MSRB Sticks with 15-Minute Trade Reporting for Bonds
Published Date: 6/20/2025
Notice
Summary
The Municipal Securities Rulemaking Board (MSRB) wants to keep the current 15-minute rule for reporting municipal securities trades instead of making it faster like they planned before. This change affects brokers, dealers, and anyone who reports these trades, giving them more time to report without penalties. The MSRB also plans to remove some complicated exceptions and update related rules to keep things simple and clear.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Keep 15-Minute Trade Reporting Rule
The MSRB filed on June 10, 2025 to rescind the previously approved one-minute reporting requirement and revert trades in municipal securities to the currently effective 15-minute reporting timeframe. The one-minute rule had been approved by the Commission on September 20, 2024 but has not yet become effective.
Retain 'As Soon As Practicable' Reporting Duty
The MSRB will retain the 2024-Amendments language requiring that trades effected during the RTRS Business Day be reported "as soon as practicable." The MSRB says this retained requirement is intended to encourage faster reporting and increase price transparency without imposing the one-minute deadline.
Estimated Dealer Compliance Costs
The MSRB estimates one-time upfront implementation costs of $6,246 per dealer to revise policies and procedures to address the retained 'as soon as practicable' requirement, and separately estimates training and education costs of $1,179 as part of implementation efforts.
Remove Manual-Trade Exceptions and Flag
The proposed change would delete two intra-day exceptions adopted in the 2024 Amendments — the 'dealer with limited trading activity' exception and the 'trade with a manual component' exception — and would remove the new special condition (manual trade) indicator. Those definitions and paragraphs would be deleted from Rule G-14 RTRS Procedures.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-11291 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To List and Trade Shares of the Truth Social Bitcoin ETF, B.T. Under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares)
NYSE Arca wants to start trading shares of the Truth Social Bitcoin ETF, called B.T., which lets people invest in Bitcoin through a trust. This change affects investors looking for new Bitcoin options on the exchange and could open up fresh ways to trade starting soon after approval. Keep an eye out because this could shake up how Bitcoin ETFs are bought and sold!
Next: 2025-11293 — Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fees for Nasdaq 100 Index Options in Options 7, Section 5.A
Starting now, Nasdaq ISE is adding a $1.50 fee for certain traders who take liquidity when trading Nasdaq 100 Index options. This change mainly affects Non-Priority Customers, while Priority Customers keep their current lower fees. The goal? To encourage smarter trading and keep the market balanced, with the new fees kicking in immediately.