MSRB Deadline Set for September 30

Municipal underwriters take note: September 30, 2008, is the deadline set by the Municipal Securities Rulemaking Board (MSRB) requiring all municipal underwriters to begin disseminating municipal issuance information via the New Issue Information Dissemination Service (NIIDS).

NIIDS, part of DTCC’s new underwriting system, will distribute information on new municipal bond issues in real time to the industry, helping underwriters comply with new regulatory requirements on the prompt reporting of bond trades.
The MSRB deadline follows on the heels of DTCC’s September 2 deadline for all municipal underwriters to begin using the new underwriting system. Called the Underwriting SOURCE (Securities Origination Underwriting & Reliable Corporate Actions Environment), the new system streamlines the process by which underwriters submit new-issue eligibility requests to The Depository Trust Company, a DTCC subsidiary.

“This is a major milestone for both the industry and for DTCC,” said Patrick Kirby, DTCC managing director, Asset Services. “Working with the industry, we’ve automated and streamlined both the way we receive information from municipal underwriters and, in turn, the way we distribute new issue information to industry participants. This undertaking will bring major new efficiencies and straight-through processing benefits right away.” @