively encouraged and helped implement it by posting the data on its website. It is hard to believe, but we find ourselves in the new millennium without comparable transparency for other fixed income products.