Just as there are thousands of different fixed income issues, there are hundreds of committing or positioning desks and thousands of execution desks throughout the country. The dollar volume of fixed income trading easily surpasses that of the stock market on a daily basis. Institutions dominate the fixed income bond business except in the Municipal bond market. Municipal Trading Of all the fixed income securities, Municipals, are probably the most difficult to trade, maintain markets and remain currently appraised. The ability to make conclusive and accurate value judgements about the pricing of many specific issues or groups of issues is also extremely difficult.
Many traders rely on the input of a broker's broker, firms who service the municipal industry.
The Bond Market Association offers an insured revenue bond scale daily on its Internet page. Many of the duties of a municipal trader are very difficult, pressure driven and time consuming functions. Not only must they trade a market, but they must help educate the sales force about the product. They are on the go from the time they get to the desk in the morning till when they leave in the evening. Unlike an exchange that has preset trading hours, the municipal market is never closed.