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The US municipal securities market’s self-regulatory organisation seeks efficiency and risk management improvements in securities operations
Journal of Securities Operations & Custody,
9
(1),
71-75
(2017)
Abstract
The evolution in municipal securities transaction, clearing and settlement has brought about significant changes for securities operations professionals. As the self-regulatory organisation for the $3.8 trillion USA municipal securities market, the Municipal Securities Rulemaking Board is supporting the drive toward more efficient operations by updating its uniform practice regulations and addressing rules that facilitate the transition to T+2 in the USA, while at the same time addressing the growing knowledge needs of securities operations professionals.
Keywords: municipal securities; trade reporting; trade settlement; T+2; Interdealer fails; regulatory efficiency
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Author's Biography
Lynnette Kelly is Executive Director of the Municipal Securities Rulemaking Board (MSRB), a self-regulatory organisation whose mission is to protect investors, state and local governments and other municipal entities by promoting a fair and efficient municipal securities market. Prior to joining the MSRB in 2007, Ms Kelly was a managing director and associate general counsel at the Securities Industry and Financial Markets Association. Previously she served as general counsel for the Municipal Assistance Corporation of New York and worked as a public finance lawyer. Ms Kelly graduated from the University of Nebraska and Tulane University School of Law.
Barbara Vouté is Director, Market Practices for the Municipal Securities Rulemaking Board (MSRB) where she advises on the development and creation of industry requirements for MSRB market transparency systems and provides leadership on uniform practice, trading and operational issues. Before joining the MSRB in 2014, Ms Vouté served as vice president and fixed income business unit manager, and earlier operations manager at Raymond James & Associates, Incorproated, where she supported the unit’s operational, regulatory, trading and new business activities. Ms Vouté graduated from Middle Tennessee State University.
