Last week, the MSRB held its quarterly Board Meeting, covering a broad range of topics, including Pre-Trade Analysis. The Board discussed staff’s analysis of pre-trade data voluntarily provided by ATS’s which notes a significant increase in the amount of responses to RFQ’s and live quotes between 2015 and 2018. The BDA spoke with the MSRB…
Author: Bond Dealers of America
MSRB Chief Market Structure Officer to Temporarily Support Federal Reserve on COVID-19 Response
Today, the MSRB announced that Chief Market Structure Officer John Bagley will temporarily join the Federal Reserve Bank of New York on secondment to lend his deep municipal market expertise to the implementation of the Municipal Liquidity Facility. The press release can be viewed here. MSRB staff in the Market Structure and Data Management and…
Fed Outlines Disclosure Plan for Lending Programs
Plan Follows BDA Recommendations for Transparency The Federal Reserve announced plans to disclose monthly the borrowers, loan amounts and interest rates on funding from new lending programs established this month following passage of the CARES Act. The BDA in its April 14 letter, “urged the Fed to publish a list of all trades conducted by your portfolio manager”…
Politico story: “BDA urges fed to be explicit in explanation of credit risk for smaller governments”
Phone Call Signals Fed Treading Cautiously With Muni Lending
The Washington Weekly: Gridlock Returns to the Hill
Washington Recap: Following the bi-partisan passage of the monumental CARES Act, the month of April began with a bang. What started with talk of a sweeping infrastructure package as “phase 4 stimulus,” that would potentially spotlight many BDA priorities such as the reinstatement of advance refundings, and increase the BQ debt limit, has quickly turned…
Term Sheets for Fed COVID-19 Response Facilities
In response to the COVID-19 pandemic and the passage of the CARES Act, the Federal Reserve has taken unprecedented measures to calm the markets. The BDA continues to take proactive steps to guide the Feds response. All BDA advocacy including direct Fed correspondence can be found here. Please find below links to Term Sheets on all…
BDA Submits Additional Comments to Fed on Municipal Liquidity Facility
Today, following continued discussions with the Muni Exec Committee, the BDAsubmitted comments to the Federal Reserve in response to the announcement of the Municipal Liquidity Facility. The BDA comments follow prior communications with the Federal Reserve and Treasury, and focus on support of the new program, while providing additional recommendations for the Fed as they…
BDA Submits Recommendations to Fed on Secondary Market Corporate Credit Facility (SMCCF)
Today, the BDA submitted a letter to the Federal Reserve in support of the recent creation of the Secondary Market Corporate Credit Facility (SMCCF). In the letter, the BDA states its belief that the SMCCF has the potential to help the corporate bond market return to normal conditions quickly as the corporate bond market is not…
BDA Hosts Call to Discuss Feds Muni Liquidity Facility
This morning, the BDA hosted a conference call with the Muni Exec Committee to discuss the Feds initial outline of the Municipal Liquidity Facility and potential next steps for the BDA. The call served as an overview of what was included in the fact sheet provided by the fed and a discussion of where more…