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Ex-SEC Director Sirri to Lead MSRB Study

April 11, 2011

Erik Sirri, former director of the SEC Division of Trading and Markets, and current Babson professor of finance, will lead the MSRB’s study of the municipal securities market.  The study will examine transaction costs, price dispersion and other issues in the municipal bond market.

Mr. Sirri had previously also served as the SEC’s chief economist, was an assistant professor at the Harvard B-School and served on the boards of securities exchanges, mutual funds and industry associations.   He received a Ph.D. in finance from the UCLA.

MSRB, among other things, promotes municipal market transparency and a fair and efficient market through the broad dissemination of post-trade municipal securities transaction data.  MSRB collects and disseminates to the market, for free, trade price data on an average 40,000 municipal securities transactions each day through its Electronic Municipal Market Access (EMMA) website.

Each year, the MSRB publishes a Fact Book containing analysis of municipal market trade and disclosure data. The MSRB’s 2010 Fact Book is now available.   [MSRB News Release, 4/7/11]