Commissioner Piwowar on Reforming the Municipal Securities Markets
On August 1st, SEC Commissioner Michael Piwowar discussed areas of the municipal securities markets which he believes are ripe for reform. He addressed the disclosure of markups on riskless principal transactions, noting that a same-day time frame seems workable; the need to develop a best execution standard; and an incremental increase in pre-trade price transparency in the municipal securities market by amending Regulation ATS to mandate the public dissemination of pricing information for certain transactions on significant alternative trading systems. Piwowar also discussed the Municipalities Continuing Disclosures Cooperation Initiative. Piwowar Remarks.