On September 28th, the SEC approved the Municipal Securities Rulemaking Board's proposal to accelerate the settlement of syndicate accounts and secondary market trading accounts, and the payment of designations, by shortening certain time periods within the rules. The changes are designed to reduce the exposure of syndicate and secondary market trading account members to the risk of potential deterioration in the credit of the syndicate or account manager during the pendency of account settlements. SEC Release No. 34-60725.