2015 FACT BOOK · PAGE 3 MUNICIPAL SECURITIES RULEMAKING BOARD 2015 FACT BOOK About the MSRB Fact...

2015 FACT BOOK

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MUNICIPAL SECURIT IES RULEMAKING BOARD 2015 FAC T BOOK

About the MSRB Fact Book

The Municipal Securities Rulemaking Board’s (MSRB) annual Fact Book provides comprehensive and historical statistics on municipal market trading patterns, continuing and primary market disclosure in the municipal securities market, and interest rate resets for municipal variable rate securities. Data in the Fact Book are based on information submitted to the MSRB by municipal securities dealers, issuers and those acting on their behalf. In 2015, data collected by the MSRB show an increase of 4 percent in the number of trades while the par amount traded decreased nearly 13 percent over the previous year. Submissions of continuing disclosures decreased 6 percent in 2015 and approximately 14,000 primary market documents and 540,000 interest rate resets were also reported in 2015.

The MSRB’s annual Fact Book provides municipal market participants, policymakers, regulators, academics and others with historical statistics that can be further analyzed to identify market trends and activity over the last several years. The MSRB also publishes quarterly updates to the Fact Book on its website, at msrb.org. All of the MSRB’s statistical reports support the MSRB’s ongoing effort to educate the general public and market participants about the municipal market. The statistics also assist the MSRB’s regulatory activities.

The 2015 Fact Book includes monthly, quarterly and yearly aggregate market information from 2011 to 2015, and covers different types of municipal issues, trades and rate resets. Information about nearly every trade reported to the MSRB by municipal securities dealers since 2011 is included.1 The data reflect aggregate trading activity at the end of each trading day as submitted to the MSRB’s Real-Time Transaction Reporting System (RTRS). The MSRB obtains some information on the characteristics of securities traded from Standard & Poor’s Financial Services LLC and CUSIP databases furnished by CUSIP Global Services.2

NEW FOR THE 2015 FACT BOOK

In 2015, the MSRB conducted a comprehensive review of the Fact Book to assess its usability and relevance. Internal analysis, user feedback and responses from an electronic survey suggested certain modifications to the Fact Book to better align the data with market practices. Most of the historical trade data is now separated into two distinct sections: fixed rate and variable rate securities. Additionally, summary tables at the beginning of the new fixed and variable rate sections provide users with easy access to overall trends. The MSRB strives to provide useful and relevant data and information in its research reports and believes the changes to the 2015 Fact Book have resulted in a more streamlined and user-friendly report. Additional feedback should be directed to Marcelo Vieira at [email protected].

Definitions for terminology used in the report can be found in the Definition of Terms Used section at the end of the Fact Book. For more information on trading, variable rate resets, continuing disclosures and official statements, please visit the MSRB’s Electronic Municipal Market Access (EMMA®) website at emma.msrb.org.

1As described in a Rule G-14 interpretive notice from January 2, 2008 (Reporting of Transactions in Certain Special Trading Situations), some transactions are sub-ject to special conditions indicating that they are not a typical arms-length transaction and possibly a misleading indicator of the market value of a security. These transactions may be excluded from MSRB’s transparency products, including data disseminated through EMMA, but may be included in this report.

2CUSIP numbers and certain related descriptive information are copyrighted by the American Bankers Association (ABA) and are used with permission from the CUSIP Global Services managed on behalf of the ABA by Standard & Poor’s. © 2016 ABA. See EMMA’s Terms and Conditions of Use for a description of proprie-tary rights in and restrictions on use of such data. “CUSIP” is a registered trademark of ABA.

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WHY THE MSRB COLLECTS TRADE DATA AND DISCLOSURE DOCUMENTS

The MSRB Transaction Reporting Program serves two major functions in the municipal securities market—price transparency and market surveillance. The implementation of RTRS in January 2005 created “real-time” transaction price transparency. Although the most visible part of the MSRB’s transaction reporting program is the transparency function, an equally important function is the information and support the program provides to enforcement agencies charged with enforcing MSRB rules.

MSRB rules, specifically Rule G-14, require dealers to submit to the MSRB transaction data on all municipal securities trades with customers and with other dealers within 15 minutes of the time of trade, with limited exceptions. Transaction prices are electronically disseminated immediately after transaction data is received by the MSRB and automated error checking is completed. This system effectively provides “real-time” reporting of transaction prices in the municipal securities market.

The RTRS feed disseminates transaction data to information vendors and to the MSRB’s EMMA website, in real-time, as transactions are reported by dealers. The EMMA website receives and disseminates RTRS data in real-time and allows a user to search historical trade data. RTRS also has a number of subscribers to its information products, including several that redisseminate the data in real-time on other platforms.

The EMMA website also provides, at no charge, real-time access to primary market and continuing disclosure documents, as well as documents related to variable rate security liquidity provisions and auction procedures. EMMA’s database contains primary market documents including official statements and advanced refunding documents since 1990. EMMA’s database also contains continuing disclosure documents produced in connection with municipal securities since July 1, 2009, based on EMMA’s designation by the Securities and Exchange Commission as the official repository for continuing disclosure on that date.

The compilation of data in this Fact Book represents what the MSRB believes to be an accurate and meaningful presentation of municipal market information. An electronic version of the Fact Book is available on the MSRB’s website and on EMMA.

ABOUT THE MSRB

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its EMMA website, the official repository for information on all municipal bonds.

The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.

ABOUT EMMA®

The MSRB’s EMMA website, at emma.msrb.org, is the official online repository for information on virtually all municipal securities. EMMA provides free public access to official disclosures, trade data, credit ratings and other information about the municipal securities market. The EMMA website was established to increase transparency and provide access to vital disclosure and information in the municipal securities market.

EMMA houses municipal disclosure documents including offering documents, called official statements, for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities issued since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish escrows to pay off existing bonds (usually to refinance their debt at a lower interest rate). Ongoing disclosures about municipal bonds throughout the life of the bonds also are

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available on EMMA. These continuing disclosures, which include annual financial statements and notices of material events, reflect the financial or operating condition of the issuer and events that can affect the ability of an issuer to repay its bonds and the value of the bond, among other things. Current municipal securities credit ratings from Kroll Bond Ratings, Fitch Ratings, Moody’s Investors Service and Standard & Poor’s also are provided on EMMA.

EMMA disseminates market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and variable rate demand obligations, are available on EMMA as well. A market statistics section on EMMA provides a summary of municipal securities transaction activity since 2006. The MSRB’s digital Education Center houses useful information for the public and investors about municipal bonds.

EMMA is a service of the Municipal Securities Rulemaking Board.

The information and data provided in this Fact Book are provided without warranties or representations and on an “as is” basis. The MSRB hereby disclaims all representations and warranties (express or implied), including, but not limited to, warranties of merchantability, non-infringement and fitness for a particular purpose. Neither the MSRB, nor any supplier, shall in any way be liable to any recipient of the information and/or data contained in this Fact Book, regardless of the cause or duration, including, but not limited to, any inaccuracies, errors, omissions or other defects in the information and/or data or for any damages resulting therefrom.

© 2016, Municipal Securities Rulemaking Board

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Contents

PART ONE: Municipal Market Trade Summary, 2011–2015

Total Par Amount Traded . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Total Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

PART TWO: Municipal Market Trade Distribution Trends, 2015

Par Amount Traded by Time of Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Number of Trades by Time of Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Average Daily Trade Size by Time of Day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Average Trading Volume by Day of Week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Par Amount Traded by Months After Sale Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Number of Trades by Months After Sale Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Distribution of Trades by Type After Sale Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Average Trade Size by Months After Sale Date—All trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

PART THREE: Most Actively Traded Municipal Securities, 2015

Top 50 Most Active Securities by Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Top 50 Most Active Securities by Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Top 50 Most Active Fixed Rate Securities by Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Top 50 Most Active Fixed Rate Securities by Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Top 50 Most Active Variable Rate Securities by Par Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Top 50 Most Active Variable Rate Securities by Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Top 50 Most Active Short-Term Securities by Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Top 50 Most Active Short-Term Securities by Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Top 50 Most Active Long-Term Securities by Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

Top 50 Most Active Long-Term Securities by Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

PART FOUR: Dealer Activity and Distribution of Municipal Trades, 2011–2015

Number of MSRB Registered Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Distribution of Customer Trades by Number of Dealers Based on Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Distribution of Customer Trades by Number of Dealers Based on Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

PART FIVE: Overall Municipal Market Trading Activity, 2011–2015

Average Daily Trading Volume by Par Amount, Number of Trades and Number of Unique Securities . . . . . . . . . . . . . . . 34

Daily Trading Volume, 30-Day Trailing Average by Trade Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Average Daily Par Amount by Trade Size by Trade Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Average Daily Number of Trades by Trade Size by Trade Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Average Daily Number of Unique Securities by Trade Size by Trade Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Average Daily Trade Size by Customer Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

PAGE 5Running Head


PART SIX: Municipal Fixed Rate Securities–Par Amount Traded and Number of Trades, 2012–2015

Summary—Average Daily Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Summary—Average Daily Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Source of Repayment and Trade Size—Average Daily Par Amount and Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . 43

Tax Status and Trade Size—Average Daily Par Amount and Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Sector—Average Daily Par Amount and Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Remaining Maturity—Average Daily Par Amount and Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

PART SEVEN: Municipal Variable Rate Securities—Par Amount Traded and Number of Trades, 2012–2015

Summary—Average Daily Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Summary—Average Daily Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Variable Rate Demand Obligations Trade Type and Size—Average Daily Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Variable Rate Demand Obligations Trade Type and Size—Average Daily Number of Trades . . . . . . . . . . . . . . . . . . . . . . . 51

Auction Rate Securities Trade Type and Size—Average Daily Par Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Auction Rate Securities Trade Type and Size —Average Daily Number of Trades . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

PART EIGHT: Yield Distributions, 2014–2015

Average Daily Yields of Tax Exempt Fixed Rate Securities by Customer Trade and Size (from part 6) . . . . . . . . . . . . . . . 55

Daily Yields of Tax Exempt Fixed Rate Securities, 30-Day Trailing Average (from part 6) . . . . . . . . . . . . . . . . . . . . . . . . . . 56

PART NINE: Municipal Market Variable Securities Rate Resets, 2012–2015

Variable Rate Demand Obligations Rate Resets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Variable Rate Demand Obligations Rate Resets by Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

Auction Rate Securities Rate Resets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Auction Rate Securities Rate Resets by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Auction Rate Securities Rate Resets by Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

PART TEN: Municipal Market Disclosures, 2011–2015

Primary Market Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Continuing Disclosure Submissions by Type and State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Annual Continuing Disclosure Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Total Financial Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Financial Disclosures, Audit Financial Statements or CAFR Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Financial Disclosures, Annual Financial Information & Operating Data Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Financial Disclosures, Quarterly/Monthly Financial Information Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Financial Disclosures, Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

Total Event Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Event Disclosures, Bond Call Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Event Disclosures, Rating Change Submissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Event Disclosures, Defeasance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Event Disclosures, Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

PART ELEVEN: Definitions of Terms Used

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

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Part One

Municipal Market Trade Summary, 2011–2015

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Municipal Market Trade Summary

Transaction Summary Total par amount traded in $ millions

2011 2012 2013 2014 2015

Total 3,285,766 3,225,803 3,119,816 2,773,264 2,418,198

By Trade Type

Customer Bought 1,670,951 1,619,769 1,526,057 1,363,373 1,213,056

Customer Sold 1,088,513 975,487 972,901 835,255 635,899

Inter-Dealer 526,302 630,547 620,859 574,636 569,243

By Coupon Type

Fixed Rate 1,614,755 1,677,625 1,748,069 1,545,487 1,616,112

Variable 1,271,220 1,195,640 1,082,656 920,912 539,494

Zero Coupon 134,484 129,023 116,151 144,709 84,855

Other1 265,307 223,515 172,939 162,157 177,737

By Source of Repayment

General Obligation 704,025 731,491 705,142 680,941 672,654

Revenue 2,132,012 2,112,740 2,142,322 1,828,620 1,473,739

Double Barrel 73,570 68,988 60,679 64,735 68,535

Other1 376,159 312,584 211,673 198,969 203,270

By Tax Status

Tax Exempt 2,656,646 2,736,514 2,712,300 2,411,818 2,055,157

Taxable 294,909 272,799 247,209 220,903 236,024

AMT 158,514 127,927 128,256 110,134 92,937

Other1 175,697 88,562 32,051 30,411 34,080

1Includes municipal commercial paper and issues that could not be categorized based on available data.

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Municipal Market Trade Summary

Transaction Summary Total number of trades

2011 2012 2013 2014 2015

Total 10,396,795 9,713,065 10,631,332 8,910,525 9,257,210

By Trade Type

Customer Bought 4,956,486 4,144,746 4,588,114 3,747,662 3,841,980

Customer Sold 2,161,669 2,129,831 2,417,721 1,979,712 1,919,306

Inter-Dealer 3,278,640 3,438,488 3,625,497 3,183,151 3,495,924

By Coupon Type

Fixed Rate 9,680,988 8,998,859 10,017,023 8,355,645 8,788,704

Variable 269,172 220,903 204,361 180,185 128,940

Zero Coupon 426,954 474,255 396,578 363,262 327,683

Other1 19,681 19,048 13,370 11,433 11,883

By Source of Repayment

General Obligation 3,377,669 3,236,288 3,432,445 3,036,096 3,254,387

Revenue 6,667,201 6,154,926 6,843,706 5,549,923 5,663,212

Double Barrel 322,448 301,367 339,341 311,469 326,079

Other1 29,477 20,484 15,840 13,037 13,532

By Tax Status

Tax Exempt 9,209,914 8,669,693 9,588,621 8,065,548 8,459,925

Taxable 755,016 733,332 716,117 619,650 623,484

AMT 415,933 303,228 322,676 222,222 170,643

Other1 15,932 6,812 3,918 3,105 3,158

1Includes municipal commercial paper and issues that could not be categorized based on available data.

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Part Two

Municipal Market Trade Distribution Trends, 2015

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Municipal Market Trade Distribution Trends

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0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

continued >

Average Par Value Average Par Value

Time of Execution ($ Millions) Time of Execution ($ Millions)

7:45 AM 14.2 1:30 PM 252.9 8:00 AM 31.5 1:45 PM 220.9 8:15 AM 80.1 2:00 PM 271.9 8:30 AM 85.7 2:15 PM 231.6 8:45 AM 143.2 2:30 PM 257.0 9:00 AM 214.4 2:45 PM 224.0 9:15 AM 233.6 3:00 PM 239.8 9:30 AM 253.9 3:15 PM 234.8 9:45 AM 274.4 3:30 PM 236.1 10:00 AM 344.0 3:45 PM 207.3 10:15 AM 357.2 4:00 PM 211.5 10:30 AM 377.4 4:15 PM 167.2 10:45 AM 389.9 4:30 PM 145.5 11:00 AM 675.8 4:45 PM 121.4 11:15 AM 410.4 5:00 PM 100.6 11:30 AM 374.8 5:15 PM 53.7 11:45 AM 318.9 5:30 PM 19.1 12:00 PM 359.2 5:45 PM 8.0 12:15 PM 306.2 6:00 PM 6.0 12:30 PM 314.8 6:15 PM 2.1 12:45 PM 253.7 6:30 PM 1.7 1:00 PM 313.3 Other2 11.9 1:15 PM 244.3 Total 9,596.0

1 Eastern time.2 Trades reported after 6:30 p.m. and before 7:30 a.m.

PAGE 11



Number of Trades by Time of Day, 2015 Trades executed within 15 minutes prior to time shown1

6:15

PM

5:30

PM

4:45

PM

4:00

PM

3:15

PM

2:30

PM

1:45

PM

1:00

PM

12:1

5 PM

11:3

0 A

M

10:4

5 A

M

10:0

0 A

M

9:15

AM

8:30

AM

7:45

AM

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

After Hours6:30 PM6:15 PM6:00 PM5:45 PM5:30 PM5:15 PM5:00 PM4:45 PM4:30 PM4:15 PM4:00 PM3:45 PM3:30 PM3:15 PM3:00 PM2:45 PM2:30 PM2:15 PM2:00 PM1:45 PM1:30 PM1:15 PM1:00 PM12:45 PM12:30 PM12:15 PM12:00 PM11:45 AM11:30 AM11:15 AM11:00 AM10:45 AM10:30 AM10:15 AM10:00 AM9:45 AM9:30 AM9:15 AM9:00 AM8:45 AM8:30 AM8:15 AM8:00 AM7:45 AM

Perc

enta

ge o

f Tra

des

Exec

uted

0

20

40

60

80

100

0%

20%

40%

60%

80%

100%

Cum

ulat

ive

Perc

enta

ge o

f Tra

des

Exec

uted

Percentage of Trades Executed Cumulative Percentage of Trades Executed

0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

Time of Day

Distribution of Average Daily Number of Trades, 2015By time of execution 15 minutes prior to time on graph

Afte

r Hou

rs6:

30 P

M6:

15 P

M6:

00 P

M5:

45 P

M5:

30 P

M5:

15 P

M5:

00 P

M4:

45 P

M4:

30 P

M4:

15 P

M4:

00 P

M3:

45 P

M3:

30 P

M3:

15 P

M3:

00 P

M2:

45 P

M2:

30 P

M2:

15 P

M2:

00 P

M1:

45 P

M1:

30 P

M1:

15 P

M1:

00 P

M12

:45

PM12

:30

PM12

:15

PM12

:00

PM11

:45

AM

11:3

0 A

M11

:15

AM

11:0

0 A

M10

:45

AM

10:3

0 A

M10

:15

AM

10:0

0 A

M9:

45 A

M9:

30 A

M9:

15 A

M9:

00 A

M8:

45 A

M8:

30 A

M8:

15 A

M8:

00 A

M7:

45 A

M

continued >

Average Number Average Number

Time of Execution of Trades Time of Execution of Trades

7:45 AM 39 1:30 PM 1,164 8:00 AM 70 1:45 PM 1,171 8:15 AM 237 2:00 PM 1,272 8:30 AM 234 2:15 PM 1,237 8:45 AM 310 2:30 PM 1,274 9:00 AM 380 2:45 PM 1,285 9:15 AM 439 3:00 PM 1,312 9:30 AM 521 3:15 PM 1,316 9:45 AM 633 3:30 PM 1,332 10:00 AM 863 3:45 PM 1,276 10:15 AM 876 4:00 PM 1,256 10:30 AM 952 4:15 PM 1,079 10:45 AM 1,050 4:30 PM 912 11:00 AM 1,313 4:45 PM 753 11:15 AM 1,248 5:00 PM 596 11:30 AM 1,265 5:15 PM 225 11:45 AM 1,252 5:30 PM 132 12:00 PM 1,310 5:45 PM 64 12:15 PM 1,254 6:00 PM 33 12:30 PM 1,214 6:15 PM 24 12:45 PM 1,142 6:30 PM 11 1:00 PM 1,190 Other2 61 1:15 PM 1,158 Total 36,735


PAGE 12



Average Daily Trade Size by Time of Day, 2015 Trades executed within 15 minutes prior to time shown1Average Daily Trade Size by Time of Day, 2015

Trades executed within 15 minutes prior to time shown1

Time of Day

0100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

After Hours6:30 PM6:15 PM6:00 PM5:45 PM5:30 PM5:15 PM5:00 PM4:45 PM4:30 PM4:15 PM4:00 PM3:45 PM3:30 PM3:15 PM3:00 PM2:45 PM2:30 PM2:15 PM2:00 PM1:45 PM1:30 PM1:15 PM1:00 PM12:45 PM12:30 PM12:15 PM12:00 PM11:45 AM11:30 AM11:15 AM11:00 AM10:45 AM10:30 AM10:15 AM10:00 AM9:45 AM9:30 AM9:15 AM9:00 AM8:45 AM8:30 AM8:15 AM8:00 AM7:45 AM

Afte

r Hou

rs6:

30 P

M6:

15 P

M6:

00 P

M5:

45 P

M5:

30 P

M5:

15 P

M5:

00 P

M4:

45 P

M4:

30 P

M4:

15 P

M4:

00 P

M3:

45 P

M3:

30 P

M3:

15 P

M3:

00 P

M2:

45 P

M2:

30 P

M2:

15 P

M2:

00 P

M1:

45 P

M1:

30 P

M1:

15 P

M1:

00 P

M12

:45

PM12

:30

PM12

:15

PM12

:00

PM11

:45

AM

11:3

0 A

M11

:15

AM

11:0

0 A

M10

:45

AM

10:3

0 A

M10

:15

AM

10:0

0 A

M9:

45 A

M9:

30 A

M9:

15 A

M9:

00 A

M8:

45 A

M8:

30 A

M8:

15 A

M8:

00 A

M7:

45 A

M

Ave

rage

Tra

de S

ize

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

$1,000,000

6:15

PM

5:30

PM

4:45

PM

4:00

PM

3:15

PM

2:30

PM

1:45

PM

1:00

PM

12:1

5 PM

11:3

0 A

M

10:4

5 A

M

10:0

0 A

M

9:15

AM

8:30

AM

7:45

AM

continued >

Time of Execution Average Trade Size ($) Time of Execution Average Trade Size ($)

7:45 AM 364,896 1:30 PM 217,184 8:00 AM 450,964 1:45 PM 188,632 8:15 AM 338,471 2:00 PM 213,822 8:30 AM 366,475 2:15 PM 187,266 8:45 AM 461,246 2:30 PM 201,648 9:00 AM 564,841 2:45 PM 174,342 9:15 AM 531,644 3:00 PM 182,796 9:30 AM 487,091 3:15 PM 178,420 9:45 AM 433,461 3:30 PM 177,243 10:00 AM 398,473 3:45 PM 162,493 10:15 AM 407,774 4:00 PM 168,495 10:30 AM 396,568 4:15 PM 154,910 10:45 AM 371,143 4:30 PM 159,561 11:00 AM 514,565 4:45 PM 161,154 11:15 AM 328,898 5:00 PM 168,765 11:30 AM 296,316 5:15 PM 239,093 11:45 AM 254,703 5:30 PM 144,427 12:00 PM 274,138 5:45 PM 125,071 12:15 PM 244,169 6:00 PM 182,625 12:30 PM 259,348 6:15 PM 87,580 12:45 PM 222,259 6:30 PM 160,574 1:00 PM 263,332 Other2 327,592 1:15 PM 210,975 Overall 261,331


PAGE 13



Distribution of Average Business Day Trading Volume, 2015

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000Number of Securities

Number of Trades

Par Amount ($ Millions)

FridayThursdayWednesdayTuesdayMonday FridayThursdayWednesdayTuesdayMonday

Par Amount Number of Trades Number of Unique Securities

Par A

mou

nt ($

Mill

ions

)

Num

ber o

f Tra

des

and

Secu

ritie

s

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Weekday Par Amount ($ Millions) Number of Trades Number of Unique Securities

Monday 6,853.2 34,017 12,402

Tuesday 9,224.6 39,313 13,971

Wednesday 11,174.3 39,286 13,637

Thursday 11,969.1 38,898 13,475

Friday 8,532.2 31,703 11,442

Average Trading Volume by Day of Week, 2015

PAGE 14



0

100000

200000

300000

400000

500000

600000

Number of Trades

>20 Years>234 - 240>228 - 234>222 - 228>216 - 222>210 - 216>204 - 210>198 - 204>192 - 198>186 - 192>180 - 186>174 - 180>168 - 174>162 - 168>156 - 162>150 - 156>144 - 150>138 - 144>132 - 138>126 - 132>120 - 126>114 - 120>108 - 114>102 - 108>096 - 102>090 - 096>084 - 090>078 - 084>072 - 078>066 - 072>060 - 066>054 - 060>048 - 054>042 - 048>036 - 042>030 - 036>024 - 030>018 - 024>012 - 018>006 - 012>003 - 006>001 - 003000 - 001

0

100,000

200,000

300,000

400,000

500,000

600,000

Par A

mou

nt ($

Mill

ions

)

Months After Sale Date

Par Amount Traded by Months After Sale Date1, 2015

>20

Year

s

>228

–234

>216

–222

>204

–210

>192

–198

>180

–186

>168

–174

>156

–162

>144

–150

>132

–138

>120

–126

>108

–114

>096

–102

>084

–090

>072

–078

>060

–066

>048

–054

>036

–042

>024

–030

>012

–018

>003

–006

000–

001

>20

Year

s>2

34 -

240

>228

- 23

4>2

22 -

228

>216

- 22

2>2

10 -

216

>204

- 21

0>1

98 -

204

>192

- 19

8>1

86 -

192

>180

- 18

6>1

74 -

180

>168

- 17

4>1

62 -

168

>156

- 16

2>1

50 -

156

>144

- 15

0>1

38 -

144

>132

- 13

8>1

26 -

132

>120

- 12

6>1

14 -

120

>108

- 11

4>1

02 -

108

>096

- 10

2>0

90 -

096

>084

- 09

0>0

78 -

084

>072

- 07

8>0

66 -

072

>060

- 06

6>0

54 -

060

>048

- 05

4>0

42 -

048

>036

- 04

2>0

30 -

036

>024

- 03

0>0

18 -

024

>012

- 01

8>0

06 -

012

>003

- 00

6>0

01 -

003

000

- 001

Par Amount Traded by Months After Sale Date1, 2015

continued >

Cumulative

Months After Par Amount % of Total Percentage of

Sale Date ($ Millions) Par Par Value

000–001 566,928.0 34.9% 34.9%>001–003 115,886.7 7.1% 42.0%>003–006 80,642.3 5.0% 47.0%>006–012 98,968.9 6.1% 53.1%>012–018 53,050.8 3.3% 56.3%>018–024 39,133.7 2.4% 58.8%>024–030 47,434.8 2.9% 61.7%>030–036 54,444.8 3.4% 65.0%>036–042 51,896.1 3.2% 68.2%>042–048 39,680.7 2.4% 70.7%>048–054 36,271.9 2.2% 72.9%>054–060 46,432.7 2.9% 75.8%>060–066 47,493.3 2.9% 78.7%>066–072 40,171.7 2.5% 81.2%>072–078 30,653.5 1.9% 83.0%>078–084 27,483.6 1.7% 84.7%>084–090 32,803.3 2.0% 86.7%>090–096 42,340.1 2.6% 89.4%>096–102 41,207.8 2.5% 91.9%>102–108 29,292.3 1.8% 93.7%>108–114 26,688.4 1.6% 95.3%>114–120 25,743.4 1.6% 96.9%

Cumulative

Months After Par Amount % of Total Percentage of

Sale Date ($ Millions) Par Par Value

>120–126 11,461.3 0.7% 97.6%>126–132 4,868.0 0.3% 97.9%>132–138 3,535.5 0.2% 98.1%>138–144 4,080.1 0.3% 98.4%>144–150 2,974.3 0.2% 98.6%>150–156 2,800.5 0.2% 98.8%>156–162 2,188.4 0.1% 98.9%>162–168 2,506.4 0.2% 99.0%>168–174 1,115.0 0.1% 99.1%>174–180 508.7 0.0% 99.1%>180–186 623.3 0.0% 99.2%>186–192 713.6 0.0% 99.2%>192–198 1,867.8 0.1% 99.3%>198–204 2,016.8 0.1% 99.5%>204–210 1,201.5 0.1% 99.5%>210–216 1,599.3 0.1% 99.6%>216–222 1,393.1 0.1% 99.7%>222–228 348.7 0.0% 99.7%>228–234 582.2 0.0% 99.8%>234–240 413.3 0.0% 99.8%>20 Years 3,210.4 0.2% 100.0%Total 1,624,656.9 100%

1 Includes only bonds—securities with maturities of two or more years (maturity date less dated date) with fixed or zero interest rate. Excludes $4,477.9 million par amount traded for which the date of sale was not available.

PAGE 15


Municipal Market Trade Distribution TrendsN

umbe

r of T

rade

s

Months After Sale Date

Number of Trades by Month After Sale Date1, 2015

>20

Year

s

>228

–234

>216

–222

>204

–210

>192

–198

>180

–186

>168

–174

>156

–162

>144

–150

>132

–138

>120

–126

>108

–114

>096

–102

>084

–090

>072

–078

>060

–066

>048

–054

>036

–042

>024

–030

>012

–018

>003

–006

000–

001

>20

Year

s>2

34 -

240

>228

- 23

4>2

22 -

228

>216

- 22

2>2

10 -

216

>204

- 21

0>1

98 -

204

>192

- 19

8>1

86 -

192

>180

- 18

6>1

74 -

180

>168

- 17

4>1

62 -

168

>156

- 16

2>1

50 -

156

>144

- 15

0>1

38 -

144

>132

- 13

8>1

26 -

132

>120

- 12

6>1

14 -

120

>108

- 11

4>1

02 -

108

>096

- 10

2>0

90 -

096

>084

- 09

0>0

78 -

084

>072

- 07

8>0

66 -

072

>060

- 06

6>0

54 -

060

>048

- 05

4>0

42 -

048

>036

- 04

2>0

30 -

036

>024

- 03

0>0

18 -

024

>012

- 01

8>0

06 -

012

>003

- 00

6>0

01 -

003

000

- 001

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

Number of Trades

>20 Years>234 - 240>228 - 234>222 - 228>216 - 222>210 - 216>204 - 210>198 - 204>192 - 198>186 - 192>180 - 186>174 - 180>168 - 174>162 - 168>156 - 162>150 - 156>144 - 150>138 - 144>132 - 138>126 - 132>120 - 126>114 - 120>108 - 114>102 - 108>096 - 102>090 - 096>084 - 090>078 - 084>072 - 078>066 - 072>060 - 066>054 - 060>048 - 054>042 - 048>036 - 042>030 - 036>024 - 030>018 - 024>012 - 018>006 - 012>003 - 006>001 - 003000 - 001

0

200,000

400,000

600,000

800,000

1,000,000

1200,000

1,400,000

1,600,000

1,800,000

Number of Trades by Months After Sale Date1, 2015

continued >

Months After

Sale Date

Number of

Trades

% of Total

Trades

Cumulative

Percentage

of Number

of Trades

000–001 1,754,833 19.5% 19.5%>001–003 469,045 5.2% 24.7%>003–006 306,119 3.4% 28.1%>006–012 435,275 4.8% 32.9%>012–018 300,143 3.3% 36.3%>018–024 269,412 3.0% 39.3%>024–030 362,293 4.0% 43.3%>030–036 434,536 4.8% 48.1%>036–042 404,769 4.5% 52.6%>042–048 303,580 3.4% 56.0%>048–054 256,010 2.8% 58.8%>054–060 305,517 3.4% 62.2%>060–066 343,489 3.8% 66.0%>066–072 330,258 3.7% 69.7%>072–078 273,294 3.0% 72.7%>078–084 269,164 3.0% 75.7%>084–090 273,000 3.0% 78.8%>090–096 293,332 3.3% 82.0%>096–102 346,839 3.9% 85.9%>102–108 304,353 3.4% 89.2%>108–114 231,162 2.6% 91.8%>114–120 197,083 2.2% 94.0%

Months After

Sale Date

Number of

Trades

% of Total

Trades

Cumulative

Percentage

of Number

of Trades

>120–126 102,168 1.1% 95.1%>126–132 46,172 0.5% 95.6%>132–138 32,844 0.4% 96.0%>138–144 36,307 0.4% 96.4%>144–150 32,203 0.4% 96.8%>150–156 30,063 0.3% 97.1%>156–162 27,250 0.3% 97.4%>162–168 25,121 0.3% 97.7%>168–174 15,597 0.2% 97.9%>174–180 8,640 0.1% 98.0%>180–186 7,573 0.1% 98.0%>186–192 8,230 0.1% 98.1%>192–198 22,317 0.2% 98.4%>198–204 29,526 0.3% 98.7%>204–210 22,958 0.3% 99.0%>210–216 18,097 0.2% 99.2%>216–222 12,566 0.1% 99.3%>222–228 5,287 0.1% 99.4%>228–234 6,468 0.1% 99.4%>234–240 5,167 0.1% 99.5%>20 Years 45,842 0.5% 100.0%Total 9,003,902 100%

1 Includes only bonds—securities with maturities of two or more years (maturity date less dated date) with fixed or zero interest rate. Excludes 44,620 trades for which the date of sale was not available.

PAGE 16



Distribution of Trades by Type After Sale Date1, 2015

241

251

261

271

281

291

291

301

311

321

331

341

351

3611 11 21 31 41 51 61 71 81 91 101

111

121

131

141

151

161

171

181

191

201

211

221

231

Distribution of Trades by Type After Sale Date1, 2015 (Par Amount)

Distribution of Trades by Type After Sale Date1, 2015 (Number of Trades)

Days After Sale Date

241

251

261

271

281

291

291

301

311

321

331

341

351

3611 11 21 31 41 51 61 71 81 91 101

111

121

131

141

151

161

171

181

191

201

211

221

231

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

0

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Inter-DealerCustomer SoldCustomer Bought


0

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Par Amount

241

251

261

271

281

291

291

301

311

321

331

341

351

3611 11 21 31 41 51 61 71 81 91 101

111

121

131

141

151

161

171

181

191

201

211

221

231

Distribution of Trades by Type After Sale Date1, 2015 (Par Amount)

Distribution of Trades by Type After Sale Date1, 2015 (Number of Trades)


241

251

261

271

281

291

291

301

311

321

331

341

351

3611 11 21 31 41 51 61 71 81 91 101

111

121

131

141

151

161

171

181

191

201

211

221

231

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

0

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0



0

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Number of Trades

1 Excludes transactions for which the date of sale was not available.

PAGE 17



Average Trade Size by Trade Type by Months After Sale Date1, 2015All trades

Ave

rage

Tra

de S

ize

Average Trade Size by Trade Type by Months After Sale Date1, 2015

>20

Year

s

>228

–234

>216

–222

>204

–210

>192

–198

>180

–186

>168

–174

>156

–162

>144

–150

>132

–138

>120

–126

>108

–114

>096

–102

>084

–090

>072

–078

>060

–066

>048

–054

>036

–042

>024

–030

>012

–018

>003

–006

000–

001

>20

Year

s>2

34 -

240

>228

- 23

4>2

22 -

228

>216

- 22

2>2

10 -

216

>204

- 21

0>1

98 -

204

>192

- 19

8>1

86 -

192

>180

- 18

6>1

74 -

180

>168

- 17

4>1

62 -

168

>156

- 16

2>1

50 -

156

>144

- 15

0>1

38 -

144

>132

- 13

8>1

26 -

132

>120

- 12

6>1

14 -

120

>108

- 11

4>1

02 -

108

>096

- 10

2>0

90 -

096

>084

- 09

0>0

78 -

084

>072

- 07

8>0

66 -

072

>060

- 06

6>0

54 -

060

>048

- 05

4>0

42 -

048

>036

- 04

2>0

30 -

036

>024

- 03

0>0

18 -

024

>012

- 01

8>0

06 -

012

>003

- 00

6>0

01 -

003

000

- 001

0

200000

400000

600000

800000

1000000

1200000

1400000

Inter-dealerCustomer SoldCustomer Bought

>20 Years>234-240>228-234>222-228>216-222>210-216>204-210>198-204>192-198>186-192>180-186>174-180>168-174>162-168>156-162>150-156>144-150>138-144>132-138>126-132>120-126>114-120>108-114>102-108>096-102>090-096>084-090>078-084>072-078>066-072>060-066>054-060>048-054>042-048>036-042>030-036>024-030>018-024>012-018>006-012>003-006>001-003A000-001

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


continued >

Months After

Sale Date

Customer

Bought

Customer

Sold Inter-dealer

000–001 372,443 807,243 300,288>001–003 189,627 635,384 273,066>003–006 236,785 548,286 245,033>006–012 251,430 502,744 209,134>012–018 219,048 357,927 148,437>018–024 192,346 293,157 136,461>024–030 154,751 255,107 121,155>030–036 146,020 223,501 112,971>036–042 165,075 231,076 109,230>042–048 201,403 273,070 117,804>048–054 258,900 307,613 133,863>054–060 235,734 280,520 115,416>060–066 188,215 216,249 106,105>066–072 205,556 235,591 106,670>072–078 188,652 223,679 107,691>078–084 242,250 279,346 99,423>084–090 279,960 319,489 98,137>090–096 226,122 264,987 99,082>096–102 168,859 190,825 79,419>102–108 131,450 146,000 85,019>108–114 160,529 172,332 93,289

>114–120 219,643 213,494 100,000

Months After

Sale Date

Customer

Bought

Customer

Sold Inter-dealer

>120–126 274,220 258,980 113,228>126–132 295,502 310,079 79,562>132–138 309,766 338,223 118,910>138–144 266,024 266,062 107,976>144–150 271,597 288,950 91,609>150–156 308,213 315,188 98,487>156–162 238,732 253,800 71,469>162–168 330,499 363,541 82,472>168–174 449,098 486,000 75,130>174–180 549,584 562,743 79,724>180–186 543,753 551,432 135,628>186–192 669,861 806,872 109,270>192–198 235,200 204,947 60,726>198–204 155,880 140,209 54,387>204–210 136,310 140,039 45,456>210–216 184,963 219,346 78,450>216–222 214,316 340,615 93,704>222–228 178,488 190,283 66,791>228–234 236,252 266,092 86,406>234–240 143,378 162,101 87,583>20 Years 231,106 264,863 77,757

1 Excludes transactions for which the date of sale was not available.

PAGE 18


Part Three

Most Actively Traded Municipal Securities, 2015

PAGE 19


Most Actively Traded Municipal Securities

Top 50 Most Active Securities, 2015 By par amount

1 See page 1 for information on CUSIP identifiers.

Par Amount Number of

Rank CUSIP1 Issuer Name Coupon Maturity ($ Millions) Trades

1 74514LE86 PUERTO RICO COMWLTH 8.00 7/1/35 7,480.5 3,437 2 74529JAP0 PUERTO RICO SALES TAX FING CORP SALES TAX REV — 8/1/54 5,485.0 540 3 270777AC9 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV — 8/1/35 3,845.1 324 4 646039VT1 NEW JERSEY ST — 6/28/16 3,800.0 76 5 64972FHH2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/38 3,320.9 150 6 548351AC9 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV — 11/1/38 3,276.4 694 7 64986URA7 NEW YORK ST HSG FIN AGY REV — 11/1/41 2,735.7 55 8 64972FSG2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/25 2,693.3 164 9 575579TJ6 MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV — 7/1/21 2,620.5 43 10 751093FL4 RALEIGH N C CTFS PARTN — 2/1/34 2,577.9 51 11 402207AD6 GULF COAST INDL DEV AUTH TEX REV — 11/1/41 2,504.9 293 12 548351AE5 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV — 5/1/46 2,298.5 354 13 91412GSK2 UNIVERSITY CALIF REVS — 5/15/48 2,268.7 135 14 38122NYJ5 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/40 2,256.4 546 15 60528AAS3 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — 12/1/30 2,234.6 160 16 64966LCJ8 NEW YORK N Y — 8/1/38 2,234.3 209 17 882723QE2 TEXAS ST 1.50 8/31/15 2,233.1 191 18 626207VS0 MUNICIPAL ELEC AUTH GA — 1/1/48 2,206.1 76 19 118217AU2 BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88 6/1/47 2,196.0 1,229 20 533485BB3 LINCOLN CNTY WYO POLLUTN CTL REV — 10/1/44 2,163.1 74 21 047870NE6 ATLANTA GA WTR & WASTEWTR REV 5.00 11/1/40 2,125.2 1,736 22 74926YR37 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 2,086.9 60 23 57586CV69 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV — 12/1/37 2,084.0 133 24 686507DZ4 ORLANDO FLA UTILS COMMN UTIL SYS REV — 10/1/33 2,051.2 96 25 38122NYK2 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/45 1,946.2 456 26 452151LF8 ILLINOIS ST 5.10 6/1/33 1,943.0 3,119 27 649519DA0 NEW YORK LIBERTY DEV CORP LIBERTY REV 5.00 11/15/44 1,911.5 601 28 74926YR78 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 1,900.0 38 29 74926YR52 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 1,900.0 41 30 74529JAQ8 PUERTO RICO SALES TAX FING CORP SALES TAX REV — 8/1/56 1,885.7 263 31 882723TC3 TEXAS ST 5.00 10/1/44 1,868.0 1,626 32 270777AD7 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV — 12/1/40 1,853.1 176 33 130534XX3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV — 11/1/26 1,846.1 292 34 533485BD9 LINCOLN CNTY WYO POLLUTN CTL REV — 10/1/44 1,845.9 109 35 74529JFS9 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/28 1,793.9 106 36 89602N2B9 TRIBOROUGH BRDG & TUNL AUTH N Y REVS — 1/1/32 1,783.4 285 37 60528ABZ6 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — 11/1/35 1,733.5 341 38 64972F4V5 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/44 1,733.2 169 39 130534XA3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV — 11/1/26 1,731.1 314 40 821697L23 SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV — 6/1/42 1,725.8 95 41 64972F2H8 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/44 1,697.6 93 42 38122NPA4 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.75 6/1/47 1,696.8 1,993 43 13063A5G5 CALIFORNIA ST 7.55 4/1/39 1,681.7 2,008 44 546398J66 LOUISIANA PUB FACS AUTH REV — 8/1/50 1,665.6 75 45 74529JFT7 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/29 1,652.5 137 46 71884SAA8 PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV — 11/15/52 1,644.4 61 47 64966KTD5 NEW YORK N Y — 3/1/42 1,632.3 52 48 903592AQ6 UINTA CNTY WYO POLLUTION CTL REV — 8/15/20 1,631.8 250 49 467229AF7 JACKSON CNTY MISS PORT FAC REV — 6/1/23 1,618.8 238

50 59259Y3Q0 METROPOLITAN TRANSN AUTH N Y REV 5.00 11/15/45 1,596.9 2,986

PAGE 20



Top 50 Most Active Securities, 2015 By number of trades




1 646136U66 NEW JERSEY ST TRANSN TR FD AUTH 4.25 6/15/44 541.9 6,741 2 64577BKK9 NEW JERSEY ECONOMIC DEV AUTH REV 4.25 6/15/26 833.4 6,049 3 646136E31 NEW JERSEY ST TRANSN TR FD AUTH 5.00 6/15/42 853.5 5,619 4 74514LB89 PUERTO RICO COMWLTH 5.00 7/1/41 1,209.3 5,506 5 01757LFH4 ALLEN CNTY OHIO HOSP FACS REV 4.00 11/1/44 749.0 4,665 6 64577BCG7 NEW JERSEY ECONOMIC DEV AUTH REV 5.00 6/15/40 457.3 4,498 7 167486PG8 CHICAGO ILL 5.43 1/1/42 555.4 4,065 8 79020FAM8 ST JOHN BAPTIST PARISH LA REV 5.13 6/1/37 472.8 4,060 9 167505PA8 CHICAGO ILL BRD ED 5.00 12/1/41 235.0 3,678 10 167505PL4 CHICAGO ILL BRD ED 5.00 12/1/42 733.7 3,488 11 072024TY8 BAY AREA TOLL AUTH CALIF TOLL BRDG REV 5.00 10/1/54 1,098.0 3,479 12 74514LE86 PUERTO RICO COMWLTH 8.00 7/1/35 7,480.5 3,437 13 167486NN5 CHICAGO ILL 6.03 1/1/42 229.1 3,424 14 745235R37 PUERTO RICO PUB BLDGS AUTH REV GTD 5.25 7/1/42 695.5 3,387 15 745160RC7 PUERTO RICO COMWLTH AQUEDUCT & SWR AUTH REV 5.25 7/1/42 628.8 3,322 16 574218VB6 MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV 4.00 8/15/45 427.2 3,270 17 65821DSP7 NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV 4.00 6/1/45 416.8 3,128 18 452151LF8 ILLINOIS ST 5.10 6/1/33 1,943.0 3,119 19 73043PAB6 POCONO MTNS PA INDL PK AUTH HOSP REV 4.00 8/15/45 294.6 3,008 20 167486MK2 CHICAGO ILL 7.52 1/1/40 274.8 2,989 21 59259Y3Q0 METROPOLITAN TRANSN AUTH N Y REV 5.00 11/15/45 1,596.9 2,986 22 745190DH8 PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV 4.75 7/1/38 126.5 2,926 23 646136J85 NEW JERSEY ST TRANSN TR FD AUTH 5.00 6/15/42 293.5 2,899 24 10741LDK9 BREVARD CNTY FLA HEALTH FACS AUTH HEALTH CARE FACS REV 4.00 4/1/36 325.4 2,835 25 491501ED0 KENTUCKY ST MUN PWR AGY PWR SYS REV 4.00 9/1/39 340.9 2,789 26 353187CS4 FRANKLIN CNTY OHIO HOSP REV 4.13 5/15/45 354.4 2,729 27 167505NG7 CHICAGO ILL BRD ED 6.32 11/1/29 199.4 2,644 28 74514LB63 PUERTO RICO COMWLTH 5.13 7/1/37 345.4 2,581 29 64972HXA5 NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV 4.00 7/15/44 433.0 2,555 30 709224GP8 PENNSYLVANIA ST TPK COMMN TPK REV 4.00 12/1/41 272.4 2,550 31 167505NH5 CHICAGO ILL BRD ED 6.52 12/1/40 176.5 2,542 32 4067922U4 HAMDEN CONN 5.20 8/15/44 299.7 2,542 33 342814DK3 FLORIDA ST MID-BAY BRIDGE AUTH REV 4.00 10/1/40 312.4 2,515 34 52480GCF9 LEHIGH CNTY PA GEN PURP AUTH HOSP REV 4.25 7/1/45 266.7 2,461 35 646136E23 NEW JERSEY ST TRANSN TR FD AUTH 5.25 6/15/36 306.5 2,461 36 546395K94 LOUISIANA PUB FACS AUTH HOSP REV 4.00 7/1/39 290.7 2,392 37 531127AC2 LIBERTY N Y DEV CORP REV 5.25 10/1/35 663.2 2,374 38 74529JHN8 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.00 8/1/42 440.8 2,360 39 944488QK4 WAYNE CNTY MICH 10.00 12/1/40 146.0 2,337 40 837151NP0 SOUTH CAROLINA ST PUB SVC AUTH REV 4.77 12/1/45 373.0 2,310 41 74514LD20 PUERTO RICO COMWLTH 5.00 7/1/35 244.2 2,293 42 414009KD1 HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV 4.00 12/1/45 510.9 2,279 43 70869PJZ1 PENNSYLVANIA ECONOMIC DEV FING AUTH REV 4.13 12/31/38 95.6 2,270 44 167486MM8 CHICAGO ILL 7.78 1/1/35 297.1 2,247 45 64971WUD0 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5.00 2/1/41 1,503.7 2,244 46 70914PXD9 PENNSYLVANIA ST 3.00 3/15/30 189.4 2,205 47 74529JLM5 PUERTO RICO SALES TAX FING CORP SALES TAX REV 5.25 8/1/41 603.2 2,175 48 73358WZJ6 PORT AUTH N Y & N J 4.00 10/15/45 588.3 2,175 49 254764KA0 DISTRICT COLUMBIA HOSP REV 4.00 7/15/40 240.3 2,157

50 74526QKX9 PUERTO RICO ELEC PWR AUTH PWR REV 5.00 7/1/37 225.3 2,153

PAGE 21



Top 50 Most Active Fixed Rate1 Securities, 2015By par amount

1Excludes zero coupon securities. 2See page 1 for information on CUSIP identifiers.



1 74514LE86 PUERTO RICO COMWLTH 8.00 7/1/35 7,480.5 3,437 2 38122NYJ5 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/40 2,256.4 546 3 882723QE2 TEXAS ST 1.50 8/31/15 2,233.1 191 4 118217AU2 BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88 6/1/47 2,196.0 1,229 5 047870NE6 ATLANTA GA WTR & WASTEWTR REV 5.00 11/1/40 2,125.2 1,736 6 38122NYK2 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/45 1,946.2 456 7 452151LF8 ILLINOIS ST 5.10 6/1/33 1,943.0 3,119 8 649519DA0 NEW YORK LIBERTY DEV CORP LIBERTY REV 5.00 11/15/44 1,911.5 601 9 882723TC3 TEXAS ST 5.00 10/1/44 1,868.0 1,626 10 74529JFS9 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/28 1,793.9 106 11 38122NPA4 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.75 6/1/47 1,696.8 1,993 12 13063A5G5 CALIFORNIA ST 7.55 4/1/39 1,681.7 2,008 13 74529JFT7 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/29 1,652.5 137 14 59259Y3Q0 METROPOLITAN TRANSN AUTH N Y REV 5.00 11/15/45 1,596.9 2,986 15 88283KAZ1 TEXAS TRANSN COMMN CENT TEX TPK SYS REV 5.00 8/15/42 1,594.2 557 16 64971WUD0 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5.00 2/1/41 1,503.7 2,244 17 544351KH1 LOS ANGELES CALIF 2.00 6/30/16 1,409.6 40 18 888808DF6 TOBACCO SETTLEMENT FING CORP N J 5.00 6/1/41 1,212.1 1,484 19 74514LB89 PUERTO RICO COMWLTH 5.00 7/1/41 1,209.3 5,506 20 13063A5E0 CALIFORNIA ST 7.50 4/1/34 1,176.5 1,312 21 38122NPB2 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.13 6/1/47 1,168.3 1,186 22 13063CRB8 CALIFORNIA ST 5.00 3/1/45 1,162.8 1,619 23 73358WXQ2 PORT AUTH N Y & N J 4.81 10/15/65 1,127.7 222 24 072024TY8 BAY AREA TOLL AUTH CALIF TOLL BRDG REV 5.00 10/1/54 1,098.0 3,479 25 544657HS1 LOS ANGELES CNTY CALIF 5.00 6/30/16 1,047.5 101 26 649902S95 NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 5.00 3/15/24 1,042.5 188 27 88880LAA1 TOBACCO SETTLEMENT FIN AUTH WEST VA ASSET BACKED 7.47 6/1/47 966.3 369 28 745177FN0 PUERTO RICO COMWLTH GOVT DEV BK 4.38 2/1/19 954.7 590 29 74529JFW0 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/38 923.3 156 30 13066YSX8 CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV 5.00 5/1/22 922.8 737 31 13063CUG3 CALIFORNIA ST 5.00 8/1/45 903.6 1,419 32 66285WPQ3 NORTH TEX TWY AUTH REV 5.00 1/1/40 894.9 1,066 33 745177FK6 PUERTO RICO COMWLTH GOVT DEV BK 4.35 8/1/18 871.5 246 34 13063CQT0 CALIFORNIA ST 5.00 3/1/26 855.1 733 35 646136E31 NEW JERSEY ST TRANSN TR FD AUTH 5.00 6/15/42 853.5 5,619 36 544657HR3 LOS ANGELES CNTY CALIF 1.50 6/30/15 849.1 83 37 91412GC86 UNIVERSITY CALIF REVS 4.77 5/15/15 846.2 303 38 73358WZH0 PORT AUTH N Y & N J 5.00 10/15/41 845.4 697 39 64577BKK9 NEW JERSEY ECONOMIC DEV AUTH REV 4.25 6/15/26 833.4 6,049 40 13063CPR5 CALIFORNIA ST 5.00 8/1/31 805.4 820 41 745235M57 PUERTO RICO PUB BLDGS AUTH REV GTD 5.65 7/1/28 786.4 843 42 79574CBB8 SALT RIV PROJ AGRIC IMPT & PWR DIST ARIZ ELEC SYS REV 5.00 12/1/45 782.6 520 43 745223AA5 PUERTO RICO COMWLTH INFRASTRUCTURE FING AUTH DEDICATED TAX FD

REV8.25 5/1/17 757.7 20

44 01757LFH4 ALLEN CNTY OHIO HOSP FACS REV 4.00 11/1/44 749.0 4,665 45 452152HU8 ILLINOIS ST 5.88 3/1/19 747.1 1,173 46 837151MQ9 SOUTH CAROLINA ST PUB SVC AUTH REV 5.00 12/1/50 743.2 1,142 47 64972HWB4 NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV 5.00 7/15/43 742.3 1,479 48 64972GHJ6 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 5.00 6/15/39 735.4 1,072 49 167505PL4 CHICAGO ILL BRD ED 5.00 12/1/42 733.7 3,488

50 59333PR75 MIAMI-DADE CNTY FLA AVIATION REV 5.00 10/1/38 729.0 176

PAGE 22



Top 50 Most Active Fixed Rate1 Securities, 2015By number of trades

1Excludes zero coupon securities. 2See page 1 for information on CUSIP identifiers.





PAGE 23



Top 50 Most Active Variable Rate Securities, 2015 By par amount


Rank CUSIP1 Issuer Name Maturity ($ Millions) Trades

1 270777AC9 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV 8/1/35 3,845.1 324 2 646039VT1 NEW JERSEY ST 6/28/16 3,800.0 76 3 64972FHH2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/38 3,320.9 150 4 548351AC9 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV 11/1/38 3,276.4 694 5 64986URA7 NEW YORK ST HSG FIN AGY REV 11/1/41 2,735.7 55 6 64972FSG2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/25 2,693.3 164 7 575579TJ6 MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV 7/1/21 2,620.5 43 8 751093FL4 RALEIGH N C CTFS PARTN 2/1/34 2,577.9 51 9 402207AD6 GULF COAST INDL DEV AUTH TEX REV 11/1/41 2,504.9 293 10 548351AE5 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV 5/1/46 2,298.5 354 11 91412GSK2 UNIVERSITY CALIF REVS 5/15/48 2,268.7 135 12 60528AAS3 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV 12/1/30 2,234.6 160 13 64966LCJ8 NEW YORK N Y 8/1/38 2,234.3 209 14 626207VS0 MUNICIPAL ELEC AUTH GA 1/1/48 2,206.1 76 15 533485BB3 LINCOLN CNTY WYO POLLUTN CTL REV 10/1/44 2,163.1 74 16 74926YR37 RBC MUN PRODS INC TR VARIOUS STS 6/28/16 2,086.9 60 17 57586CV69 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 12/1/37 2,084.0 133 18 686507DZ4 ORLANDO FLA UTILS COMMN UTIL SYS REV 10/1/33 2,051.2 96 19 74926YR78 RBC MUN PRODS INC TR VARIOUS STS 6/28/16 1,900.0 38 20 74926YR52 RBC MUN PRODS INC TR VARIOUS STS 6/28/16 1,900.0 41 21 270777AD7 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV 12/1/40 1,853.1 176 22 130534XX3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV 11/1/26 1,846.1 292 23 533485BD9 LINCOLN CNTY WYO POLLUTN CTL REV 10/1/44 1,845.9 109 24 89602N2B9 TRIBOROUGH BRDG & TUNL AUTH N Y REVS 1/1/32 1,783.4 285 25 60528ABZ6 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV 11/1/35 1,733.5 341 26 64972F4V5 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/44 1,733.2 169 27 130534XA3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV 11/1/26 1,731.1 314 28 821697L23 SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV 6/1/42 1,725.8 95 29 64972F2H8 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/44 1,697.6 93 30 546398J66 LOUISIANA PUB FACS AUTH REV 8/1/50 1,665.6 75 31 71884SAA8 PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV 11/15/52 1,644.4 61 32 64966KTD5 NEW YORK N Y 3/1/42 1,632.3 52 33 903592AQ6 UINTA CNTY WYO POLLUTION CTL REV 8/15/20 1,631.8 250 34 467229AF7 JACKSON CNTY MISS PORT FAC REV 6/1/23 1,618.8 238 35 452252GF0 ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV 1/1/31 1,579.4 92 36 64972GEN0 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/50 1,552.7 390 37 60528ABX1 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV 11/1/35 1,532.7 291 38 915137U35 UNIVERSITY TEX UNIV REVS 8/1/39 1,450.1 124 39 64966G4Q2 NEW YORK N Y 4/1/35 1,434.7 129 40 64986URB5 NEW YORK ST HSG FIN AGY REV 11/1/41 1,431.6 45 41 57586CV36 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 8/15/40 1,427.0 93 42 842475F26 SOUTHERN CALIF PUB PWR AUTH PWR PROJ REV 7/1/36 1,415.5 110 43 64972GEK6 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/49 1,403.4 69 44 41315RGV0 HARRIS CNTY TEX HEALTH FACS DEV CORP REV 12/1/12 1,401.0 233 45 864283AF3 SUBLETTE CNTY WYO POLLUTION CTL REV 10/1/44 1,355.6 72 46 130911WD8 CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV 4/1/38 1,353.0 79 47 64972FPK6 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/36 1,344.6 132 48 57586EHU8 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 7/1/27 1,333.4 164 49 452252GD5 ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV 1/1/31 1,331.9 85 50 548351AD7 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV 11/1/51 1,319.2 202


PAGE 24




Rank CUSIP1 Issuer Name Maturity ($ Millions) Trades

1 70917SPV9 PENNSYLVANIA ST HIGHER EDL FACS AUTH REV 10/1/45 219.5 1,721 2 64990BFX6 NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 7/1/41 165.5 1,343 3 64971MLS9 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 11/1/27 355.4 721 4 548351AC9 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV 11/1/38 3,276.4 694 5 64966GMR0 NEW YORK N Y 8/1/26 288.9 638 6 67756DCZ7 OHIO ST HIGHER EDL FAC COMMN REV 12/1/34 52.1 632 7 658203X58 NORTH CAROLINA MUN PWR AGY NO 1 CATAWBA ELEC REV 1/1/32 70.7 631 8 57586CFZ3 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 7/1/40 244.7 609 9 072024TM4 BAY AREA TOLL AUTH CALIF TOLL BRDG REV 4/1/47 280.8 576 10 837151KS7 SOUTH CAROLINA ST PUB SVC AUTH REV 12/1/46 54.0 539 11 2491815X2 DENVER COLO CITY & CNTY ARPT REV 11/15/25 85.9 530 12 130795DK0 CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV 7/1/40 202.7 512 13 682001BY7 OMAHA PUB PWR DIST NEB ELEC REV 2/1/30 26.7 510 14 91412GST3 UNIVERSITY CALIF REVS 5/15/48 142.1 507 15 57585KGP7 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 11/1/49 776.3 505 16 799038MB7 SAN MATEO CNTY CALIF CMNTY COLLEGE DIST 9/1/40 60.0 485 17 2491815Y0 DENVER COLO CITY & CNTY ARPT REV 11/15/25 83.0 476 18 20774LRU1 CONNECTICUT ST HEALTH & EDL FACS AUTH REV 7/1/36 826.9 459 19 594712TZ4 MICHIGAN ST UNIV REVS 8/15/45 40.0 456 20 837151JR1 SOUTH CAROLINA ST PUB SVC AUTH REV 12/1/49 34.7 449 21 57586CZW8 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 7/1/42 256.3 445 22 745235B75 PUERTO RICO PUB BLDGS AUTH REV GTD 7/1/35 82.2 439 23 130795DH7 CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV 7/1/41 176.3 420 24 91514ACD5 UNIVERSITY TEX UNIV REVS 8/15/35 39.3 402 25 64972GEN0 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/50 1,552.7 390 26 64579RBJ5 NEW JERSEY INST TECHNOLOGY 7/1/35 32.3 380 27 646066FA3 NEW JERSEY ST EDL FACS AUTH REV 7/1/45 40.5 376 28 20774YVJ3 CONNECTICUT ST HEALTH & EDL FACS AUTH REV 7/1/45 31.6 373 29 64972GCN2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 6/15/50 890.3 371 30 41315RFU3 HARRIS CNTY TEX HEALTH FACS DEV CORP REV 7/1/31 180.4 369 31 649845FA7 NEW YORK ST ENERGY RESH & DEV AUTH POLLUTN CTL REV 10/1/28 70.2 358 32 41315RFV1 HARRIS CNTY TEX HEALTH FACS DEV CORP REV 7/1/31 140.0 357 33 548351AE5 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV 5/1/46 2,298.5 354 34 87638RDB0 TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC REV 11/15/45 8.6 350 35 677660UP5 OHIO ST WTR DEV AUTH POLLUTION CTL FACS REV 1/1/34 138.9 350 36 606901WS1 MISSOURI ST HEALTH & EDL FACS AUTH EDL FACS REV 3/1/40 458.2 348 37 799038LB8 SAN MATEO CNTY CALIF CMNTY COLLEGE DIST 9/1/38 18.5 345 38 57586CGA7 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 7/1/40 134.1 345 39 64966GMS8 NEW YORK N Y 8/1/26 108.1 344 40 60528ABZ6 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV 11/1/35 1,733.5 341 41 64966GMQ2 NEW YORK N Y 8/1/26 233.8 340 42 592663XH6 METROPOLITAN WTR DIST SOUTHN CALIF WTRWKS REV 7/1/35 400.1 337 43 649660PX9 NEW YORK N Y 8/1/20 584.1 331 44 072024TN2 BAY AREA TOLL AUTH CALIF TOLL BRDG REV 4/1/47 165.1 328 45 928836KZ7 VOLUSIA CNTY FLA EDL FAC AUTH REV 10/15/39 25.1 324 46 270777AC9 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV 8/1/35 3,845.1 324 47 130795DJ3 CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV 7/1/40 127.3 322 48 914455LR9 UNIVERSITY MICH UNIV REVS 4/1/42 865.7 322 49 57586CV44 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV 8/15/34 388.2 317 50 130534XA3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV 11/1/26 1,731.1 314

Top 50 Most Active Variable Rate Securities, 2015By number of trades


PAGE 25



Top 50 Most Active Short-Term1 Securities, 2015 By par amount

1Securities with under two years in remaining maturity.2See page 1 for information on CUSIP identifiers.



1 646039VT1 NEW JERSEY ST — 6/28/16 3,800.0 76 2 882723QE2 TEXAS ST 1.50 8/31/15 2,233.1 191 3 74926YR37 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 2,086.9 60 4 74926YR78 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 1,900.0 38 5 74926YR52 RBC MUN PRODS INC TR VARIOUS STS — 6/28/16 1,900.0 41 6 544351KH1 LOS ANGELES CALIF 2.00 6/30/16 1,409.6 40 7 544657HS1 LOS ANGELES CNTY CALIF 5.00 6/30/16 1,047.5 101 8 544657HR3 LOS ANGELES CNTY CALIF 1.50 6/30/15 849.1 83 9 544351KF5 LOS ANGELES CALIF 1.50 6/25/15 676.7 66 10 68609BNQ6 OREGON ST 2.00 9/15/16 672.0 17 11 451434BV5 IDAHO ST 2.00 6/30/16 568.5 15 12 467222CG8 JACKSON CNTY MISS POLLUTN CTL REV — 12/1/16 561.5 68 13 59447TEB5 MICHIGAN FIN AUTH REV 5.75 8/22/16 521.2 13 14 452152HR5 ILLINOIS ST 4.96 3/1/16 498.4 333 15 13063CLC2 CALIFORNIA ST 1.50 6/22/15 472.5 50 16 745177EX9 PUERTO RICO COMWLTH GOVT DEV BK 4.70 5/1/16 471.6 361 17 745188AA0 PUERTO RICO COMWLTH HWY & TRANSN AUTH SPL REV 11.60 9/1/15 455.3 10 18 86476PRQ3 SUFFOLK CNTY N Y 2.00 7/27/16 420.5 68 19 34074GDF8 FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV 1.30 7/1/16 408.2 345 20 13063CTW0 CALIFORNIA ST 2.00 8/1/16 400.0 10 21 57582RFB7 MASSACHUSETTS ST 2.00 4/27/16 400.0 7 22 57582RFC5 MASSACHUSETTS ST 2.00 6/22/16 400.0 13 23 57582RFD3 MASSACHUSETTS ST 2.00 5/25/16 400.0 12 24 576000PZ0 MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV 1.00 7/16/15 400.0 4 25 196729BY2 COLORADO ST GEN FD REV 1.75 6/28/16 390.0 6 26 57582P7H7 MASSACHUSETTS ST 1.50 6/25/15 383.0 13 27 13063BN73 CALIFORNIA ST — 2/1/16 379.7 132 28 59259Y5P0 METROPOLITAN TRANSN AUTH N Y REV 0.50 3/1/16 372.0 9 29 451434BU7 IDAHO ST 2.00 6/30/15 369.7 16 30 64990ACU7 NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED DEBT 2.00 3/15/16 361.3 10 31 64990ADH5 NEW YORK ST DORM AUTH SALES TAX REV ST SUPPORTED DEBT 5.00 3/15/17 359.9 87 32 13033W3K7 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV — 12/1/16 353.5 79 33 34074GDD3 FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV 5.00 7/1/15 321.7 178 34 25476FPW2 DISTRICT COLUMBIA 1.50 9/30/15 314.0 8 35 59333RFA7 MIAMI-DADE CNTY FLA SCH DIST 1.00 2/25/16 305.0 1 36 7973552R4 SAN DIEGO CALIF UNI SCH DIST — 7/1/16 299.5 27 37 8827562F5 TEXAS ST PUB FIN AUTH REV 5.00 7/1/16 287.5 108 38 68428LDJ0 ORANGE CNTY CALIF PENSION OBLIG — 5/2/16 284.3 49 39 59260MNW8 METROPOLITAN TRANSN AUTH N Y TRANSN REV IAM COML PAPER 3/A2 SER

CP-2 SUBSER B BANS— 4/9/15 280.8 12

40 59260MPG1 METROPOLITAN TRANSN AUTH N Y TRANSN REV IAM COML PAPER 3/A2 SER CP-2 SUBSER B BANS

— 7/8/15 280.8 10

41 59260MPQ9 METROPOLITAN TRANSN AUTH N Y TRANSN REV IAM COML PAPER 3/A2 SER CP-2 SUBSER B BANS

— 9/10/15 280.8 8

42 672240TE8 OAKLAND CALIF 1.00 6/30/16 278.7 63 43 74926YTA9 RBC MUN PRODS INC TR VARIOUS STS — 9/1/16 275.6 16 44 57582P7F1 MASSACHUSETTS ST 1.50 4/23/15 270.4 6 45 41386R2E7 HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV IAM COML PAPER 3/A2

SER C-1— 11/4/15 270.0 7

46 96724PAR8 WICHITA KANS ARPT FACS REV — 4/1/15 269.1 17 47 18085PPP3 CLARK CNTY NEV ARPT REV 2.50 7/1/15 266.7 26 48 74926YS51 RBC MUN PRODS INC TR VARIOUS STS — 1/9/17 266.5 6 49 74926YS36 RBC MUN PRODS INC TR VARIOUS STS — 1/9/17 266.5 10

50 34074GDE1 FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV 5.00 7/1/16 259.6 387

PAGE 26



Top 50 Most Active Short-Term1 Securities, 2015By number of trades

1Securities with under two years in remaining maturity. 2See page 1 for information on CUSIP identifiers.



1 745145YQ9 PUERTO RICO COMWLTH 5.50 7/1/16 26.2 717 2 13063A5D2 CALIFORNIA ST 5.95 4/1/16 181.7 606 3 74514LTJ6 PUERTO RICO COMWLTH 5.00 7/1/16 20.7 560 4 71781LBL2 PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG — 4/15/16 22.1 517 5 13066YQA0 CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV 5.00 5/1/16 91.3 511 6 745145UZ3 PUERTO RICO COMWLTH 5.50 7/1/16 29.2 467 7 71781LBJ7 PHILADELPHIA PA AUTH FOR INDL DEV PENSION FDG — 4/15/17 14.5 463 8 745220FF5 PUERTO RICO COMWLTH INFRASTRUCTURE FING AUTH SPL TAX REV 5.50 7/1/16 16.9 459 9 745145YU0 PUERTO RICO COMWLTH 5.50 7/1/17 60.1 454 10 6459186N8 NEW JERSEY ECONOMIC DEV AUTH REV 1.10 6/15/16 235.0 453 11 452152HS3 ILLINOIS ST 5.37 3/1/17 252.3 449 12 13066YRL5 CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV 5.00 5/1/16 246.0 434 13 745145ZH8 PUERTO RICO COMWLTH 5.50 7/1/16 33.8 428 14 13066YQH5 CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV 5.00 5/1/17 86.8 409 15 74529JNC5 PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.00 8/1/16 25.8 405 16 34074GDE1 FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV 5.00 7/1/16 259.6 387 17 745277RZ8 PUERTO RICO MUN FIN AGY 5.00 8/1/16 21.8 384 18 276509BU9 EASTERN ILL UNIV CTFS PARTN 5.00 4/1/17 9.8 367 19 745177EG6 PUERTO RICO COMWLTH GOVT DEV BK 4.75 12/1/15 214.9 362 20 13066YRC5 CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV 4.00 5/1/16 69.0 362 21 745177EX9 PUERTO RICO COMWLTH GOVT DEV BK 4.70 5/1/16 471.6 361 22 796825AX5 SAN BERNARDINO CNTY CALIF FING AUTH PENSION OBLIG REV — 8/1/16 18.6 355 23 017292WD1 ALLEGHENY CNTY PA INDL DEV AUTH REV 5.50 11/1/16 39.5 349 24 167501UY9 CHICAGO ILL BRD ED — 12/1/16 11.8 349 25 34074GDF8 FLORIDA HURRICANE CATASTROPHE FD FIN CORP REV 1.30 7/1/16 408.2 345 26 745145GM8 PUERTO RICO COMWLTH — 7/1/16 14.4 341 27 745190AT5 PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV — 7/1/16 22.1 339 28 452152HR5 ILLINOIS ST 4.96 3/1/16 498.4 333 29 745145EK4 PUERTO RICO COMWLTH 6.00 7/1/16 11.3 321 30 7452686J6 PUERTO RICO ELEC PWR AUTH PWR REV 5.50 7/1/16 8.6 316 31 548100V37 LOWER COLO RIV AUTH TEX REV 6.00 1/1/17 9.5 309 32 650013S48 NEW YORK ST TWY AUTH HWY & BRDG TR FD 5.00 4/1/16 82.0 300 33 13067JKX8 CALIFORNIA ST ECONOMIC RECOVERY 5.00 7/1/16 45.0 300 34 646135K36 NEW JERSEY ST TRANSN TR FD AUTH 5.50 12/15/15 42.7 297 35 645913AU8 NEW JERSEY ECONOMIC DEV AUTH ST PENSION FDG REV — 2/15/16 153.1 286 36 017292WX7 ALLEGHENY CNTY PA INDL DEV AUTH REV 6.50 5/1/17 38.1 274 37 646136VG3 NEW JERSEY ST TRANSN TR FD AUTH 5.00 12/15/16 56.6 273 38 745268JW3 PUERTO RICO ELEC PWR AUTH PWR REV — 7/1/17 12.4 269 39 167501WQ4 CHICAGO ILL BRD ED — 12/1/15 15.9 264 40 79575DD56 SALT RIVER PROJ ARIZ AGRIC IMPT & PWR DIST ELEC SYS REV 4.00 1/1/16 43.9 264 41 74526QLG5 PUERTO RICO ELEC PWR AUTH PWR REV 5.00 7/1/16 13.9 261 42 97705LKH9 WISCONSIN ST 5.00 5/1/16 20.5 261 43 6461353T8 NEW JERSEY ST TRANSN TR FD AUTH 5.50 12/15/16 54.9 261 44 176553ES0 CITIZENS PPTY INS CORP FLA 5.00 6/1/16 164.1 260 45 276509BT2 EASTERN ILL UNIV CTFS PARTN 4.70 4/1/16 5.6 259 46 7452684V1 PUERTO RICO ELEC PWR AUTH PWR REV 5.38 7/1/16 69.0 254 47 7452686K3 PUERTO RICO ELEC PWR AUTH PWR REV 5.50 7/1/17 17.0 251 48 176553CC7 CITIZENS PPTY INS CORP FLA 5.00 3/1/17 31.2 250 49 13063BFQ0 CALIFORNIA ST 5.75 3/1/17 68.2 248

50 745145VB5 PUERTO RICO COMWLTH 5.50 7/1/17 7.5 244

PAGE 27



Top 50 Most Active Long-Term1 Securities, 2015 By par amount

1Securities with two years or more in remaining maturity.2See page 1 for information on CUSIP identifiers.



1 74514LE86 PUERTO RICO COMWLTH 8.00 7/1/35 7,480.5 3,437 2 74529JAP0 PUERTO RICO SALES TAX FING CORP SALES TAX REV — 8/1/54 5,485.0 540 3 270777AC9 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV — 8/1/35 3,845.1 324 4 64972FHH2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/38 3,320.9 150 5 548351AC9 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV — 11/1/38 3,276.4 694 6 64986URA7 NEW YORK ST HSG FIN AGY REV — 11/1/41 2,735.7 55 7 64972FSG2 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/25 2,693.3 164 8 575579TJ6 MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV — 7/1/21 2,620.5 43 9 751093FL4 RALEIGH N C CTFS PARTN — 2/1/34 2,577.9 51 10 402207AD6 GULF COAST INDL DEV AUTH TEX REV — 11/1/41 2,504.9 293 11 548351AE5 LOWER NECHES VALLEY AUTH TEX INDL DEV CORP REV — 5/1/46 2,298.5 354 12 91412GSK2 UNIVERSITY CALIF REVS — 5/15/48 2,268.7 135 13 38122NYJ5 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/40 2,256.4 546 14 60528AAS3 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — 12/1/30 2,234.6 160 15 64966LCJ8 NEW YORK N Y — 8/1/38 2,234.3 209 16 626207VS0 MUNICIPAL ELEC AUTH GA — 1/1/48 2,206.1 76 17 118217AU2 BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88 6/1/47 2,196.0 1,229 18 533485BB3 LINCOLN CNTY WYO POLLUTN CTL REV — 10/1/44 2,163.1 74 19 047870NE6 ATLANTA GA WTR & WASTEWTR REV 5.00 11/1/40 2,125.2 1,736 20 57586CV69 MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV — 12/1/37 2,084.0 133 21 686507DZ4 ORLANDO FLA UTILS COMMN UTIL SYS REV — 10/1/33 2,051.2 96 22 38122NYK2 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.00 6/1/45 1,946.2 456 23 452151LF8 ILLINOIS ST 5.10 6/1/33 1,943.0 3,119 24 649519DA0 NEW YORK LIBERTY DEV CORP LIBERTY REV 5.00 11/15/44 1,911.5 601 25 74529JAQ8 PUERTO RICO SALES TAX FING CORP SALES TAX REV — 8/1/56 1,885.7 263 26 882723TC3 TEXAS ST 5.00 10/1/44 1,868.0 1,626 27 270777AD7 EAST BATON ROUGE PARISH LA INC INDL DEV BRD REV — 12/1/40 1,853.1 176 28 130534XX3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV — 11/1/26 1,846.1 292 29 533485BD9 LINCOLN CNTY WYO POLLUTN CTL REV — 10/1/44 1,845.9 109 30 74529JFS9 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/28 1,793.9 106 31 89602N2B9 TRIBOROUGH BRDG & TUNL AUTH N Y REVS — 1/1/32 1,783.4 285 32 60528ABZ6 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — 11/1/35 1,733.5 341 33 64972F4V5 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/44 1,733.2 169 34 130534XA3 CALIFORNIA POLLUTN CTL FING AUTH POLLUTN CTL REV — 11/1/26 1,731.1 314 35 821697L23 SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV — 6/1/42 1,725.8 95 36 64972F2H8 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/44 1,697.6 93 37 38122NPA4 GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.75 6/1/47 1,696.8 1,993 38 13063A5G5 CALIFORNIA ST 7.55 4/1/39 1,681.7 2,008 39 546398J66 LOUISIANA PUB FACS AUTH REV — 8/1/50 1,665.6 75 40 74529JFT7 PUERTO RICO SALES TAX FING CORP SALES TAX REV 6.13 8/1/29 1,652.5 137 41 71884SAA8 PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV — 11/15/52 1,644.4 61 42 64966KTD5 NEW YORK N Y — 3/1/42 1,632.3 52 43 903592AQ6 UINTA CNTY WYO POLLUTION CTL REV — 8/15/20 1,631.8 250 44 467229AF7 JACKSON CNTY MISS PORT FAC REV — 6/1/23 1,618.8 238 45 59259Y3Q0 METROPOLITAN TRANSN AUTH N Y REV 5.00 11/15/45 1,596.9 2,986 46 88283KAZ1 TEXAS TRANSN COMMN CENT TEX TPK SYS REV 5.00 8/15/42 1,594.2 557 47 452252GF0 ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV — 1/1/31 1,579.4 92 48 64972GEN0 NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV — 6/15/50 1,552.7 390 49 60528ABX1 MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV — 11/1/35 1,532.7 291

50 64971WUD0 NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV 5.00 2/1/41 1,503.7 2,244

PAGE 28



Top 50 Most Active Long-Term1 Securities, 2015By number of trades

1Securities with two years or more in remaining maturity. 2See page 1 for information on CUSIP identifiers.





PAGE 29


Part Four

Dealer Activity and Distribution of Municipal Trades, 2011–2015

PAGE 30


Dealer Activity and Distribution of Municipal Trades

Number of MSRB Registered DealersNumber of MSRB-Registered Dealers, 2015

0

500

1,000

1,500

2,000

2,500

As of Oct 1, 2015As of Oct 1, 2014As of Oct 1, 2013As of Oct 1, 2012As of Oct 1, 2011As of Oct 1, 2010As of Oct 1, 20090

500

1,000

1,500

2,000

2,500

As of Oct 1, 2015As of Oct 1, 2014As of Oct 1, 2013As of Oct 1, 2012As of Oct 1, 2011As of Oct 1, 2010As of Oct 1, 2009

Number of Registered Dealers % Change from Prior Period1

As of Oct 1, 2009 1967 —

As of Oct 1, 2010 1930 –1.9%

As of Oct 1, 2011 1841 –4.6%

As of Oct 1, 2012 1787 –2.9%

As of Oct 1, 2013 1705 –4.6%

As of Oct 1, 2014 1625 –4.7%

As of Oct 1, 2015 1541 –5.2%

1 A number of factors have impacted the decrease in the number of registered dealers, including the consolidation of broker dealers, mergers and acquisitions, as well as firms exiting the municipal securities business.

PAGE 31



Distribution of Customer Trades by Number of Dealers Par Amount

2011 2012 2013 2014 2015

1–5 Dealers 55% 53% 52% 51% 47%

6–10 Dealers 20% 20% 19% 20% 21%

11–20 Dealers 9% 10% 12% 11% 13%

21–40 Dealers 8% 9% 9% 8% 10%

40+ Dealers 9% 9% 10% 9% 11%

Distribution of Customer Trades By Number of Dealers, 2011–2015

0

10

20

30

40

50

6040+ Dealers

21 - 40 Dealers

11 - 20 Dealers

6 - 10 Dealers

1 - 5 Dealers

A2014A2013A2012A2011A20100%

10%

20%

30%

40%

50%

60%

20152014201320122011

1–5 Dealers 6–10 Dealers 11–20 Dealers 21–40 Dealers 40+ Dealers


0

10

20

30

40

50

6040+ Dealers

21 - 40 Dealers

11 - 20 Dealers

6 - 10 Dealers

1 - 5 Dealers

A2014A2013A2012A2011A20100%

10%

20%

30%

40%

50%

60%

20152014201320122011


PAGE 32



Distribution of Customer Trades by Number of Dealers Number of Trades


0

10

20

30

40

50

6040+ Dealers

21 - 40 Dealers

11 - 20 Dealers

6 - 10 Dealers

1 - 5 Dealers

A2014A2013A2012A2011A20100%

10%

20%

30%

40%

50%

60%

20152014201320122011



0

10

20

30

40

50

6040+ Dealers

21 - 40 Dealers

11 - 20 Dealers

6 - 10 Dealers

1 - 5 Dealers

A2014A2013A2012A2011A20100%

10%

20%

30%

40%

50%

60%

20152014201320122011


2011 2012 2013 2014 2015

1–5 Dealers 47% 44% 42% 39% 38%

6–10 Dealers 12% 13% 13% 14% 15%

11–20 Dealers 11% 12% 13% 14% 15%

21–40 Dealers 10% 11% 11% 11% 12%

40+ Dealers 20% 21% 21% 22% 21%

PAGE 33


Part Five

Overall Municipal Market Trading Activity, 2011–2015

PAGE 34


Overall Municipal Market Trading ActivityPa

r Am

ount

($ M

illio

ns)

Num

ber o

f Tra

des

and

Secu

ritie

s

Average Daily Trading Volume, 2011–2015By par amount, number of trades and number of securities

0

5

10

15

20

25

30

35

Par Amount

15:Q415:Q315:Q215:Q114:Q414:Q314:Q214:Q113:Q413:Q313:Q213:Q112:Q412:Q312:Q212:Q111:Q411:Q311:Q211:Q10

10000

20000

30000

40000

50000

Number of Trades


10000

20000

30000

40000

50000

Number of Securites


0

10,000

20,000

30,000

40,000

50,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Par Amount Number of Unique SecuritiesNumber of Trades

11:Q

4

12:Q

1

12:Q

2

12:Q

3

12:Q

4

13:Q

1

13:Q

2

13:Q

3

13:Q

4

11:Q

3

11:Q

2

11:Q

1

15:Q

4

15:Q

3

15:Q

2

15:Q

1

14:Q

4

14:Q

3

14:Q

2

14:Q

1

Average Daily Trading Volume, 2011–2015 By par amount, number of trades and number of unique securities

Quarter Par Amount ($ Millions) Number of Trades Number of Unique Securities

11:Q1 13,655.5 47,625 17,416

11:Q2 13,027.9 41,036 15,629

11:Q3 13,328.7 38,271 14,452

11:Q4 12,148.1 38,244 13,401

2011 13,038.7 41,252 15,224

12:Q1 12,796.6 39,050 14,722

12:Q2 13,434.0 40,123 14,663

12:Q3 12,623.3 37,748 13,599

12:Q4 12,356.3 37,283 14,279

2012 12,800.8 38, 544 14,314

13:Q1 12,217.3 40,077 15,317

13:Q2 13,097.7 42,471 16,141

13:Q3 12,896.3 45,762 15,708

13:Q4 11,299.3 40,309 14,828

2013 12,380.2 42,188 15,501

14:Q1 11,636.2 39,191 14,157

14:Q2 11,725.2 35,504 13,583

14:Q3 10,481.3 34,156 12,496

14:Q4 10,218.1 32,768 12,238

2014 11,005.0 35,359 13,104

15:Q1 10,139.2 36,788 13,476

15:Q2 11,767.9 40,608 14,116

15:Q3 8,608.7 36,369 12,633

15:Q4 7,927.7 33,238 11,859

2015 9,596.0 36,735 13,011

PAGE 35


Overall Municipal Market Trading Activity

Daily Trading Volume, 2011–2015 30-Day trailing average by trade type

0

2

4

6

8

10

12

14

16

Inter-Dealer

Customer Sold

Customer Bought

12/31/1412/30/1412/29/1412/26/1412/24/1412/23/1412/22/1412/19/1412/18/1412/17/1412/16/1412/15/1412/12/1412/11/1412/10/1412/9/1412/8/1412/5/1412/4/1412/3/1412/2/1412/1/1411/28/1411/26/1411/25/1411/24/1411/21/1411/20/1411/19/1411/18/1411/17/1411/14/1411/13/1411/12/1411/11/1411/10/1411/7/1411/6/1411/5/1411/4/1411/3/1410/31/1410/30/1410/29/1410/28/1410/27/1410/24/1410/23/1410/22/1410/21/1410/20/1410/17/1410/16/1410/15/1410/14/1410/13/1410/10/1410/9/1410/8/1410/7/1410/6/1410/3/1410/2/1410/1/149/30/149/29/149/26/149/25/149/24/149/23/149/22/149/19/149/18/149/17/149/16/149/15/149/12/149/11/149/10/149/9/149/8/149/5/149/4/149/3/149/2/148/29/148/28/148/27/148/26/148/25/148/22/148/21/148/20/148/19/148/18/148/15/148/14/148/13/148/12/148/11/148/8/148/7/148/6/148/5/148/4/148/1/147/31/147/30/147/29/147/28/147/25/147/24/147/23/147/22/147/21/147/18/147/17/147/16/147/15/147/14/147/11/147/10/147/9/147/8/147/7/147/3/147/2/147/1/146/30/146/27/146/26/146/25/146/24/146/23/146/20/146/19/146/18/146/17/146/16/146/13/146/12/146/11/146/10/146/9/146/6/146/5/146/4/146/3/146/2/145/30/145/29/145/28/145/27/145/23/145/22/145/21/145/20/145/19/145/16/145/15/145/14/145/13/145/12/145/9/145/8/145/7/145/6/145/5/145/2/145/1/144/30/144/29/144/28/144/25/144/24/144/23/144/22/144/21/144/17/144/16/144/15/144/14/144/11/144/10/144/9/144/8/144/7/144/4/144/3/144/2/144/1/143/31/143/28/143/27/143/26/143/25/143/24/143/21/143/20/143/19/143/18/143/17/143/14/143/13/143/12/143/11/143/10/143/7/143/6/143/5/143/4/143/3/142/28/142/27/142/26/142/25/142/24/142/21/142/20/142/19/142/18/142/14/142/13/142/12/142/11/142/10/142/7/142/6/142/5/142/4/142/3/141/31/141/30/141/29/141/28/141/27/141/24/141/23/141/22/141/21/141/17/141/16/141/15/141/14/141/13/141/10/141/9/141/8/141/7/141/6/141/3/141/2/1412/31/1312/30/1312/27/1312/26/1312/24/1312/23/1312/20/1312/19/1312/18/1312/17/1312/16/1312/13/1312/12/1312/11/1312/10/1312/9/1312/6/1312/5/1312/4/1312/3/1312/2/1311/29/1311/27/1311/26/1311/25/1311/22/1311/21/1311/20/1311/19/1311/18/1311/15/1311/14/1311/13/1311/12/1311/11/1311/8/1311/7/1311/6/1311/5/1311/4/1311/1/1310/31/1310/30/1310/29/1310/28/1310/25/1310/24/1310/23/1310/22/1310/21/1310/18/1310/17/1310/16/1310/15/1310/14/1310/11/1310/10/1310/9/1310/8/1310/7/1310/4/1310/3/1310/2/1310/1/139/30/139/27/139/26/139/25/139/24/139/23/139/20/139/19/139/18/139/17/139/16/139/13/139/12/139/11/139/10/139/9/139/6/139/5/139/4/139/3/138/30/138/29/138/28/138/27/138/26/138/23/138/22/138/21/138/20/138/19/138/16/138/15/138/14/138/13/138/12/138/9/138/8/138/7/138/6/138/5/138/2/138/1/137/31/137/30/137/29/137/26/137/25/137/24/137/23/137/22/137/19/137/18/137/17/137/16/137/15/137/12/137/11/137/10/137/9/137/8/137/5/137/3/137/2/137/1/136/28/136/27/136/26/136/25/136/24/136/21/136/20/136/19/136/18/136/17/136/14/136/13/136/12/136/11/136/10/136/7/136/6/136/5/136/4/136/3/135/31/135/30/135/29/135/28/135/24/135/23/135/22/135/21/135/20/135/17/135/16/135/15/135/14/135/13/135/10/135/9/135/8/135/7/135/6/135/3/135/2/135/1/134/30/134/29/134/26/134/25/134/24/134/23/134/22/134/19/134/18/134/17/134/16/134/15/134/12/134/11/134/10/134/9/134/8/134/5/134/4/134/3/134/2/134/1/133/28/133/27/133/26/133/25/133/22/133/21/133/20/133/19/133/18/133/15/133/14/133/13/133/12/133/11/133/8/133/7/133/6/133/5/133/4/133/1/132/28/132/27/132/26/132/25/132/22/132/21/132/20/132/19/132/15/132/14/132/13/132/12/132/11/132/8/132/7/132/6/132/5/132/4/132/1/131/31/131/30/131/29/131/28/131/25/131/24/131/23/131/22/131/18/131/17/131/16/131/15/131/14/131/11/131/10/131/9/131/8/131/7/131/4/131/3/131/2/1312/31/1212/28/1212/27/1212/26/1212/24/1212/21/1212/20/1212/19/1212/18/1212/17/1212/14/1212/13/1212/12/1212/11/1212/10/1212/7/1212/6/1212/5/1212/4/1212/3/1211/30/1211/29/1211/28/1211/27/1211/26/1211/23/1211/21/1211/20/1211/19/1211/16/1211/15/1211/14/1211/13/1211/12/1211/9/1211/8/1211/7/1211/6/1211/5/1211/2/1211/1/1210/31/1210/30/1210/29/1210/26/1210/25/1210/24/1210/23/1210/22/1210/19/1210/18/1210/17/1210/16/1210/15/1210/12/1210/11/1210/10/1210/9/1210/8/1210/5/1210/4/1210/3/1210/2/1210/1/129/28/129/27/129/26/129/25/129/24/129/21/129/20/129/19/129/18/129/17/129/14/129/13/129/12/129/11/129/10/129/7/129/6/129/5/129/4/128/31/128/30/128/29/128/28/128/27/128/24/128/23/128/22/128/21/128/20/128/17/128/16/128/15/128/14/128/13/128/10/128/9/128/8/128/7/128/6/128/3/128/2/128/1/127/31/127/30/127/27/127/26/127/25/127/24/127/23/127/20/127/19/127/18/127/17/127/16/127/13/127/12/127/11/127/10/127/9/127/6/127/5/127/3/127/2/126/29/126/28/126/27/126/26/126/25/126/22/126/21/126/20/126/19/126/18/126/15/126/14/126/13/126/12/126/11/126/8/126/7/126/6/126/5/126/4/126/1/125/31/125/30/125/29/125/25/125/24/125/23/125/22/125/21/125/18/125/17/125/16/125/15/125/14/125/11/125/10/125/9/125/8/125/7/125/4/125/3/125/2/125/1/124/30/124/27/124/26/124/25/124/24/124/23/124/20/124/19/124/18/124/17/124/16/124/13/124/12/124/11/124/10/124/9/124/5/124/4/124/3/124/2/123/30/123/29/123/28/123/27/123/26/123/23/123/22/123/21/123/20/123/19/123/16/123/15/123/14/123/13/123/12/123/9/123/8/123/7/123/6/123/5/123/2/123/1/122/29/122/28/122/27/122/24/122/23/122/22/122/21/122/17/122/16/122/15/122/14/122/13/122/10/122/9/122/8/122/7/122/6/122/3/122/2/122/1/121/31/121/30/121/27/121/26/121/25/121/24/121/23/121/20/121/19/121/18/121/17/121/13/121/12/121/11/121/10/121/9/121/6/121/5/121/4/121/3/1212/30/1112/29/1112/28/1112/27/1112/23/1112/22/1112/21/1112/20/1112/19/1112/16/1112/15/1112/14/1112/13/1112/12/1112/9/1112/8/1112/7/1112/6/1112/5/1112/2/1112/1/1111/30/1111/29/1111/28/1111/25/1111/23/1111/22/1111/21/1111/18/1111/17/1111/16/1111/15/1111/14/1111/11/1111/10/1111/9/1111/8/1111/7/1111/4/1111/3/1111/2/1111/1/1110/31/1110/28/1110/27/1110/26/1110/25/1110/24/1110/21/1110/20/1110/19/1110/18/1110/17/1110/14/1110/13/1110/12/1110/11/1110/10/1110/7/1110/6/1110/5/1110/4/1110/3/119/30/119/29/119/28/119/27/119/26/119/23/119/22/119/21/119/20/119/19/119/16/119/15/119/14/119/13/119/12/119/9/119/8/119/7/119/6/119/2/119/1/118/31/118/30/118/29/118/26/118/25/118/24/118/23/118/22/118/19/118/18/118/17/118/16/118/15/118/12/118/11/118/10/118/9/118/8/118/5/118/4/118/3/118/2/118/1/117/29/117/28/117/27/117/26/117/25/117/22/117/21/117/20/117/19/117/18/117/15/117/14/117/13/117/12/117/11/117/8/117/7/117/6/117/5/117/1/116/30/116/29/116/28/116/27/116/24/116/23/116/22/116/21/116/20/116/17/116/16/116/15/116/14/116/13/116/10/116/9/116/8/116/7/116/6/116/3/116/2/116/1/115/31/115/27/115/26/115/25/115/24/115/23/115/20/115/19/115/18/115/17/115/16/115/13/115/12/115/11/115/10/115/9/115/6/115/5/115/4/115/3/115/2/114/29/114/28/114/27/114/26/114/25/114/21/114/20/114/19/114/18/114/15/114/14/114/13/114/12/114/11/114/8/114/7/114/6/114/5/114/4/114/1/113/31/113/30/113/29/113/28/113/25/113/24/113/23/113/22/113/21/113/18/113/17/113/16/113/15/113/14/113/11/113/10/113/9/113/8/113/7/113/4/113/3/113/2/113/1/112/28/112/25/112/24/112/23/112/22/112/18/112/17/112/16/112/15/112/14/112/11/112/10/112/9/112/8/112/7/112/4/112/3/112/2/112/1/111/31/111/28/111/27/111/26/111/25/111/24/111/21/111/20/111/19/111/18/111/14/111/13/111/12/111/11/111/10/111/7/111/6/111/5/111/4/111/3/1112/31/1012/30/1012/29/1012/28/1012/27/1012/23/1012/22/1012/21/1012/20/1012/17/1012/16/1012/15/1012/14/1012/13/1012/10/1012/9/1012/8/1012/7/1012/6/1012/3/1012/2/1012/1/1011/30/1011/29/1011/26/1011/24/1011/23/1011/22/1011/19/1011/18/1011/17/1011/16/1011/15/1011/12/1011/11/1011/10/1011/9/1011/8/1011/5/1011/4/1011/3/1011/2/1011/1/1010/29/1010/28/1010/27/1010/26/1010/25/1010/22/1010/21/1010/20/1010/19/1010/18/1010/15/1010/14/1010/13/1010/12/1010/11/1010/8/1010/7/1010/6/1010/5/1010/4/1010/1/109/30/109/29/109/28/109/27/109/24/109/23/109/22/109/21/109/20/109/17/109/16/109/15/109/14/109/13/109/10/109/9/109/8/109/7/109/3/109/2/109/1/108/31/108/30/108/27/108/26/108/25/108/24/108/23/108/20/108/19/108/18/108/17/108/16/108/13/108/12/108/11/108/10/108/9/108/6/108/5/108/4/108/3/108/2/107/30/107/29/107/28/107/27/107/26/107/23/107/22/107/21/107/20/107/19/107/16/107/15/107/14/107/13/107/12/107/9/107/8/107/7/107/6/107/2/107/1/106/30/106/29/106/28/106/25/106/24/106/23/106/22/106/21/106/18/106/17/106/16/106/15/106/14/106/11/106/10/106/9/106/8/106/7/106/4/106/3/106/2/106/1/105/28/105/27/105/26/105/25/105/24/105/21/105/20/105/19/105/18/105/17/105/14/105/13/105/12/105/11/105/10/105/7/105/6/105/5/105/4/105/3/104/30/104/29/104/28/104/27/104/26/104/23/104/22/104/21/104/20/104/19/104/16/104/15/104/14/104/13/104/12/104/9/104/8/104/7/104/6/104/5/104/1/103/31/103/30/103/29/103/26/103/25/103/24/103/23/103/22/103/19/103/18/103/17/103/16/103/15/103/12/103/11/103/10/103/9/103/8/103/5/103/4/103/3/103/2/103/1/102/26/102/25/102/24/102/23/102/22/102/19/102/18/102/17/102/16/10

Daily Trading Volume, 2011–2015 (Par Amount) 30-day trailing average by trade type

Par A

mou

nt ($

Mill

ions

)

Daily Trading Volume, 2011–2015 (Number of Trades) 30-day trailing average by trade type

Num

ber o

f Tra

des



0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Feb.

15

Apr.

15

Jun.

15

Aug.

15

Oct

. 15

Dec

. 15

Feb.

11

Apr.

11

Jun.

11

Aug.

11

Oct

. 11

Dec

. 11

Feb.

12

Apr.

12

Jun.

12

Aug.

12

Oct

. 12

Dec

. 12

Feb.

13

Apr.

13

Jun.

13

Aug.

13

Oct

. 13

Dec

. 13

Feb.

14

Apr.

14

Jun.

14

Aug.

14

Oct

. 14

Dec

. 14

Feb.

15

Apr.

15

Jun.

15

Aug.

15

Oct

. 15

Dec

. 15

Feb.

11

Apr.

11

Jun.

11

Aug.

11

Oct

. 11

Dec

. 11

Feb.

12

Apr.

12

Jun.

12

Aug.

12

Oct

. 12

Dec

. 12

Feb.

13

Apr.

13

Jun.

13

Aug.

13

Oct

. 13

Dec

. 13

Feb.

14

Apr.

14

Jun.

14

Aug.

14

Oct

. 14

Dec

. 14

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Jan.

06

Mar

. 06

May

. 06

Jul.

06

Sept

. 06

Nov

. 06

Jan.

07

Mar

. 07

May

. 07

Jul.

07

Sept

. 07

Nov

. 07

Jan.

08

Mar

. 08

May

. 08

Jul.

08

Sept

. 08

Nov

. 08

Jan.

09

Mar

. 09

May

. 09

Jul.

09

Sept

. 09

Nov

. 09

Jan.

10

Mar

. 10

May

. 10

Jul.

10

Sept

. 10

Nov

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Jan.

06

Mar

. 06

May

. 06

Jul.

06

Sept

. 06

Nov

. 06

Jan.

07

Mar

. 07

May

. 07

Jul.

07

Sept

. 07

Nov

. 07

Jan.

08

Mar

. 08

May

. 08

Jul.

08

Sept

. 08

Nov

. 08

Jan.

09

Mar

. 09

May

. 09

Jul.

09

Sept

. 09

Nov

. 09

Jan.

10

Mar

. 10

May

. 10

Jul.

10

Sept

. 10

Nov

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

5000

10000

15000

20000

25000

30000

12/31/1412/30/1412/29/1412/26/1412/24/1412/23/1412/22/1412/19/1412/18/1412/17/1412/16/1412/15/1412/12/1412/11/1412/10/1412/9/1412/8/1412/5/1412/4/1412/3/1412/2/1412/1/1411/28/1411/26/1411/25/1411/24/1411/21/1411/20/1411/19/1411/18/1411/17/1411/14/1411/13/1411/12/1411/11/1411/10/1411/7/1411/6/1411/5/1411/4/1411/3/1410/31/1410/30/1410/29/1410/28/1410/27/1410/24/1410/23/1410/22/1410/21/1410/20/1410/17/1410/16/1410/15/1410/14/1410/13/1410/10/1410/9/1410/8/1410/7/1410/6/1410/3/1410/2/1410/1/149/30/149/29/149/26/149/25/149/24/149/23/149/22/149/19/149/18/149/17/149/16/149/15/149/12/149/11/149/10/149/9/149/8/149/5/149/4/149/3/149/2/148/29/148/28/148/27/148/26/148/25/148/22/148/21/148/20/148/19/148/18/148/15/148/14/148/13/148/12/148/11/148/8/148/7/148/6/148/5/148/4/148/1/147/31/147/30/147/29/147/28/147/25/147/24/147/23/147/22/147/21/147/18/147/17/147/16/147/15/147/14/147/11/147/10/147/9/147/8/147/7/147/3/147/2/147/1/146/30/146/27/146/26/146/25/146/24/146/23/146/20/146/19/146/18/146/17/146/16/146/13/146/12/146/11/146/10/146/9/146/6/146/5/146/4/146/3/146/2/145/30/145/29/145/28/145/27/145/23/145/22/145/21/145/20/145/19/145/16/145/15/145/14/145/13/145/12/145/9/145/8/145/7/145/6/145/5/145/2/145/1/144/30/144/29/144/28/144/25/144/24/144/23/144/22/144/21/144/17/144/16/144/15/144/14/144/11/144/10/144/9/144/8/144/7/144/4/144/3/144/2/144/1/143/31/143/28/143/27/143/26/143/25/143/24/143/21/143/20/143/19/143/18/143/17/143/14/143/13/143/12/143/11/143/10/143/7/143/6/143/5/143/4/143/3/142/28/142/27/142/26/142/25/142/24/142/21/142/20/142/19/142/18/142/14/142/13/142/12/142/11/142/10/142/7/142/6/142/5/142/4/142/3/141/31/141/30/141/29/141/28/141/27/141/24/141/23/141/22/141/21/141/17/141/16/141/15/141/14/141/13/141/10/141/9/141/8/141/7/141/6/141/3/141/2/1412/31/1312/30/1312/27/1312/26/1312/24/1312/23/1312/20/1312/19/1312/18/1312/17/1312/16/1312/13/1312/12/1312/11/1312/10/1312/9/1312/6/1312/5/1312/4/1312/3/1312/2/1311/29/1311/27/1311/26/1311/25/1311/22/1311/21/1311/20/1311/19/1311/18/1311/15/1311/14/1311/13/1311/12/1311/11/1311/8/1311/7/1311/6/1311/5/1311/4/1311/1/1310/31/1310/30/1310/29/1310/28/1310/25/1310/24/1310/23/1310/22/1310/21/1310/18/1310/17/1310/16/1310/15/1310/14/1310/11/1310/10/1310/9/1310/8/1310/7/1310/4/1310/3/1310/2/1310/1/139/30/139/27/139/26/139/25/139/24/139/23/139/20/139/19/139/18/139/17/139/16/139/13/139/12/139/11/139/10/139/9/139/6/139/5/139/4/139/3/138/30/138/29/138/28/138/27/138/26/138/23/138/22/138/21/138/20/138/19/138/16/138/15/138/14/138/13/138/12/138/9/138/8/138/7/138/6/138/5/138/2/138/1/137/31/137/30/137/29/137/26/137/25/137/24/137/23/137/22/137/19/137/18/137/17/137/16/137/15/137/12/137/11/137/10/137/9/137/8/137/5/137/3/137/2/137/1/136/28/136/27/136/26/136/25/136/24/136/21/136/20/136/19/136/18/136/17/136/14/136/13/136/12/136/11/136/10/136/7/136/6/136/5/136/4/136/3/135/31/135/30/135/29/135/28/135/24/135/23/135/22/135/21/135/20/135/17/135/16/135/15/135/14/135/13/135/10/135/9/135/8/135/7/135/6/135/3/135/2/135/1/134/30/134/29/134/26/134/25/134/24/134/23/134/22/134/19/134/18/134/17/134/16/134/15/134/12/134/11/134/10/134/9/134/8/134/5/134/4/134/3/134/2/134/1/133/28/133/27/133/26/133/25/133/22/133/21/133/20/133/19/133/18/133/15/133/14/133/13/133/12/133/11/133/8/133/7/133/6/133/5/133/4/133/1/132/28/132/27/132/26/132/25/132/22/132/21/132/20/132/19/132/15/132/14/132/13/132/12/132/11/132/8/132/7/132/6/132/5/132/4/132/1/131/31/131/30/131/29/131/28/131/25/131/24/131/23/131/22/131/18/131/17/131/16/131/15/131/14/131/11/131/10/131/9/131/8/131/7/131/4/131/3/131/2/1312/31/1212/28/1212/27/1212/26/1212/24/1212/21/1212/20/1212/19/1212/18/1212/17/1212/14/1212/13/1212/12/1212/11/1212/10/1212/7/1212/6/1212/5/1212/4/1212/3/1211/30/1211/29/1211/28/1211/27/1211/26/1211/23/1211/21/1211/20/1211/19/1211/16/1211/15/1211/14/1211/13/1211/12/1211/9/1211/8/1211/7/1211/6/1211/5/1211/2/1211/1/1210/31/1210/30/1210/29/1210/26/1210/25/1210/24/1210/23/1210/22/1210/19/1210/18/1210/17/1210/16/1210/15/1210/12/1210/11/1210/10/1210/9/1210/8/1210/5/1210/4/1210/3/1210/2/1210/1/129/28/129/27/129/26/129/25/129/24/129/21/129/20/129/19/129/18/129/17/129/14/129/13/129/12/129/11/129/10/129/7/129/6/129/5/129/4/128/31/128/30/128/29/128/28/128/27/128/24/128/23/128/22/128/21/128/20/128/17/128/16/128/15/128/14/128/13/128/10/128/9/128/8/128/7/128/6/128/3/128/2/128/1/127/31/127/30/127/27/127/26/127/25/127/24/127/23/127/20/127/19/127/18/127/17/127/16/127/13/127/12/127/11/127/10/127/9/127/6/127/5/127/3/127/2/126/29/126/28/126/27/126/26/126/25/126/22/126/21/126/20/126/19/126/18/126/15/126/14/126/13/126/12/126/11/126/8/126/7/126/6/126/5/126/4/126/1/125/31/125/30/125/29/125/25/125/24/125/23/125/22/125/21/125/18/125/17/125/16/125/15/125/14/125/11/125/10/125/9/125/8/125/7/125/4/125/3/125/2/125/1/124/30/124/27/124/26/124/25/124/24/124/23/124/20/124/19/124/18/124/17/124/16/124/13/124/12/124/11/124/10/124/9/124/5/124/4/124/3/124/2/123/30/123/29/123/28/123/27/123/26/123/23/123/22/123/21/123/20/123/19/123/16/123/15/123/14/123/13/123/12/123/9/123/8/123/7/123/6/123/5/123/2/123/1/122/2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Par Amount0

2

4

6

8

10

12

14

16

Inter-Dealer

Customer Sold

Customer Bought

12/31/1412/30/1412/29/1412/26/1412/24/1412/23/1412/22/1412/19/1412/18/1412/17/1412/16/1412/15/1412/12/1412/11/1412/10/1412/9/1412/8/1412/5/1412/4/1412/3/1412/2/1412/1/1411/28/1411/26/1411/25/1411/24/1411/21/1411/20/1411/19/1411/18/1411/17/1411/14/1411/13/1411/12/1411/11/1411/10/1411/7/1411/6/1411/5/1411/4/1411/3/1410/31/1410/30/1410/29/1410/28/1410/27/1410/24/1410/23/1410/22/1410/21/1410/20/1410/17/1410/16/1410/15/1410/14/1410/13/1410/10/1410/9/1410/8/1410/7/1410/6/1410/3/1410/2/1410/1/149/30/149/29/149/26/149/25/149/24/149/23/149/22/149/19/149/18/149/17/149/16/149/15/149/12/149/11/149/10/149/9/149/8/149/5/149/4/149/3/149/2/148/29/148/28/148/27/148/26/148/25/148/22/148/21/148/20/148/19/148/18/148/15/148/14/148/13/148/12/148/11/148/8/148/7/148/6/148/5/148/4/148/1/147/31/147/30/147/29/147/28/147/25/147/24/147/23/147/22/147/21/147/18/147/17/147/16/147/15/147/14/147/11/147/10/147/9/147/8/147/7/147/3/147/2/147/1/146/30/146/27/146/26/146/25/146/24/146/23/146/20/146/19/146/18/146/17/146/16/146/13/146/12/146/11/146/10/146/9/146/6/146/5/146/4/146/3/146/2/145/30/145/29/145/28/145/27/145/23/145/22/145/21/145/20/145/19/145/16/145/15/145/14/145/13/145/12/145/9/145/8/145/7/145/6/145/5/145/2/145/1/144/30/144/29/144/28/144/25/144/24/144/23/144/22/144/21/144/17/144/16/144/15/144/14/144/11/144/10/144/9/144/8/144/7/144/4/144/3/144/2/144/1/143/31/143/28/143/27/143/26/143/25/143/24/143/21/143/20/143/19/143/18/143/17/143/14/143/13/143/12/143/11/143/10/143/7/143/6/143/5/143/4/143/3/142/28/142/27/142/26/142/25/142/24/142/21/142/20/142/19/142/18/142/14/142/13/142/12/142/11/142/10/142/7/142/6/142/5/142/4/142/3/141/31/141/30/141/29/141/28/141/27/141/24/141/23/141/22/141/21/141/17/141/16/141/15/141/14/141/13/141/10/141/9/141/8/141/7/141/6/141/3/141/2/1412/31/1312/30/1312/27/1312/26/1312/24/1312/23/1312/20/1312/19/1312/18/1312/17/1312/16/1312/13/1312/12/1312/11/1312/10/1312/9/1312/6/1312/5/1312/4/1312/3/1312/2/1311/29/1311/27/1311/26/1311/25/1311/22/1311/21/1311/20/1311/19/1311/18/1311/15/1311/14/1311/13/1311/12/1311/11/1311/8/1311/7/1311/6/1311/5/1311/4/1311/1/1310/31/1310/30/1310/29/1310/28/1310/25/1310/24/1310/23/1310/22/1310/21/1310/18/1310/17/1310/16/1310/15/1310/14/1310/11/1310/10/1310/9/1310/8/1310/7/1310/4/1310/3/1310/2/1310/1/139/30/139/27/139/26/139/25/139/24/139/23/139/20/139/19/139/18/139/17/139/16/139/13/139/12/139/11/139/10/139/9/139/6/139/5/139/4/139/3/138/30/138/29/138/28/138/27/138/26/138/23/138/22/138/21/138/20/138/19/138/16/138/15/138/14/138/13/138/12/138/9/138/8/138/7/138/6/138/5/138/2/138/1/137/31/137/30/137/29/137/26/137/25/137/24/137/23/137/22/137/19/137/18/137/17/137/16/137/15/137/12/137/11/137/10/137/9/137/8/137/5/137/3/137/2/137/1/136/28/136/27/136/26/136/25/136/24/136/21/136/20/136/19/136/18/136/17/136/14/136/13/136/12/136/11/136/10/136/7/136/6/136/5/136/4/136/3/135/31/135/30/135/29/135/28/135/24/135/23/135/22/135/21/135/20/135/17/135/16/135/15/135/14/135/13/135/10/135/9/135/8/135/7/135/6/135/3/135/2/135/1/134/30/134/29/134/26/134/25/134/24/134/23/134/22/134/19/134/18/134/17/134/16/134/15/134/12/134/11/134/10/134/9/134/8/134/5/134/4/134/3/134/2/134/1/133/28/133/27/133/26/133/25/133/22/133/21/133/20/133/19/133/18/133/15/133/14/133/13/133/12/133/11/133/8/133/7/133/6/133/5/133/4/133/1/132/28/132/27/132/26/132/25/132/22/132/21/132/20/132/19/132/15/132/14/132/13/132/12/132/11/132/8/132/7/132/6/132/5/132/4/132/1/131/31/131/30/131/29/131/28/131/25/131/24/131/23/131/22/131/18/131/17/131/16/131/15/131/14/131/11/131/10/131/9/131/8/131/7/131/4/131/3/131/2/1312/31/1212/28/1212/27/1212/26/1212/24/1212/21/1212/20/1212/19/1212/18/1212/17/1212/14/1212/13/1212/12/1212/11/1212/10/1212/7/1212/6/1212/5/1212/4/1212/3/1211/30/1211/29/1211/28/1211/27/1211/26/1211/23/1211/21/1211/20/1211/19/1211/16/1211/15/1211/14/1211/13/1211/12/1211/9/1211/8/1211/7/1211/6/1211/5/1211/2/1211/1/1210/31/1210/30/1210/29/1210/26/1210/25/1210/24/1210/23/1210/22/1210/19/1210/18/1210/17/1210/16/1210/15/1210/12/1210/11/1210/10/1210/9/1210/8/1210/5/1210/4/1210/3/1210/2/1210/1/129/28/129/27/129/26/129/25/129/24/129/21/129/20/129/19/129/18/129/17/129/14/129/13/129/12/129/11/129/10/129/7/129/6/129/5/129/4/128/31/128/30/128/29/128/28/128/27/128/24/128/23/128/22/128/21/128/20/128/17/128/16/128/15/128/14/128/13/128/10/128/9/128/8/128/7/128/6/128/3/128/2/128/1/127/31/127/30/127/27/127/26/127/25/127/24/127/23/127/20/127/19/127/18/127/17/127/16/127/13/127/12/127/11/127/10/127/9/127/6/127/5/127/3/127/2/126/29/126/28/126/27/126/26/126/25/126/22/126/21/126/20/126/19/126/18/126/15/126/14/126/13/126/12/126/11/126/8/126/7/126/6/126/5/126/4/126/1/125/31/125/30/125/29/125/25/125/24/125/23/125/22/125/21/125/18/125/17/125/16/125/15/125/14/125/11/125/10/125/9/125/8/125/7/125/4/125/3/125/2/125/1/124/30/124/27/124/26/124/25/124/24/124/23/124/20/124/19/124/18/124/17/124/16/124/13/124/12/124/11/124/10/124/9/124/5/124/4/124/3/124/2/123/30/123/29/123/28/123/27/123/26/123/23/123/22/123/21/123/20/123/19/123/16/123/15/123/14/123/13/123/12/123/9/123/8/123/7/123/6/123/5/123/2/123/1/122/29/122/28/122/27/122/24/122/23/122/22/122/21/122/17/122/16/122/15/122/14/122/13/122/10/122/9/122/8/122/7/122/6/122/3/122/2/122/1/121/31/121/30/121/27/121/26/121/25/121/24/121/23/121/20/121/19/121/18/121/17/121/13/121/12/121/11/121/10/121/9/121/6/121/5/121/4/121/3/1212/30/1112/29/1112/28/1112/27/1112/23/1112/22/1112/21/1112/20/1112/19/1112/16/1112/15/1112/14/1112/13/1112/12/1112/9/1112/8/1112/7/1112/6/1112/5/1112/2/1112/1/1111/30/1111/29/1111/28/1111/25/1111/23/1111/22/1111/21/1111/18/1111/17/1111/16/1111/15/1111/14/1111/11/1111/10/1111/9/1111/8/1111/7/1111/4/1111/3/1111/2/1111/1/1110/31/1110/28/1110/27/1110/26/1110/25/1110/24/1110/21/1110/20/1110/19/1110/18/1110/17/1110/14/1110/13/1110/12/1110/11/1110/10/1110/7/1110/6/1110/5/1110/4/1110/3/119/30/119/29/119/28/119/27/119/26/119/23/119/22/119/21/119/20/119/19/119/16/119/15/119/14/119/13/119/12/119/9/119/8/119/7/119/6/119/2/119/1/118/31/118/30/118/29/118/26/118/25/118/24/118/23/118/22/118/19/118/18/118/17/118/16/118/15/118/12/118/11/118/10/118/9/118/8/118/5/118/4/118/3/118/2/118/1/117/29/117/28/117/27/117/26/117/25/117/22/117/21/117/20/117/19/117/18/117/15/117/14/117/13/117/12/117/11/117/8/117/7/117/6/117/5/117/1/116/30/116/29/116/28/116/27/116/24/116/23/116/22/116/21/116/20/116/17/116/16/116/15/116/14/116/13/116/10/116/9/116/8/116/7/116/6/116/3/116/2/116/1/115/31/115/27/115/26/115/25/115/24/115/23/115/20/115/19/115/18/115/17/115/16/115/13/115/12/115/11/115/10/115/9/115/6/115/5/115/4/115/3/115/2/114/29/114/28/114/27/114/26/114/25/114/21/114/20/114/19/114/18/114/15/114/14/114/13/114/12/114/11/114/8/114/7/114/6/114/5/114/4/114/1/113/31/113/30/113/29/113/28/113/25/113/24/113/23/113/22/113/21/113/18/113/17/113/16/113/15/113/14/113/11/113/10/113/9/113/8/113/7/113/4/113/3/113/2/113/1/112/28/112/25/112/24/112/23/112/22/112/18/112/17/112/16/112/15/112/14/112/11/112/10/112/9/112/8/112/7/112/4/112/3/112/2/112/1/111/31/111/28/111/27/111/26/111/25/111/24/111/21/111/20/111/19/111/18/111/14/111/13/111/12/111/11/111/10/111/7/111/6/111/5/111/4/111/3/1112/31/1012/30/1012/29/1012/28/1012/27/1012/23/1012/22/1012/21/1012/20/1012/17/1012/16/1012/15/1012/14/1012/13/1012/10/1012/9/1012/8/1012/7/1012/6/1012/3/1012/2/1012/1/1011/30/1011/29/1011/26/1011/24/1011/23/1011/22/1011/19/1011/18/1011/17/1011/16/1011/15/1011/12/1011/11/1011/10/1011/9/1011/8/1011/5/1011/4/1011/3/1011/2/1011/1/1010/29/1010/28/1010/27/1010/26/1010/25/1010/22/1010/21/1010/20/1010/19/1010/18/1010/15/1010/14/1010/13/1010/12/1010/11/1010/8/1010/7/1010/6/1010/5/1010/4/1010/1/109/30/109/29/109/28/109/27/109/24/109/23/109/22/109/21/109/20/109/17/109/16/109/15/109/14/109/13/109/10/109/9/109/8/109/7/109/3/109/2/109/1/108/31/108/30/108/27/108/26/108/25/108/24/108/23/108/20/108/19/108/18/108/17/108/16/108/13/108/12/108/11/108/10/108/9/108/6/108/5/108/4/108/3/108/2/107/30/107/29/107/28/107/27/107/26/107/23/107/22/107/21/107/20/107/19/107/16/107/15/107/14/107/13/107/12/107/9/107/8/107/7/107/6/107/2/107/1/106/30/106/29/106/28/106/25/106/24/106/23/106/22/106/21/106/18/106/17/106/16/106/15/106/14/106/11/106/10/106/9/106/8/106/7/106/4/106/3/106/2/106/1/105/28/105/27/105/26/105/25/105/24/105/21/105/20/105/19/105/18/105/17/105/14/105/13/105/12/105/11/105/10/105/7/105/6/105/5/105/4/105/3/104/30/104/29/104/28/104/27/104/26/104/23/104/22/104/21/104/20/104/19/104/16/104/15/104/14/104/13/104/12/104/9/104/8/104/7/104/6/104/5/104/1/103/31/103/30/103/29/103/26/103/25/103/24/103/23/103/22/103/19/103/18/103/17/103/16/103/15/103/12/103/11/103/10/103/9/103/8/103/5/103/4/103/3/103/2/103/1/102/26/102/25/102/24/102/23/102/22/102/19/102/18/102/17/102/16/10

Daily Trading Volume, 2011–2015 (Par Amount) 30-day trailing average by trade type

Par A

mou

nt ($

Mill

ions

)

Daily Trading Volume, 2011–2015 (Number of Trades) 30-day trailing average by trade type

Num

ber o

f Tra

des



0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

5,000

10,000

15,000

20,000

25,000

30,000

Feb.

15

Apr.

15

Jun.

15

Aug.

15

Oct

. 15

Dec

. 15

Feb.

11

Apr.

11

Jun.

11

Aug.

11

Oct

. 11

Dec

. 11

Feb.

12

Apr.

12

Jun.

12

Aug.

12

Oct

. 12

Dec

. 12

Feb.

13

Apr.

13

Jun.

13

Aug.

13

Oct

. 13

Dec

. 13

Feb.

14

Apr.

14

Jun.

14

Aug.

14

Oct

. 14

Dec

. 14

Feb.

15

Apr.

15

Jun.

15

Aug.

15

Oct

. 15

Dec

. 15

Feb.

11

Apr.

11

Jun.

11

Aug.

11

Oct

. 11

Dec

. 11

Feb.

12

Apr.

12

Jun.

12

Aug.

12

Oct

. 12

Dec

. 12

Feb.

13

Apr.

13

Jun.

13

Aug.

13

Oct

. 13

Dec

. 13

Feb.

14

Apr.

14

Jun.

14

Aug.

14

Oct

. 14

Dec

. 14

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Jan.

06

Mar

. 06

May

. 06

Jul.

06

Sept

. 06

Nov

. 06

Jan.

07

Mar

. 07

May

. 07

Jul.

07

Sept

. 07

Nov

. 07

Jan.

08

Mar

. 08

May

. 08

Jul.

08

Sept

. 08

Nov

. 08

Jan.

09

Mar

. 09

May

. 09

Jul.

09

Sept

. 09

Nov

. 09

Jan.

10

Mar

. 10

May

. 10

Jul.

10

Sept

. 10

Nov

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

Jan.

06

Mar

. 06

May

. 06

Jul.

06

Sept

. 06

Nov

. 06

Jan.

07

Mar

. 07

May

. 07

Jul.

07

Sept

. 07

Nov

. 07

Jan.

08

Mar

. 08

May

. 08

Jul.

08

Sept

. 08

Nov

. 08

Jan.

09

Mar

. 09

May

. 09

Jul.

09

Sept

. 09

Nov

. 09

Jan.

10

Mar

. 10

May

. 10

Jul.

10

Sept

. 10

Nov

. 10

Feb.

06

Apr.

06

Jun.

06

Aug.

06

Oct

. 06

Dec

. 06

Feb.

07

Apr.

07

Jun.

07

Aug.

07

Oct

. 07

Dec

. 07

Feb.

08

Apr.

08

Jun.

08

Aug.

08

Oct

. 08

Dec

. 08

Feb.

09

Apr.

09

Jun.

09

Aug.

09

Oct

. 09

Dec

. 09

Feb.

10

Apr.

10

Jun.

10

Aug.

10

Oct

. 10

Dec

. 10

5000

10000

15000

20000

25000

30000

12/31/1412/30/1412/29/1412/26/1412/24/1412/23/1412/22/1412/19/1412/18/1412/17/1412/16/1412/15/1412/12/1412/11/1412/10/1412/9/1412/8/1412/5/1412/4/1412/3/1412/2/1412/1/1411/28/1411/26/1411/25/1411/24/1411/21/1411/20/1411/19/1411/18/1411/17/1411/14/1411/13/1411/12/1411/11/1411/10/1411/7/1411/6/1411/5/1411/4/1411/3/1410/31/1410/30/1410/29/1410/28/1410/27/1410/24/1410/23/1410/22/1410/21/1410/20/1410/17/1410/16/1410/15/1410/14/1410/13/1410/10/1410/9/1410/8/1410/7/1410/6/1410/3/1410/2/1410/1/149/30/149/29/149/26/149/25/149/24/149/23/149/22/149/19/149/18/149/17/149/16/149/15/149/12/149/11/149/10/149/9/149/8/149/5/149/4/149/3/149/2/148/29/148/28/148/27/148/26/148/25/148/22/148/21/148/20/148/19/148/18/148/15/148/14/148/13/148/12/148/11/148/8/148/7/148/6/148/5/148/4/148/1/147/31/147/30/147/29/147/28/147/25/147/24/147/23/147/22/147/21/147/18/147/17/147/16/147/15/147/14/147/11/147/10/147/9/147/8/147/7/147/3/147/2/147/1/146/30/146/27/146/26/146/25/146/24/146/23/146/20/146/19/146/18/146/17/146/16/146/13/146/12/146/11/146/10/146/9/146/6/146/5/146/4/146/3/146/2/145/30/145/29/145/28/145/27/145/23/145/22/145/21/145/20/145/19/145/16/145/15/145/14/145/13/145/12/145/9/145/8/145/7/145/6/145/5/145/2/145/1/144/30/144/29/144/28/144/25/144/24/144/23/144/22/144/21/144/17/144/16/144/15/144/14/144/11/144/10/144/9/144/8/144/7/144/4/144/3/144/2/144/1/143/31/143/28/143/27/143/26/143/25/143/24/143/21/143/20/143/19/143/18/143/17/143/14/143/13/143/12/143/11/143/10/143/7/143/6/143/5/143/4/143/3/142/28/142/27/142/26/142/25/142/24/142/21/142/20/142/19/142/18/142/14/142/13/142/12/142/11/142/10/142/7/142/6/142/5/142/4/142/3/141/31/141/30/141/29/141/28/141/27/141/24/141/23/141/22/141/21/141/17/141/16/141/15/141/14/141/13/141/10/141/9/141/8/141/7/141/6/141/3/141/2/1412/31/1312/30/1312/27/1312/26/1312/24/1312/23/1312/20/1312/19/1312/18/1312/17/1312/16/1312/13/1312/12/1312/11/1312/10/1312/9/1312/6/1312/5/1312/4/1312/3/1312/2/1311/29/1311/27/1311/26/1311/25/1311/22/1311/21/1311/20/1311/19/1311/18/1311/15/1311/14/1311/13/1311/12/1311/11/1311/8/1311/7/1311/6/1311/5/1311/4/1311/1/1310/31/1310/30/1310/29/1310/28/1310/25/1310/24/1310/23/1310/22/1310/21/1310/18/1310/17/1310/16/1310/15/1310/14/1310/11/1310/10/1310/9/1310/8/1310/7/1310/4/1310/3/1310/2/1310/1/139/30/139/27/139/26/139/25/139/24/139/23/139/20/139/19/139/18/139/17/139/16/139/13/139/12/139/11/139/10/139/9/139/6/139/5/139/4/139/3/138/30/138/29/138/28/138/27/138/26/138/23/138/22/138/21/138/20/138/19/138/16/138/15/138/14/138/13/138/12/138/9/138/8/138/7/138/6/138/5/138/2/138/1/137/31/137/30/137/29/137/26/137/25/137/24/137/23/137/22/137/19/137/18/137/17/137/16/137/15/137/12/137/11/137/10/137/9/137/8/137/5/137/3/137/2/137/1/136/28/136/27/136/26/136/25/136/24/136/21/136/20/136/19/136/18/136/17/136/14/136/13/136/12/136/11/136/10/136/7/136/6/136/5/136/4/136/3/135/31/135/30/135/29/135/28/135/24/135/23/135/22/135/21/135/20/135/17/135/16/135/15/135/14/135/13/135/10/135/9/135/8/135/7/135/6/135/3/135/2/135/1/134/30/134/29/134/26/134/25/134/24/134/23/134/22/134/19/134/18/134/17/134/16/134/15/134/12/134/11/134/10/134/9/134/8/134/5/134/4/134/3/134/2/134/1/133/28/133/27/133/26/133/25/133/22/133/21/133/20/133/19/133/18/133/15/133/14/133/13/133/12/133/11/133/8/133/7/133/6/133/5/133/4/133/1/132/28/132/27/132/26/132/25/132/22/132/21/132/20/132/19/132/15/132/14/132/13/132/12/132/11/132/8/132/7/132/6/132/5/132/4/132/1/131/31/131/30/131/29/131/28/131/25/131/24/131/23/131/22/131/18/131/17/131/16/131/15/131/14/131/11/131/10/131/9/131/8/131/7/131/4/131/3/131/2/1312/31/1212/28/1212/27/1212/26/1212/24/1212/21/1212/20/1212/19/1212/18/1212/17/1212/14/1212/13/1212/12/1212/11/1212/10/1212/7/1212/6/1212/5/1212/4/1212/3/1211/30/1211/29/1211/28/1211/27/1211/26/1211/23/1211/21/1211/20/1211/19/1211/16/1211/15/1211/14/1211/13/1211/12/1211/9/1211/8/1211/7/1211/6/1211/5/1211/2/1211/1/1210/31/1210/30/1210/29/1210/26/1210/25/1210/24/1210/23/1210/22/1210/19/1210/18/1210/17/1210/16/1210/15/1210/12/1210/11/1210/10/1210/9/1210/8/1210/5/1210/4/1210/3/1210/2/1210/1/129/28/129/27/129/26/129/25/129/24/129/21/129/20/129/19/129/18/129/17/129/14/129/13/129/12/129/11/129/10/129/7/129/6/129/5/129/4/128/31/128/30/128/29/128/28/128/27/128/24/128/23/128/22/128/21/128/20/128/17/128/16/128/15/128/14/128/13/128/10/128/9/128/8/128/7/128/6/128/3/128/2/128/1/127/31/127/30/127/27/127/26/127/25/127/24/127/23/127/20/127/19/127/18/127/17/127/16/127/13/127/12/127/11/127/10/127/9/127/6/127/5/127/3/127/2/126/29/126/28/126/27/126/26/126/25/126/22/126/21/126/20/126/19/126/18/126/15/126/14/126/13/126/12/126/11/126/8/126/7/126/6/126/5/126/4/126/1/125/31/125/30/125/29/125/25/125/24/125/23/125/22/125/21/125/18/125/17/125/16/125/15/125/14/125/11/125/10/125/9/125/8/125/7/125/4/125/3/125/2/125/1/124/30/124/27/124/26/124/25/124/24/124/23/124/20/124/19/124/18/124/17/124/16/124/13/124/12/124/11/124/10/124/9/124/5/124/4/124/3/124/2/123/30/123/29/123/28/123/27/123/26/123/23/123/22/123/21/123/20/123/19/123/16/123/15/123/14/123/13/123/12/123/9/123/8/123/7/123/6/123/5/123/2/123/1/122/29/122/28/122/27/122/24/122/23/122/22/122/21/122/17/122/16/122/15/122/14/122/13/122/10/122/9/122/8/122/7/122/6/122/3/122/2/122/1/121/31/121/30/121/27/121/26/121/25/121/24/121/23/121/20/121/19/121/18/121/17/121/13/121/12/121/11/121/10/121/9/121/6/121/5/121/4/121/3/1212/30/1112/29/1112/28/1112/27/1112/23/1112/22/1112/21/1112/20/1112/19/1112/16/1112/15/1112/14/1112/13/1112/12/1112/9/1112/8/1112/7/1112/6/1112/5/1112/2/1112/1/1111/30/1111/29/1111/28/1111/25/1111/23/1111/22/1111/21/1111/18/1111/17/1111/16/1111/15/1111/14/1111/11/1111/10/1111/9/1111/8/1111/7/1111/4/1111/3/1111/2/1111/1/1110/31/1110/28/1110/27/1110/26/1110/25/1110/24/1110/21/1110/20/1110/19/1110/18/1110/17/1110/14/1110/13/1110/12/1110/11/1110/10/1110/7/1110/6/1110/5/1110/4/1110/3/119/30/119/29/119/28/119/27/119/26/119/23/119/22/119/21/119/20/119/19/119/16/119/15/119/14/119/13/119/12/119/9/119/8/119/7/119/6/119/2/119/1/118/31/118/30/118/29/118/26/118/25/118/24/118/23/118/22/118/19/118/18/118/17/118/16/118/15/118/12/118/11/118/10/118/9/118/8/118/5/118/4/118/3/118/2/118/1/117/29/117/28/117/27/117/26/117/25/117/22/117/21/117/20/117/19/117/18/117/15/117/14/117/13/117/12/117/11/117/8/117/7/117/6/117/5/117/1/116/30/116/29/116/28/116/27/116/24/116/23/116/22/116/21/116/20/116/17/116/16/116/15/116/14/116/13/116/10/116/9/116/8/116/7/116/6/116/3/116/2/116/1/115/31/115/27/115/26/115/25/115/24/115/23/115/20/115/19/115/18/115/17/115/16/115/13/115/12/115/11/115/10/115/9/115/6/115/5/115/4/115/3/115/2/114/29/114/28/114/27/114/26/114/25/114/21/114/20/114/19/114/18/114/15/114/14/114/13/114/12/114/11/114/8/114/7/114/6/114/5/114/4/114/1/113/31/113/30/113/29/113/28/113/25/113/24/113/23/113/22/113/21/113/18/113/17/113/16/113/15/113/14/113/11/113/10/113/9/113/8/113/7/113/4/113/3/113/2/113/1/112/28/112/25/112/24/112/23/112/22/112/18/112/17/112/16/112/15/112/14/112/11/112/10/112/9/112/8/112/7/112/4/112/3/112/2/112/1/111/31/111/28/111/27/111/26/111/25/111/24/111/21/111/20/111/19/111/18/111/14/111/13/111/12/111/11/111/10/111/7/111/6/111/5/111/4/111/3/1112/31/1012/30/1012/29/1012/28/1012/27/1012/23/1012/22/1012/21/1012/20/1012/17/1012/16/1012/15/1012/14/1012/13/1012/10/1012/9/1012/8/1012/7/1012/6/1012/3/1012/2/1012/1/1011/30/1011/29/1011/26/1011/24/1011/23/1011/22/1011/19/1011/18/1011/17/1011/16/1011/15/1011/12/1011/11/1011/10/1011/9/1011/8/1011/5/1011/4/1011/3/1011/2/1011/1/1010/29/1010/28/1010/27/1010/26/1010/25/1010/22/1010/21/1010/20/1010/19/1010/18/1010/15/1010/14/1010/13/1010/12/1010/11/1010/8/1010/7/1010/6/1010/5/1010/4/1010/1/109/30/109/29/109/28/109/27/109/24/109/23/109/22/109/21/109/20/109/17/109/16/109/15/109/14/109/13/109/10/109/9/109/8/109/7/109/3/109/2/109/1/108/31/108/30/108/27/108/26/108/25/108/24/108/23/108/20/108/19/108/18/108/17/108/16/108/13/108/12/108/11/108/10/108/9/108/6/108/5/108/4/108/3/108/2/107/30/107/29/107/28/107/27/107/26/107/23/107/22/107/21/107/20/107/19/107/16/107/15/107/14/107/13/107/12/107/9/107/8/107/7/107/6/107/2/107/1/106/30/106/29/106/28/106/25/106/24/106/23/106/22/106/21/106/18/106/17/106/16/106/15/106/14/106/11/106/10/106/9/106/8/106/7/106/4/106/3/106/2/106/1/105/28/105/27/105/26/105/25/105/24/105/21/105/20/105/19/105/18/105/17/105/14/105/13/105/12/105/11/105/10/105/7/105/6/105/5/105/4/105/3/104/30/104/29/104/28/104/27/104/26/104/23/104/22/104/21/104/20/104/19/104/16/104/15/104/14/104/13/104/12/104/9/104/8/104/7/104/6/104/5/104/1/103/31/103/30/103/29/103/26/103/25/103/24/103/23/103/22/103/19/103/18/103/17/103/16/103/15/103/12/103/11/103/10/103/9/103/8/103/5/103/4/103/3/103/2/103/1/102/26/102/25/102/24/102/23/102/22/102/19/102/18/102/17/102/16/102/12/10

Number of Trades

PAGE 36



Trade Type and Size, 2011–2015 Average daily par amount in $ millions

2011 2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

All TradesTotal 13,038.7 12,800.8 12,380.2 11,005.0 9,596.0 10,139.2 11,767.9 8,608.7 7,927.7

0–$25,000 332.1 297.1 341.7 277.6 288.4 281.8 320.4 291.0 260.7

$25,001–$50,000 334.3 318.6 350.3 288.7 305.9 303.5 338.0 304.3 278.3

$50,001–$75,000 110.4 113.4 124.2 105.5 112.8 114.5 123.7 110.8 102.5

$75,001–$100,000 307.8 299.7 303.4 256.5 272.1 278.4 300.3 263.4 246.8

$100,001–$500,000 1,211.6 1,246.1 1,186.6 1,091.2 1,160.0 1,224.6 1,248.6 1,110.0 1,061.1

$500,001–$1,000,000 748.2 757.0 708.9 690.3 716.7 788.1 746.0 671.7 665.0

$1,000,001–$2,000,000 841.9 845.1 824.0 789.0 789.8 875.9 842.8 733.7 711.6

More than $2,000,000 9,152.0 8,923.8 8,541.1 7,506.1 5,950.3 6,272.4 7,848.0 5,123.9 4,601.7

Customer BoughtTotal 6,630.76 6,427.7 6,055.8 5,410.2 4,813.7 4,981.0 5,963.9 4,339.1 3,996.6

0–$25,000 168.3 132.3 153.6 120.7 121.4 116.5 135.7 123.2 110.1

$25,001–$50,000 153.3 130.7 148.2 121.1 127.6 123.3 142.2 128.0 116.8

$50,001–$75,000 46.0 43.4 48.2 41.5 44.8 44.6 49.2 44.7 40.9

$75,001–$100,000 129.8 115.9 121.4 104.4 111.1 111.7 122.9 108.7 101.3

$100,001–$500,000 457.1 464.4 441.5 408.1 450.2 473.9 493.5 428.1 407.1

$500,001–$1,000,000 278.1 291.3 266.9 261.6 285.9 309.7 307.7 264.7 262.8

$1,000,001–$2,000,000 348.5 363.0 339.0 328.6 351.4 377.6 391.3 327.2 311.4

More than $2,000,000 5,049.3 4,886.6 4,537.0 4,024.0 3,321.3 3,423.7 4,321.3 2,914.5 2,646.2

Customer SoldTotal 4,319.50 3,871.0 3,860.7 3,314.5 2,523.4 2,688.3 3,403.2 2,150.3 1,873.3

0–$25,000 61.35 61.2 73.5 59.9 59.2 60.2 67.1 58.4 51.1

$25,001–$50,000 69.52 70.3 79.0 63.2 60.6 64.0 66.9 58.6 53.1

$50,001–$75,000 25.92 26.7 30.6 25.0 24.4 26.1 26.4 23.3 21.6

$75,001–$100,000 71.64 71.1 72.1 58.0 55.9 60.8 61.3 52.2 49.5

$100,001–$500,000 282.57 264.6 266.5 227.2 218.5 241.0 231.5 202.6 200.2

$500,001–$1,000,000 198.89 167.9 175.4 155.3 144.2 160.5 146.8 134.3 136.1

$1,000,001–$2,000,000 252.71 212.4 232.8 201.9 182.4 200.8 196.6 167.7 165.6

More than $2,000,000 3,356.90 2,996.7 2,930.7 2,523.9 1,778.3 1,874.9 2,606.5 1,453.0 1,196.1

Inter-DealerTotal 2,088.5 2,502.2 2,463.7 2,280.3 2,258.9 2,469.9 2,400.7 2,119.3 2,057.8

0–$25,000 102.4 103.5 114.6 97.0 107.8 105.1 117.5 109.3 99.5

$25,001–$50,000 111.4 117.6 123.2 104.4 117.7 116.2 128.8 117.7 108.4

$50,001–$75,000 38.4 43.2 45.4 39.0 43.6 43.8 48.1 42.8 39.9

$75,001–$100,000 106.4 112.8 109.9 94.1 105.1 105.9 116.2 102.5 96.0

$100,001–$500,000 471.9 517.1 478.5 455.9 491.3 509.7 523.5 479.3 453.9

$500,001–$1,000,000 271.2 297.7 266.7 273.4 286.6 318.0 291.4 272.7 266.0

$1,000,001–$2,000,000 240.7 269.7 252.2 258.5 255.9 297.5 254.9 238.7 234.6

More than $2,000,000 745.87 1,040.5 1,073.3 958.1 850.7 973.8 920.3 756.4 759.4

PAGE 37



Trade Type and Size, 2011–2015 Average daily number of trades

2011 2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

All TradesTotal 41,257 38,544 42,188 35,359 36,735 36,788 40,608 36,369 33,238

0–$25,000 21,428 18,932 21,818 17,770 18,252 17,817 20,326 18,409 16,468

$25,001–$50,000 7,801 7,447 8,218 6,780 7,187 7,120 7,943 7,153 6,541

$50,001–$75,000 1,654 1,698 1,860 1,581 1,689 1,711 1,852 1,662 1,535

$75,001–$100,000 3,147 3,071 3,112 2,633 2,793 2,858 3,082 2,705 2,533

$100,001–$500,000 4,796 4,950 4,811 4,374 4,650 4,889 5,030 4,456 4,240

$500,001–$1,000,000 919 941 877 860 897 985 936 843 830

$1,000,001–$2,000,000 549 555 542 521 522 579 557 484 471

More than $2,000,000 962 950 950 841 745 828 881 658 620

Customer BoughtTotal 19,669 16,447 18,207 14,872 15,246 15,006 17,009 15,189 13,797

0–$25,000 11,173 8,620 9,952 7,736 7,664 7,365 8,585 7,785 6,923

$25,001–$50,000 3,586 3,059 3,475 2,839 2,987 2,885 3,330 2,999 2,736

$50,001–$75,000 689 649 721 620 669 664 735 669 611

$75,001–$100,000 1,325 1,186 1,243 1,070 1,138 1,145 1,259 1,114 1,037

$100,001–$500,000 1,843 1,858 1,805 1,656 1,818 1,898 1,996 1,741 1,645

$500,001–$1,000,000 341 360 330 325 357 387 384 332 327

$1,000,001–$2,000,000 226 237 222 216 231 249 257 214 205

More than $2,000,000 484 478 459 409 380 413 462 336 313

Customer SoldTotal 8,578 8,452 9,594 7,856 7,616 7,941 8,557 7,354 6,643

0–$25,000 3,968 3,968 4,762 3,883 3,845 3,871 4,418 3,798 3,302

$25,001–$50,000 1,618 1,637 1,851 1,486 1,429 1,505 1,581 1,383 1,252

$50,001–$75,000 387 400 457 374 364 390 395 349 323

$75,001–$100,000 733 727 740 596 574 624 629 537 509

$100,001–$500,000 1,126 1,074 1,101 928 895 987 953 831 815

$500,001–$1,000,000 240 205 213 190 177 197 180 165 167

$1,000,001–$2,000,000 163 138 151 132 119 131 128 109 109

More than $2,000,000 344 302 320 268 214 236 273 182 166

Inter-DealerTotal 13,010 13,645 14,387 12,632 13,873 13,841 15,042 13,827 12,798

0–$25,000 6,287 6,344 7,104 6,150 6,743 6,581 7,323 6,826 6,243

$25,001–$50,000 2,596 2,751 2,892 2,454 2,771 2,731 3,032 2,771 2,553

$50,001–$75,000 578 650 683 587 656 657 722 644 601

$75,001–$100,000 1,089 1,158 1,129 967 1,080 1,089 1,194 1,054 986

$100,001–$500,000 1,828 2,018 1,905 1,790 1,936 2,005 2,081 1,885 1,780

$500,001–$1,000,000 338 376 335 345 363 401 371 346 336

$1,000,001–$2,000,000 160 180 168 173 172 199 172 160 157

More than $2,000,000 134 170 171 165 151 179 146 140 142

PAGE 38



Trade Type and Size, 2011–2015 Average daily number of unique securities

2011 2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

All TradesTotal 15,217 14,314 15,501 13,104 13,011 13,476 14,116 12,633 11,859

0–$25,000 8,704 7,804 8,869 7,351 7,257 7,325 7,850 7,255 6,610

$25,001–$50,000 3,783 3,504 3,847 3,195 3,181 3,233 3,484 3,107 2,906

$50,001–$75,000 950 924 1,015 861 887 910 967 863 811

$75,001–$100,000 1,649 1,549 1,577 1,342 1,355 1,414 1,485 1,291 1,235

$100,001–$500,000 2,335 2,327 2,270 2,060 2,129 2,262 2,315 2,001 1,949

$500,001–$1,000,000 527 519 487 475 496 543 528 464 453

$1,000,001–$2,000,000 343 336 327 311 314 343 347 289 278

More than $2,000,000 559 546 533 476 425 460 530 370 344

Customer BoughtTotal 10,655 9,705 10,767 9,125 9,104 9,290 9,924 8,936 8,288

0–$25,000 6,390 5,436 6,268 5,189 5,056 5,037 5,461 5,099 4,634

$25,001–$50,000 2,571 2,287 2,586 2,186 2,221 2,202 2,430 2,206 2,048

$50,001–$75,000 612 575 647 558 593 594 648 587 544

$75,001–$100,000 1,059 965 1,012 883 926 942 1,017 901 848

$100,001–$500,000 1,447 1,460 1,437 1,302 1,413 1,481 1,560 1,340 1,278

$500,001–$1,000,000 295 302 282 272 298 323 324 279 268

$1,000,001–$2,000,000 200 203 194 184 194 211 219 179 169

More than $2,000,000 382 367 362 315 294 318 367 257 237

Customer SoldTotal 7,483 7,196 8,224 6,748 6,526 6,884 7,068 6,356 5,820

0–$25,000 3,616 3,515 4,211 3,459 3,388 3,480 3,677 3,401 3,001

$25,001–$50,000 1,537 1,530 1,747 1,399 1,343 1,419 1,470 1,302 1,186

$50,001–$75,000 375 384 443 361 353 377 381 339 315

$75,001–$100,000 704 692 710 570 548 596 602 513 486

$100,001–$500,000 1,043 991 1,031 864 832 919 887 770 759

$500,001–$1,000,000 225 193 202 180 168 188 171 156 159

$1,000,001–$2,000,000 155 132 145 126 114 126 123 105 104

More than $2,000,000 305 268 285 239 195 215 247 167 153

Inter-DealerTotal 6,724 6,783 7,232 6,778 7,452 7,674 8,022 7,294 6,839

0–$25,000 3,675 3,529 3,967 3,709 4,149 4,152 4,469 4,145 3,834

$25,001–$50,000 1,609 1,589 1,690 1,542 1,763 1,779 1,923 1,739 1,615

$50,001–$75,000 383 400 425 391 452 457 495 440 415

$75,001–$100,000 673 675 659 604 689 702 758 664 633

$100,001–$500,000 1,012 1,086 1,030 1,016 1,104 1,162 1,190 1,052 1,017

$500,001–$1,000,000 204 221 201 209 224 246 233 211 206

$1,000,001–$2,000,000 101 111 107 107 109 125 112 102 100

More than $2,000,000 85 102 105 98 94 109 96 86 86

PAGE 39



Average Daily Trade Size, 2011–2015By customer trade

Customer SoldCustomer Bought

0

200000

400000

600000

800000

1000000

1200000

1400000

Customer Sold

Customer Bought


0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Trad

e Si

ze ($

)

13:Q

4

14:Q

1

14:Q

2

14:Q

3

14:Q

4

13:Q

3

13:Q

2

13:Q

1

12:Q

4

12:Q

3

12:Q

2

12:Q

1

11:Q

4

11:Q

3

11:Q

2

11:Q

1

15:Q

3

15:Q

2

15:Q

1

15:Q

4

Average Daily Trade Size, 2011–2015 By customer trade

Quarter Customer Bought ($) Customer Sold ($)

11:Q1 297,026 483,411

11:Q2 340,019 512,907

11:Q3 381,930 529,098

11:Q4 337,879 490,549

2011 337,124 503,552

12:Q1 365,927 479,917

12:Q2 393,379 478,572

12:Q3 399,805 458,275

12:Q4 406,700 417,507

2012 390,801 458,011

13:Q1 365,664 412,921

13:Q2 378,685 401,922

13:Q3 292,864 406,486

13:Q4 307,860 388,533

2013 332,611 402,404

14:Q1 320,198 425,800

14:Q2 381,343 448,689

14:Q3 370,821 421,998

14:Q4 389,714 387,568

2014 363,793 421,907

15:Q1 331,941 338,520

15:Q2 350,641 397,689

15:Q3 285,685 292,412

15:Q4 289,667 282,011

2015 315,737 331,317

PAGE 40


Part Six

Municipal Fixed Rate Securities—Par Amount Traded and Number of Trades, 2012–2015

PAGE 41


Municipal Fixed Rate Securities—Par Amount Traded and Number of Trades

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 6,657.2 6,936.8 6,132.9 6,413.1 6,863.3 6,827.2 6,162.1 5,827.5

0–$25,000 283.7 330.0 266.9 278.5 271.2 309.3 281.4 252.3

$25,001–$50,000 299.9 334.9 274.3 292.9 288.3 323.6 292.6 267.2

$50,001–$75,000 104.5 117.0 98.8 106.8 107.6 117.3 105.5 97.2

$75,001–$100,000 274.6 283.2 237.9 255.8 259.4 283.3 249.0 232.3

$100,001–$500,000 1,133.0 1,093.2 1,006.4 1,091.1 1,140.0 1,177.4 1,050.1 1,000.6

$500,001–$1,000,000 650.3 617.8 611.6 658.9 717.3 680.4 624.0 617.1

$1,000,001–$2,000,000 662.5 669.4 660.3 697.7 760.8 728.9 661.2 643.2

More than $2,000,000 3,248.7 3,491.3 2,976.6 3,031.4 3,318.6 3,207.2 2,898.3 2,717.6

Zero CouponTotal 512.0 460.8 574.2 336.7 379.6 323.0 347.0 299.2

0–$25,000 12.2 10.7 9.5 8.8 9.3 10.0 8.5 7.6

$25,001–$50,000 17.1 14.0 12.8 11.5 13.2 12.7 10.3 9.9

$50,001–$75,000 8.0 6.4 5.9 5.3 6.1 5.7 4.7 4.6

$75,001–$100,000 18.2 13.7 12.2 11.1 13.0 11.6 9.5 10.1

$100,001–$500,000 63.2 46.8 45.6 39.7 51.2 39.1 32.3 36.8

$500,001–$1,000,000 34.9 26.5 26.0 21.4 27.5 20.4 16.9 20.8

$1,000,001–$2,000,000 36.9 29.9 26.7 23.4 29.2 22.3 18.5 23.9

More than $2,000,000 321.5 313.0 435.4 215.6 230.0 201.2 246.1 185.5

Transaction Summary–Fixed Rate Securities, 2012–2015Average daily par amount in $ millionsTransaction Summary - Fixed Rate Securities, 2012–2015

0

2000

4000

6000

8000

A2015:Q4A2015:Q3A2015:Q2A2015:Q1A2015A2014A2013A2012

0

2,000

4,000

6,000

8,000

2015:Q42015:Q32015:Q22015:Q12015201420132012

Ave

rage

Dai

ly P

ar A

mou

nt ($

mill

ions

)

Zero Coupon TotalFixed Rate Total

PAGE 42



2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 35,710 39,750 33,157 34,876 34,684 38,462 34,717 31,688

0–$25,000 18,057 21,034 17,051 17,591 17,123 19,578 17,771 15,899

$25,001–$50,000 7,003 7,850 6,434 6,875 6,759 7,597 6,873 6,275

$50,001–$75,000 1,564 1,751 1,479 1,599 1,607 1,754 1,580 1,456

$75,001–$100,000 2,813 2,905 2,442 2,626 2,662 2,907 2,557 2,384

$100,001–$500,000 4,515 4,452 4,044 4,380 4,561 4,751 4,223 3,999

$500,001–$1,000,000 810 765 763 825 898 854 783 771

$1,000,001–$2,000,000 437 442 437 462 504 484 436 426

More than $2,000,000 511 553 506 519 570 537 493 478

Zero CouponTotal 1,884 1,574 1,442 1,300 1,456 1,421 1,184 1,149

0–$25,000 799 718 644 599 624 677 576 520

$25,001–$50,000 408 336 308 276 316 306 248 238

$50,001–$75,000 122 98 90 80 92 87 72 71

$75,001–$100,000 188 142 126 115 135 121 99 105

$100,001–$500,000 264 196 192 168 212 168 137 156

$500,001–$1,000,000 44 33 33 27 35 26 22 26

$1,000,001–$2,000,000 25 20 18 15 19 14 12 16

More than $2,000,000 34 31 31 21 24 22 19 18

Transaction Summary–Fixed Rate Securities, 2012–2015Average daily number of tradesTransaction Summary - Fixed Rate Securities, 2012–2015

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

A2015:Q4A2015:Q3A2015:Q2A2015:Q1A2015A2014A2013A20120

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2015:Q42015:Q32015:Q22015:Q12015201420132012

Ave

rage

Dai

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umbe

r of T

rade

s

Zero Coupon TotalFixed Rate Total

PAGE 43



Source of Repayment and Trade Size, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 6,656.9 6,936.8 6,132.8 6,413.1 6,863.2 6,827.2 6,162.1 5,827.5

General Obligation 2,243.8 2,238.3 2,121.8 2,264.4 2,512.8 2,470.5 2,137.8 1,951.5

Revenue 4,191.8 4,503.1 3,791.2 3,902.5 4,063.9 4,087.1 3,792.4 3,677.0

Double Barrel 221.3 195.4 219.8 246.2 286.5 269.5 231.8 199.0


General Obligation 210.4 126.6 157.9 146.7 161.9 160.2 130.9 134.8

Revenue 295.4 330.5 411.1 184.4 212.6 152.6 211.4 162.0

Double Barrel 6.2 3.8 5.2 5.6 5.0 10.3 4.7 2.4

Average daily number of trades

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 35,710 39,750 33,157 34,876 34,684 38,462 34,717 31,688

General Obligation 11,840 12,773 11,263 12,175 12,625 13,703 11,750 10,668

Revenue 22,745 25,696 20,723 21,481 20,885 23,382 21,730 19,928

Double Barrel 1,125 1,281 1,171 1,219 1,173 1,376 1,237 1,091


General Obligation 895 755 697 675 770 727 608 599

Revenue 928 764 689 556 634 552 527 515

Double Barrel 59 55 56 70 52 142 50 36

PAGE 44



Tax Status and Trade Size, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 6,656.8 6,936.7 6,132.9 6,413.1 6,863.2 6,827.2 6,162.1 5,827.5

Tax Exempt 5,595.5 5,960.7 5,359.7 5,540.8 5,899.1 5,940.2 5,340.8 5,006.3

Taxable 890.4 777.4 624.2 722.9 827.6 730.6 692.2 646.4

AMT 170.9 198.6 149.0 149.4 136.6 156.5 129.1 174.8


Tax Exempt 466.7 399.1 457.7 298.6 337.0 298.8 294.8 265.7

Taxable 45.1 61.7 116.5 38.0 42.3 24.1 52.0 33.4

AMT 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.0


2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 35,710 39,750 33,157 34,876 34,684 38,462 34,717 31,688

Tax Exempt 11,840 12,773 11,263 12,175 12,625 13,703 11,750 10,668

Taxable 22,745 25,696 20,723 21,481 20,885 23,382 21,730 19,928

AMT 1,125 1,281 1,171 1,219 1,173 1,376 1,237 1,091


Tax Exempt 1,703 1,434 1,303 1,177 1,316 1,310 1,075 1,016

Taxable 176 138 137 122 139 110 108 133

AMT 3 2 2 1 1 1 1 <1

PAGE 45



2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 6,657.2 6,936.4 6,132.9 6,413.1 6,863.3 6,827.2 6,162.1 5,827.5

Education 1,150.9 1,215.1 1,104.7 1,376.0 1,581.6 1,505.2 1,300.1 1,128.7

Health 421.7 434.2 349.8 373.2 383.9 446.6 352.0 311.8

Housing 95.9 106.2 89.5 95.5 85.4 105.0 86.6 104.9

Tax-Revenue 834.6 834.3 759.9 795.9 857.3 715.6 780.8 831.3

Transportation 599.6 758.3 655.9 634.7 624.4 606.7 561.0 745.9

Utility 905.2 924.7 846.5 845.4 960.5 925.5 769.0 733.3

Various Purpose 920.7 929.8 963.7 981.1 1,091.0 1,042.4 961.5 835.7

Other Sectors 1,728.6 1,733.8 1,363.0 1,311.3 1,279.1 1,480.3 1,351.1 1,135.9


Education 205.3 116.7 151.9 139.8 156.1 155.0 123.1 126.1

Health 6.2 4.8 4.8 3.9 3.4 1.9 6.5 3.7

Housing 5.8 5.2 2.6 3.1 3.1 2.5 3.0 3.7

Tax-Revenue 136.2 196.4 190.0 92.2 69.9 86.1 118.3 93.4

Transportation 48.4 58.4 55.9 28.5 44.2 21.5 33.4 15.6

Utility 11.4 9.7 7.1 5.3 6.6 6.2 3.5 5.2

Various Purpose 8.9 20.2 12.3 11.7 13.8 9.6 8.4 14.9

Other Sectors 89.9 49.6 149.8 52.2 82.4 40.3 50.7 36.6

Sector—Fixed Rate Securities, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 35,710 39,750 33,157 34,876 34,684 38,462 34,717 31,688

Education 7,873 8,805 7,531 8,534 8,619 9,475 8,593 7,467

Health 3,061 3,472 2,694 2,752 2,671 3,120 2,791 2,429

Housing 747 801 668 668 617 719 647 686

Tax-Revenue 3,445 3,878 3,397 3,553 3,475 3,642 3,665 3,426

Transportation 3,065 3,660 2,805 2,793 2,678 3,023 2,652 2,815

Utility 5,155 5,877 4,814 4,896 4,983 5,394 4,825 4,396

Various Purpose 3,483 4,073 3,707 4,231 4,326 4,896 4,099 3,619

Other Sectors 8,878 9,184 7,542 7,449 7,314 8,194 7,444 6,850


Education 846 681 632 621 718 666 560 548

Health 50 40 37 30 36 28 28 30

Housing 23 22 16 10 13 10 10 7

Tax-Revenue 245 209 205 175 171 246 149 136

Transportation 207 174 170 135 162 133 129 118

Utility 134 122 102 83 95 92 77 67

Various Purpose 53 108 93 87 88 82 82 94

Other Sectors 323 218 186 159 174 162 149 150


PAGE 46



Remaining Maturity and Coupon Type, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 6,657.2 6,936.8 6,132.9 6,413.1 6,863.3 6,827.2 6,162.1 5,827.5

0–9 Months 246.4 278.4 209.4 246.0 197.2 299.0 246.0 240.5

>9 Months–2 Years 440.9 410.1 380.3 398.8 351.0 450.2 451.7 341.0

>2 Years–5 Years 635.1 635.2 659.8 703.3 716.0 784.7 712.6 601.7

>5 Years–10 Years 1,315.8 1,352.0 1,179.9 1,234.4 1,280.9 1,298.1 1,246.2 1,115.8

>10 Years–15 Years 1,178.3 1,173.0 1,084.8 1,181.0 1,355.1 1,232.2 1,106.2 1,039.6

>15 Years–20 Years 981.7 1,031.6 860.6 1,006.6 1,151.2 1,003.7 917.3 961.0

>20 Years–30 Years 1,483.5 1,636.6 1,392.5 1,323.6 1,452.7 1,428.1 1,190.2 1,231.0

More than 30 Years 374.8 419.1 365.3 319.2 359.1 331.2 291.8 296.6

Unavailable 0.7 0.8 0.2 0.2 0.2 0.1 0.1 0.3


0–9 Months 2.8 4.6 3.3 5.2 4.2 6.8 5.0 4.6

>9 Months–2 Years 5.3 7.6 6.4 6.3 7.9 5.1 6.8 5.2

>2 Years–5 Years 18.9 20.4 15.6 15.7 17.8 15.8 14.5 14.6

>5 Years–10 Years 45.2 37.2 31.2 28.1 28.3 30.0 25.1 29.0

>10 Years–15 Years 56.9 46.0 52.6 38.8 44.5 36.0 36.8 38.3

>15 Years–20 Years 68.1 74.0 76.9 52.7 58.6 45.2 64.3 42.8

>20 Years–30 Years 144.4 119.4 153.1 91.6 112.3 100.1 87.2 68.0

More than 30 Years 170.3 151.8 235.1 98.4 105.9 83.9 107.3 96.6

Unavailable <0.1 <0.1 <0.1 <0.1 <0.1 — <0.1 <0.1


2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 35,709 39,750 33,157 34,876 34,684 38,462 34,717 31,688

0–9 Months 840 873 833 938 1,085 1,062 726 888

>9 Months–2 Years 1,528 1,572 1,438 1,669 1,643 1,771 1,702 1,559

>2 Years–5 Years 4,007 4,433 3,980 4,391 4,543 4,845 4,264 3,928

>5 Years–10 Years 7,133 8,375 7,109 7,212 7,286 7,945 7,267 6,366

>10 Years–15 Years 6,621 7,359 6,372 6,687 6,595 7,361 6,776 6,023

>15 Years–20 Years 6,108 6,701 5,355 5,861 5,859 6,299 5,800 5,492

>20 Years–30 Years 8,368 9,276 7,210 7,232 6,864 8,218 7,217 6,626

More than 30 Years 1,097 1,153 857 881 805 957 963 798

Unavailable 7 8 4 4 5 3 2 7


0–9 Months 43 39 40 43 45 56 35 36

>9 Months–2 Years 90 96 90 86 84 85 103 74

>2 Years–5 Years 259 245 212 201 215 219 194 175

>5 Years–10 Years 414 374 315 299 325 332 267 272

>10 Years–15 Years 374 301 293 268 287 319 241 226

>15 Years–20 Years 328 253 226 190 218 200 170 174

>20 Years–30 Years 298 213 207 182 232 181 149 167

More than 30 Years 75 52 59 32 50 29 25 25

Unavailable <1 <1 <1 <1 <1 — <1 <1

PAGE 47


Part Seven

Municipal Variable Rate Securities—Par Amount Traded and Number of Trades, 2012–2015

PAGE 48


Municipal Variable Rate Securities—Par Amount Traded and Number of Trades

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Total 4,744.6 4,296.3 3,654.4 2,140.8 2,261.8 3,950.4 1,400.9 984.3

0–$25,000 1.1 1.0 1.1 1.0 1.2 1.1 1.0 0.7

$25,001–$50,000 1.5 1.4 1.6 1.6 2.0 1.7 1.4 1.2

$50,001–$75,000 0.8 0.7 0.8 0.7 0.8 0.7 0.6 0.6

$75,001–$100,000 6.7 6.4 6.3 5.1 5.9 5.3 4.8 4.3

$100,001–$500,000 48.0 45.4 38.3 28.6 32.8 31.6 26.9 23.3

$500,001–$1,000,000 68.7 63.0 51.7 35.5 42.4 44.0 30.0 26.1

$1,000,001–$2,000,000 139.8 120.7 98.5 66.0 83.6 89.2 51.2 41.1

More than $2,000,000 4,478.1 4,057.7 3,456.1 2,002.5 2,093.2 3,776.7 1,285.1 887.0

Transaction Summary–Variable Rate Securities, 2012–2015Average daily par amount in $ millionsTransaction Summary - Variable Rate Securities, 2012–2015

0

1000

2000

3000

4000

5000

A2015:Q4A2015:Q3A2015:Q2A2015:Q1A2015A2014A2013A20120

1,000

2,000

3,000

4,000

5,000

2015:Q42015:Q32015:Q22015:Q12015201420132012

Ave

rage

Dai

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mou

nt ($

mill

ions

)

PAGE 49



2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Fixed RateTotal 877 811 715 512 602 680 422 349

0–$25,000 69 64 72 60 67 68 59 46

$25,001–$50,000 33 30 36 35 44 39 31 27

$50,001–$75,000 12 11 11 10 12 10 9 9

$75,001–$100,000 67 64 63 51 59 54 49 44

$100,001–$500,000 165 158 135 101 115 110 95 83

$500,001–$1,000,000 84 77 63 44 52 54 37 32

$1,000,001–$2,000,000 90 78 64 43 55 57 33 26

More than $2,000,000 357 328 270 169 199 287 109 83

Transaction Summary–Variable Rate Securities, 2012–2015Average daily number of tradesTransaction Summary - Variable Rate Securities, 2012–2015

0

200

400

600

800

1000

A2015:Q4A2015:Q3A2015:Q2A2015:Q1A2015A2014A2013A20120

200

400

600

800

1,000

2015:Q42015:Q32015:Q22015:Q12015201420132012

Ave

rage

Dai

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PAGE 50



Variable Rate Demand Obligations1 Trade Type and Size, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Total 4,105.0 3,838.9 3,234.1 1,779.8 1,919.7 3,581.8 956.2 696.3

0–$25,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 <0.1

$25,001–$50,000 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.1

$50,001–$75,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 <0.1

$75,001–$100,000 4.6 4.3 3.5 2.4 2.8 2.6 2.3 2.0

$100,001–$500,000 36.2 32.9 24.9 16.7 19.0 20.2 14.9 12.8

$500,001–$1,000,000 57.9 51.1 40.1 25.9 32.8 33.1 21.2 17.0

$1,000,001–$2,000,000 124.1 106.4 84.2 53.3 71.5 76.1 38.7 28.4

More than $2,000,000 3,881.4 3,643.7 3,081.0 1,681.3 1,793.4 3,449.5 879.1 636.1

Customer BoughtTotal 2,044.4 1,835.1 1,585.7 863.4 903.9 1,708.2 492.6 363.7

0–$25,000 0.1 0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$25,001–$50,000 0.1 0.1 0.1 <0.1 <0.1 0.1 <0.1 <0.1

$50,001–$75,000 0.1 0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$75,001–$100,000 1.6 1.5 1.1 0.9 1.0 0.8 1.0 0.8

$100,001–$500,000 14.6 11.9 9.1 6.9 7.5 7.5 6.8 5.8

$500,001–$1,000,000 26.2 20.4 16.6 11.7 14.3 13.9 10.6 8.0

$1,000,001–$2,000,000 59.8 46.8 39.7 24.9 32.6 34.2 19.1 14.2

More than $2,000,000 1,942.0 1,754.3 1,519.1 818.9 848.5 1,651.6 455.0 335.0

Customer SoldTotal 1,906.6 1,758.0 1,474.6 799.2 904.4 1,616.4 411.4 282.2

0–$25,000 0.1 0.1 <0.1 <0.1 <0.1 0.1 <0.1 <0.1

$25,001–$50,000 0.1 0.1 0.1 0.0 0.0 0.1 <0.1 <0.1

$50,001–$75,000 0.1 0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$75,001–$100,000 2.7 2.4 2.1 1.3 1.6 1.5 1.1 1.0

$100,001–$500,000 19.1 17.9 13.8 8.2 9.9 10.7 6.8 5.7

$500,001–$1,000,000 28.1 26.2 20.5 12.7 16.8 16.9 9.4 7.8

$1,000,001–$2,000,000 58.6 51.9 39.6 25.1 34.4 36.7 17.4 12.3

More than $2,000,000 1,797.8 1,659.4 1,398.5 751.8 841.7 1,550.5 376.6 255.3

Inter-DealerTotal 153.9 245.8 173.8 117.3 111.4 257.1 52.2 50.4

0–$25,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$25,001–$50,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$50,001–$75,000 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1 <0.1

$75,001–$100,000 0.3 0.5 0.3 0.2 0.3 0.3 0.2 0.2

$100,001–$500,000 2.5 3.1 2.1 1.5 1.6 2.0 1.3 1.3

$500,001–$1,000,000 3.6 4.5 3.0 1.6 1.8 2.2 1.2 1.2

$1,000,001–$2,000,000 5.8 7.7 5.0 3.4 4.5 5.1 2.2 1.9

More than $2,000,000 141.6 230.0 163.4 110.5 103.2 247.5 47.4 45.9

1 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data.

PAGE 51



Variable Rate Demand Obligations1 Trade Type and Size, 2012–2015 Average daily number of trades


2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Total 662 603 478 300 364 455 216 171

0–$25,000 16 11 8 5 6 8 5 4

$25,001–$50,000 6 4 3 2 2 3 1 1

$50,001–$75,000 3 2 1 1 1 1 1 1

$75,001–$100,000 47 44 36 24 28 26 23 20

$100,001–$500,000 121 112 84 56 63 67 51 44

$500,001–$1,000,000 71 63 49 32 40 41 27 21

$1,000,001–$2,000,000 80 69 55 35 47 49 25 18

More than $2,000,000 319 298 242 145 177 261 84 62

Customer BoughtTotal 302 259 211 137 161 201 106 82

0–$25,000 6 4 3 3 3 4 2 2

$25,001–$50,000 3 2 1 1 1 1 <1 1

$50,001–$75,000 1 1 1 <1 <1 1 <1 <1

$75,001–$100,000 16 15 12 9 10 8 10 8

$100,001–$500,000 48 40 30 23 24 24 23 20

$500,001–$1,000,000 32 25 20 14 17 17 13 10

$1,000,001–$2,000,000 39 31 26 16 22 22 12 9

More than $2,000,000 158 142 118 71 84 125 45 33

Customer SoldTotal 326 298 236 142 178 222 97 75

0–$25,000 10 6 4 3 3 4 2 2

$25,001–$50,000 3 2 1 1 1 1 1 1

$50,001–$75,000 1 1 1 1 1 1 <1 <1

$75,001–$100,000 28 25 21 13 16 15 11 10

$100,001–$500,000 65 61 47 28 33 36 23 20

$500,001–$1,000,000 34 32 25 16 20 21 12 10

$1,000,001–$2,000,000 38 34 26 16 22 24 11 8

More than $2,000,000 148 136 111 66 82 121 36 25

Inter-DealerTotal 34 46 31 21 25 32 13 13

0–$25,000 <1 1 <1 <1 <1 <1 <1 <1

$25,001–$50,000 <1 <1 <1 <1 <1 <1 <1 <1

$50,001–$75,000 <1 <1 <1 <1 <1 <1 <1 <1

$75,001–$100,000 3 5 3 2 3 3 2 2

$100,001–$500,000 9 11 7 5 5 7 4 5

$500,001–$1,000,000 4 6 4 2 2 3 1 2

$1,000,001–$2,000,000 4 5 3 2 3 3 1 1

More than $2,000,000 13 19 13 8 11 15 4 4

PAGE 52



Auction Rate Securities1 Trade Type and Size, 2012–2015 Average daily par amount in $ millions

2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Total 60.0 58.9 28.5 22.7 18.0 34.3 21.2 17.1

0–$25,000 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1

$25,001–$50,000 0.4 0.4 0.2 0.2 0.3 0.2 0.2 0.3

$50,001–$75,000 0.2 0.3 0.2 0.1 0.1 0.2 0.1 0.2

$75,001–$100,000 1.0 0.9 1.0 1.0 1.0 0.9 1.1 1.0

$100,001–$500,000 6.0 5.9 4.3 4.1 4.0 4.0 4.3 4.0

$500,001–$1,000,000 5.0 5.2 2.9 3.1 2.5 3.9 3.0 2.8

$1,000,001–$2,000,000 5.2 3.6 2.1 2.7 1.4 3.7 2.5 3.0

More than $2,000,000 41.9 42.5 17.5 11.3 8.6 21.3 9.8 5.7

Customer BoughtTotal 21.4 30.2 11.6 8.8 7.7 12.2 8.6 6.8

0–$25,000 0.1 0.1 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0

$25,001–$50,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

$50,001–$75,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 <1.0

$75,001–$100,000 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1

$100,001–$500,000 1.7 1.8 1.5 1.4 1.4 1.5 1.5 1.3

$500,001–$1,000,000 1.5 1.9 1.2 1.1 0.7 1.3 1.3 1.1

$1,000,001–$2,000,000 1.9 1.3 0.8 0.9 0.5 1.4 0.9 1.0

More than $2,000,000 15.9 24.7 7.8 5.0 4.6 7.7 4.6 3.1

Customer SoldTotal 22.6 17.2 10.2 7.9 6.2 12.7 6.9 5.9

0–$25,000 0.1 0.1 <1.0 <1.0 <1.0 <1.0 <1.0 <1.0

$25,001–$50,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

$50,001–$75,000 0.1 0.1 0.1 <1.0 <1.0 <1.0 <1.0 0.1

$75,001–$100,000 0.4 0.4 0.5 0.6 0.5 0.5 0.7 0.7

$100,001–$500,000 2.0 1.9 1.3 1.3 1.2 1.3 1.4 1.3

$500,001–$1,000,000 1.5 1.6 0.8 0.9 0.7 1.2 0.9 0.8

$1,000,001–$2,000,000 1.8 1.2 0.7 0.9 0.4 1.1 1.0 1.0

More than $2,000,000 16.6 11.9 6.8 4.1 3.2 8.5 2.8 1.9

Inter-DealerTotal 16.0 11.5 6.6 5.9 4.1 9.3 5.7 4.3

0–$25,000 0.1 0.1 0.1 <1.0 <1.0 <1.0 <1.0 <1.0

$25,001–$50,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1

$50,001–$75,000 0.1 0.1 0.1 <1.0 0.1 0.1 <1.0 0.1

$75,001–$100,000 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.2

$100,001–$500,000 2.3 2.1 1.6 1.3 1.4 1.2 1.4 1.4

$500,001–$1,000,000 1.9 1.7 1.0 1.0 1.0 1.5 0.8 0.9

$1,000,001–$2,000,000 1.6 1.2 0.6 0.9 0.5 1.3 0.7 1.1

More than $2,000,000 9.4 5.9 2.9 2.2 0.8 5.0 2.4 0.7


PAGE 53



Auction Rate Securities1 Trade Type and Size, 2012–2015 Average daily number of trades


2012 2013 2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

Total 69 64 48 45 43 45 46 43

0–$25,000 11 9 7 5 5 5 5 4

$25,001–$50,000 8 7 5 5 6 4 4 5

$50,001–$75,000 3 3 2 2 2 2 2 2

$75,001–$100,000 10 9 10 10 10 9 11 10

$100,001–$500,000 22 21 17 15 15 15 16 15

$500,001–$1,000,000 6 6 4 4 3 5 4 4

$1,000,001–$2,000,000 3 2 1 2 1 3 2 2

More than $2,000,000 6 5 2 2 1 3 2 1

Customer BoughtTotal 19 20 15 14 14 15 14 12

0–$25,000 3 3 2 2 2 2 2 1

$25,001–$50,000 2 2 2 2 2 2 1 2

$50,001–$75,000 1 1 1 1 1 1 1 1

$75,001–$100,000 2 2 2 2 2 2 2 1

$100,001–$500,000 6 7 6 5 5 5 5 5

$500,001–$1,000,000 2 2 1 1 1 2 2 1

$1,000,001–$2,000,000 1 1 1 1 <1 1 1 1

More than $2,000,000 2 2 1 1 1 1 1 1

Customer SoldTotal 24 21 16 17 15 16 18 19

0–$25,000 4 3 2 2 1 2 2 1

$25,001–$50,000 3 2 2 2 2 1 1 2

$50,001–$75,000 1 1 1 1 1 1 <1 1

$75,001–$100,000 4 4 5 6 5 5 7 7

$100,001–$500,000 7 7 5 5 5 5 5 5

$500,001–$1,000,000 2 2 1 1 1 2 1 1

$1,000,001–$2,000,000 1 1 — 1 <1 1 1 1

More than $2,000,000 2 2 1 1 <1 1 1 <1

Inter-DealerTotal 26 23 17 14 14 14 14 13

0–$25,000 4 4 3 2 2 2 2 1

$25,001–$50,000 3 3 2 1 2 1 1 1

$50,001–$75,000 1 1 1 1 1 1 <1 1

$75,001–$100,000 3 3 3 3 3 2 3 2

$100,001–$500,000 9 8 6 5 5 4 5 5

$500,001–$1,000,000 3 2 1 1 1 2 1 1

$1,000,001–$2,000,000 1 1 <1 1 <1 1 <1 1

More than $2,000,000 2 1 1 <1 — 1 1 <1

PAGE 54


Part Eight

Yield Distributions, 2014–2015

PAGE 55


Coupon and Yield Distributions

Customer Trade and Size of Tax Exempt, Fixed Rate Securities, 2014–2015 Average daily yields

2014 2015 2015:Q1 2015:Q2 2015:Q3 2015:Q4

All TradesTotal 2.70 2.59 2.26 2.65 2.80 2.61

0–$25,000 2.91 2.72 2.38 2.79 2.93 2.73

$25,001–$50,000 2.62 2.56 2.21 2.61 2.79 2.59

$50,001–$75,000 2.50 2.44 2.09 2.49 2.67 2.50

$75,001–$100,000 2.35 2.39 2.06 2.44 2.61 2.43

$100,001–$500,000 2.24 2.34 2.06 2.36 2.54 2.38

$500,001–$1,000,000 2.46 2.44 2.24 2.49 2.58 2.45

$1,000,001–$2,000,000 2.64 2.50 2.28 2.57 2.65 2.52

More than $2,000,000 3.00 2.61 2.48 2.71 2.70 2.57

Customer BoughtTotal 2.61 2.39 2.12 2.49 2.56 2.37

0–$25,000 2.78 2.51 2.24 2.62 2.68 2.45

$25,001–$50,000 2.55 2.38 2.08 2.47 2.57 2.38

$50,001–$75,000 2.40 2.22 1.91 2.28 2.42 2.26

$75,001–$100,000 2.32 2.22 1.94 2.30 2.40 2.23

$100,001–$500,000 2.19 2.10 1.89 2.14 2.25 2.11

$500,001–$1,000,000 2.39 2.26 2.12 2.30 2.34 2.28

$1,000,001–$2,000,000 2.60 2.46 2.25 2.53 2.60 2.48

More than $2,000,000 2.81 2.51 2.38 2.62 2.62 2.41

Customer SoldTotal 2.90 2.66 2.35 2.74 2.85 2.69

0–$25,000 3.17 2.92 2.59 3.01 3.11 2.93

$25,001–$50,000 2.77 2.57 2.26 2.62 2.77 2.64

$50,001–$75,000 2.66 2.40 2.09 2.48 2.57 2.50

$75,001–$100,000 2.43 2.23 1.94 2.29 2.40 2.33

$100,001–$500,000 2.36 2.15 1.91 2.17 2.31 2.24

$500,001–$1,000,000 2.59 2.29 2.14 2.37 2.34 2.30

$1,000,001–$2,000,000 2.71 2.35 2.14 2.48 2.48 2.32

More than $2,000,000 3.37 2.73 2.62 2.88 2.76 2.66

PAGE 56


Coupon and Yield Distributions

Average Daily Yield, 201530-day trailing average by customer trade

Customer SoldCustomer Bought

Yiel

d

0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

12/31/1512/30/1512/29/1512/28/1512/24/1512/23/1512/22/1512/21/1512/18/1512/17/1512/16/1512/15/1512/14/1512/11/1512/10/1512/9/1512/8/1512/7/1512/4/1512/3/1512/2/1512/1/1511/30/1511/27/1511/25/1511/24/1511/23/1511/20/1511/19/1511/18/1511/17/1511/16/1511/13/1511/12/1511/11/1511/10/1511/9/1511/6/1511/5/1511/4/1511/3/1511/2/1510/30/1510/29/1510/28/1510/27/1510/26/1510/23/1510/22/1510/21/1510/20/1510/19/1510/16/1510/15/1510/14/1510/13/1510/12/1510/9/1510/8/1510/7/1510/6/1510/5/1510/2/1510/1/159/30/159/29/159/28/159/25/159/24/159/23/159/22/159/21/159/18/159/17/159/16/159/15/159/14/159/11/159/10/159/9/159/8/159/4/159/3/159/2/159/1/158/31/158/28/158/27/158/26/158/25/158/24/158/21/158/20/158/19/158/18/158/17/158/14/158/13/158/12/158/11/158/10/158/7/158/6/158/5/158/4/158/3/157/31/157/30/157/29/157/28/157/27/157/24/157/23/157/22/157/21/157/20/157/17/157/16/157/15/157/14/157/13/157/10/157/9/157/8/157/7/157/6/157/2/157/1/156/30/156/29/156/26/156/25/156/24/156/23/156/22/156/19/156/18/156/17/156/16/156/15/156/12/156/11/156/10/156/9/156/8/156/5/156/4/156/3/156/2/156/1/155/29/155/28/155/27/155/26/155/22/155/21/155/20/155/19/155/18/155/15/155/14/155/13/155/12/155/11/155/8/155/7/155/6/155/5/155/4/155/1/154/30/154/29/154/28/154/27/154/24/154/23/154/22/154/21/154/20/154/17/154/16/154/15/154/14/154/13/154/10/154/9/154/8/154/7/154/6/154/2/154/1/153/31/153/30/153/27/153/26/153/25/153/24/153/23/153/20/153/19/153/18/153/17/153/16/153/13/153/12/153/11/153/10/153/9/153/6/153/5/153/4/153/33/21/3012/3011/3010/309/30/148/307/306/30/145/304/303/31/14 Feb.

15

Jan.

15

Dec

14

Nov

. 14

Oct

. 14

Sep.

14

Aug.

14

Jul.

14

Jun.

14

May

14

Apr

. 14

Mar

. 14

Feb.

14

Dec

. 15

Nov

. 15

Oct

. 15

Sep.

15

Aug.

15

Jul.

15

Jun.

15

May

15

Apr

. 15

Mar

. 15

Daily Yield of Customer Trades of Tax Exempt, Fixed Rate Securities, 2014–2015 30-day trailing average

PAGE 57


Part Nine

Municipal Market Variable Securities Rate Resets, 2012–2015

PAGE 58


Municipal Market Variable Securities Rate Resets

Number of Variable Rate Demand Obligations Rate Resets1, 2012–2015

Num

ber o

f Res

ets

Number of Variable Rate Demand Obligation Rate Resets1, 2012–2015

Rate Resets

Month

Dec

. 12

Nov

. 12

Oct

. 12

Sep.

12

Aug

. 12

Jul.

12Ju

n. 1

2M

ay 1

2

Jan.

12

Feb.

12

Mar

. 12

Apr

. 12

Dec

. 13

Nov

. 13

Oct

. 13

Sep.

13

Aug

. 13

Jul.

13Ju

n. 1

3M

ay 1

3A

pr. 1

3M

ar. 1

3Fe

b. 1

3Ja

n. 1

3

Dec

. 14

Nov

. 14

Oct

. 14

Sep.

14

Aug

. 14

Jul.

14Ju

n. 1

4M

ay 1

4A

pr. 1

4M

ar. 1

4Fe

b. 1

4Ja

n. 1

4

Sep.

15

Aug

. 15

Jul.

15

Dec

. 15

Nov

. 15

Oct

. 15

Jun.

15

May

15

Apr

. 15

Mar

. 15

Feb.

15

Jan.

150

10000

20000

30000

40000

50000

60000

70000

80000Rate Resets

DecNovOctSepAugJulJunMayAprMarFebJan-14Dec-13Nov-13Oct-13Sep-12Aug-13Jul-13Jun-13May-13Apr-13Mar-13Feb-13Jan-13Dec-12Nov-12Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12Feb-12Jan-12Dec-11Nov-11Oct-11Sep-11Aug-11Jul-11Jun-11May-11Apr-11Mar-11Feb-11Jan-11

0

20,000

40,000

60,000

80,000

1 Based on data submited to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data.

2012 2013 2014 2015

January 68,397 67,317 52,990 44,249

February 73,179 56,540 49,149 42,699

March 68,735 57,197 50,575 46,925

April 65,300 60,278 57,074 48,513

May 77,245 64,577 50,700 42,149

June 65,174 54,719 49,452 44,842

July 66,318 63,407 57,074 47,218

August 73,366 55,677 48,459 40,952

September 60,206 52,467 49,649 46,569

October 70,934 62,295 53,362 40,473

November 61,200 50,772 44,071 38,253

December 60,764 58,265 53,458 46,185

PAGE 59



Number of Variable Rate Demand Obligations Rate Resets by Period1, 2014–2015

Num

ber o

f Res

ets

Number of VRDO Resets by Period1, 2014–2015

7 Days1 Day

0

10000

20000

30000

40000

7 Days

1 Day

DecNovOctSepAugJulJunMayAprMarFebJan-15DecNovOctSepAugJulJunMayAprMarFebJan-14

0

10,000

20,000

30,000

40,000

Dec

. 15

Nov

. 15

Oct

. 15

Sep.

15

Aug

. 15

Jul.

15

Jun.

15

May

15

Apr

. 15

Mar

. 15

Feb.

15

Jan.

15

Dec

. 14

Nov

. 14

Oct

. 14

Sep.

14

Aug

. 14

Jul.

14

Jun.

14

May

14

Apr

. 14

Mar

. 14

Feb.

14

Jan.

14

1 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. The remaining 89,856 resets were for securities with other periodic reset frequencies.

1 Day 7 Days 1 Day 7 Days

Jan. 14 14,690 33,750 Jan. 15 12,298 28,016 Feb. 14 13,732 31,815 Feb. 15 12,127 27,434 Mar. 14 15,422 31,585 Mar. 15 14,486 29,345 Apr. 14 15,444 38,082 Apr. 15 13,641 31,884 May 14 14,486 31,807 May 15 11,835 26,508 Jun. 14 15,306 30,629 Jun. 15 13,661 28,181 Jul. 14 15,905 37,684 Jul. 15 12,770 30,781 Aug. 14 14,203 29,949 Aug. 15 12,467 25,579 Sep. 14 14,834 31,430 Sep. 15 12,438 31,255 Oct. 14 14,640 34,559 Oct. 15 11,642 25,269 Nov. 14 10,289 28,656 Nov. 15 9,435 24,073 Dec. 14 13,420 35,049 Dec. 15 12,250 30,378

PAGE 60



Number of Auction Rate Securities Rate Resets1, 2012–2015

Num

ber o

f Res

ets

% o

f Rat

es R

eset

at M

axim

um

Number of Auction Rate Securities Rate Resets1, 2012–2015

Rate Resets1 % of Rates Reset at Maximum

Month

0

500

1000

1500

2000

Rate Resets

DecNovOctSepAugJulJunMayAprMarFebJan-14Dec-13Nov-13Oct-13Sep-13Aug-13Jul-13Jun-13May-13Apr-13Mar-13Feb-13Jan-13Dec-12Nov-12Oct-12Sep-12Aug-12Jul-12Jun-12May-12Apr-12Mar-12Feb-12Jan-12Dec-11Nov-11Oct-11Sep-11Aug-11Jul-11Jun-11May-11Apr-11Mar-11Feb-11Jan-11

70

72

74

76

78

80

82

84

86

% of Rates Reset at Maximum

DecNovOctSepAugJulJunMayAprMarFebJan-14DecNovOctSepAugJulJunMayAprMarFebJan-13DecNovOctSepAugJulJunMayAprMarFebJan-12DecNovOctSepAugJulJunMayAprMarFebJan-11

0

500

1,000

1,500

2,000

70%

72%

74%

76%

78%

80%

82%

84%

86%

Dec

. 13

Nov

. 13

Oct

. 13

Sep.

13

Aug

. 13

Jul.

13Ju

n. 1

3M

ay 1

3A

pr. 1

3M

ar. 1

3Fe

b. 1

3Ja

n. 1

3

Dec

. 14

Nov

. 14

Oct

. 14

Sep.

14

Aug

. 14

Jul.

14Ju

n. 1

4M

ay 1

4A

pr. 1

4M

ar. 1

4Fe

b. 1

4Ja

n. 1

4

Dec

. 15

Nov

. 15

Oct

. 15

Sep.

15

Aug

. 15

Jul.

15Ju

n. 1

5M

ay 1

5A

pr. 1

5M

ar. 1

5Fe

b. 1

5Ja

n. 1

5

Dec

. 12

Nov

. 12

Oct

. 12

Sep.

12

Aug

. 12

Jul.

12Ju

n. 1

2M

ay 1

2A

pr. 1

2M

ar. 1

2

Jan.

12

Feb.

12

1 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT). May exclude submissions that could not be categorized based on available data.

2012 2013 2014 2015

January 1,719 1,524 1,092 763

February 1,727 1,326 980 734

March 1,714 1,336 1,044 787

April 1,658 1,417 1,112 797

May 1,796 1,443 1,049 718

June 1,539 1,226 1,027 770

July 1,662 1,401 1,104 833

August 1,706 1,286 992 748

September 1,352 1,144 954 811

October 1,524 1,337 1,035 756

November 1,479 1,117 834 737

December 1,478 1,245 937 855

PAGE 61



Number of Auction Rate Securities Rate Resets by Type1, 2014–2015

Num

ber o

f Res

ets

Number of ARS Resets by Type1, 2014–15

0

200

400

600

800

1000

Hold

Maximum

Auction

Dec-14Nov-14Oct-14Sep-14Aug-14Jul-14Jun-14May-14Apr-14Mar-14Feb-14Jan-14Dec-13Nov-13Oct-13Sep-13Aug-13Jul-13Jun-13May-13Apr-13Mar-13Feb-13Jan-13

0

200

400

600

800

1000

Dec

. 15

Nov

. 15

Oct

. 15

Sep.

15

Aug

. 15

Jul.

15

Jun.

15

May

15

Apr

. 15

Mar

. 15

Feb.

15

Jan.

15

Dec

. 14

Nov

. 14

Oct

. 14

Sep.

14

Aug

. 14

Jul.

14

Jun.

14

May

14

Apr

. 14

Mar

. 14

Feb.

14

Jan.

14

HoldMaximumAuction

Auction Maximum Hold

Jan. 14 164 886 42

Feb. 14 144 802 34

Mar. 14 146 849 49

Apr. 14 157 903 52

May 14 155 843 51

Jun. 14 146 831 50

Jul. 14 176 876 52

Aug. 14 147 798 47

Sep. 14 146 763 45

Oct. 14 167 821 47

Nov. 14 136 668 30

Dec. 14 165 736 36

Auction Maximum Hold

Jan. 15 135 598 30

Feb. 15 128 572 34

Mar. 15 137 624 26

Apr. 15 144 626 27

May 15 126 569 23

Jun. 15 129 618 23

Jul. 15 145 662 26

Aug. 15 125 603 20

Sep. 15 134 654 23

Oct. 15 135 597 24

Nov. 15 125 596 16

Dec. 15 147 683 25


PAGE 62



Number of Auction Rate Securities Rate Resets by Period1, 2014–2015

Num

ber o

f Res

ets

Number of ARS Resets by Period1, 2014–2015

35 Days28 Days7 Days1 Day

Dec

. 15

Nov

. 15

Oct

. 15

Sep.

15

Aug

. 15

Jul.

15

Jun.

15

May

15

Apr

. 15

Mar

. 15

Feb.

15

Jan.

15

Dec

. 14

Nov

. 14

Oct

. 14

Sep.

14

Aug

. 14

Jul.

14

Jun.

14

May

14

Apr

. 14

Mar

. 14

Feb.

14

Jan.

14

0100200300400500600700800

35 Days

28 Days

7 Days

1 Day

Dec-14Nov-14Oct-14Sep-14Aug-14Jul-14Jun-14May-14Apr-14Mar-14Feb-14Jan-14Dec-13Nov-13Oct-13Sep-13Aug-13Jul-13Jun-13May-13Apr-13Mar-13Feb-13Jan-130

200

400

600

800

1 Day 7 Days 28 Days 35 Days

Jan. 14 41 692 146 168

Feb. 14 38 630 117 152

Mar. 14 42 696 127 163

Apr. 14 42 698 114 168

May 14 42 671 126 159

Jun. 14 41 656 128 171

Jul. 14 42 731 125 169

Aug. 14 37 641 114 152

Sep. 14 38 648 113 134

Oct. 14 40 676 112 131

Nov. 14 30 478 63 105

Dec. 14 39 605 48 130

1 Day 7 Days 28 Days 35 Days

Jan. 15 35 522 44 119

Feb. 15 34 504 43 114

Mar. 15 40 564 36 123

Apr. 15 38 562 36 123

May 15 35 500 36 114

Jun. 15 40 539 46 121

Jul. 15 39 575 59 130

Aug. 15 38 521 56 115

Sep. 15 38 564 56 134

Oct. 15 38 516 53 101

Nov. 15 33 422 52 88

Dec. 15 43 566 43 124

1 Based on data submitted to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System. May exclude submissions that could not be categorized based on available data. The remaining 1,930 resets were for securities with other periodic reset frequencies.

PAGE 63Running Head


PAGE 63

Part Ten

Municipal Market Disclosures, 2011–2015

PAGE 64


Municipal Market Disclosures

1 Excludes remarketings.

Number of Primary Market Submissions1, 2014–2015 By number of submissions

0

200

400

600

800

1000

1200

1400

1600

A15

A14

DecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Number of Primary Market Submissions1, 2014–2015By number of submissions

Num

ber o

f Sub

miss

ions

DecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary

771856

1,174

1,365 1,339 1,315

1,562

1,253

1,023974

1,0981,051

942

840 824

1,027

1,144

1,522

1,1691,105

996

1,2181,129

1,188

2014 2015

2014 2015

January 771 856

February 840 1,174

March 821 1,365

April 1,027 1,339

May 1,144 1,315

June 1,522 1,562

July 1,169 1,253

August 1,105 1,023

September 996 974

October 1,218 1,098

November 1,128 942

December 1,188 1,051

Total 12,929 13,952

PAGE 65



Continuing Disclosures Submissions, 2015

Washington3,074

Montana543

North Dakota655

South Dakota854

Minnesota6,013

Iowa3,147

Wisconsin4,278

Wyoming235

Idaho969

Oregon1,780

California17,875

Nevada702 Utah

1,603

New Mexico1,104

Colorado3,805

Nebraska2,297

Kansas2,202

Texas12,771

Oklahoma2,137

Missouri4,252

Arkansas2,104

Illinois6,583

Indiana5,026

Michigan5,585

Ohio5,567

Pennsylvania9,966

New York8,591

Rhode Island666

Connecticut1,183

New Jersey10,819

New Hampshire750

Maine377

Vermont348

Massachusetts3,309

Delaware997

Maryland1,596

Washington, DC504

Puerto Rico382

Virgin Islands53

Hawaii352

Virginia1,992

WestVirginia689

Kentucky2,654

Tennessee2,184

Alabama2,571

Mississippi1,301

Louisiana1,933

Georgia2,856

Florida9,535

SouthCarolina1,634

NorthCarolina1,813

Arizona3,091

Alaska372

Continuing Disclosures Submissions, 2015By number of documents

Bond Call 27%

Audited Fin. Statements or CAFR 21%Annual Fin. Info and Oper. Data 19%

Rating Change 5%

Budget 3%

Other 11%

Quarterly/Monthly Fin. Info 7%

Defeasance 4%

Failure to Provide Annual Fin. Info 3%

Washington3,074

Montana543

North Dakota655

South Dakota854

Minnesota6,013

Iowa3,147

Wisconsin4,278

Wyoming235

Idaho969

Oregon1,780

California17,875

Nevada702 Utah

1,603

New Mexico1,104

Colorado3,805

Nebraska2,297

Kansas2,202

Texas12,771

Oklahoma2,137

Missouri4,252

Arkansas2,104

Illinois6,583

Indiana5,026

Michigan5,585

Ohio5,567

Pennsylvania9,966

New York8,591

Rhode Island666

Connecticut1,183

New Jersey10,819

New Hampshire750

Maine377

Vermont348

Massachusetts3,309

Delaware997

Maryland1,596

Washington, DC504

Puerto Rico382

Virgin Islands53

Hawaii352

Virginia1,992

WestVirginia689

Kentucky2,654

Tennessee2,184

Alabama2,571

Mississippi1,301

Louisiana1,933

Georgia2,856

Florida9,535

SouthCarolina1,634

NorthCarolina1,813

Arizona3,091

Alaska372

Continuing Disclosures Submissions, 2015By number of documents

Bond Call 27%

Audited Fin. Statements or CAFR 21%Annual Fin. Info and Oper. Data 19%

Rating Change 5%

Budget 3%

Other 11%

Quarterly/Monthly Fin. Info 7%

Defeasance 4%

Failure to Provide Annual Fin. Info 3%

By number of documents

By state1

1 Based on information derived from CUSIP Service Bureau.

PAGE 66



Number of Continuing Disclosure Submissions, 2011–2015Number of Continuing Disclosure Submissions, 2011-2015

0

40000

80000

120000

160000

200000

A2015A2014A2013A2012A2011

0

4,0000

8,0000

120,000

160,000

200,000

20152014201320122011

Num

ber o

f Sub

miss

ions

Financial Submissions Event Submissions

Financial Submissions Event Submissions

2011 65,284 67,609

2012 72,471 67,707

2013 79,156 68,771

2014 101,289 74,340

2015 97,379 68,309

PAGE 67



All Financial Disclosures, 2014–2015 By number of documents


0

1000

2000

3000

4000

5000

6000

A2015

A2014


0

1,000

2,000

3,000

4,000

5,000

6,000

All Financial Disclosures, 2014–2015By number of documents

2014 2015

Audit Financial Statements or CAFR Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

2000

4000

6000

8000

10000

12000

14000

16000 A2015

A2014


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

3,709

3,135

4,957

2,629

2,171

3,268

1,743

1,335

1,7931,922

2,460

3,589

2,801

4,410

2,605 2,666

3,675

2,604

1,951

2,407

2,855

3,337

5,606 5,615

8,301 8,123

10,753

6,169

7,386

9,083

7,1576,394

6,8077,566

9,829

13,641

9,475 9,399

12,704

6,833 7,139

9,214

5,5605,313 5,218

5,687

7,536

13,211

Audited Financial Statements or CAFR Submissions, 2014–2015 By number of documents


0

1000

2000

3000

4000

5000

6000

A2015

A2014


0

1,000

2,000

3,000

4,000

5,000

6,000

All Financial Disclosures, 2014–2015By number of documents

2014 2015

Audit Financial Statements or CAFR Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

2000

4000

6000

8000

10000

12000

14000

16000 A2015

A2014


0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

3,709

3,135

4,957

2,629

2,171

3,268

1,743

1,335

1,7931,922

2,460

3,589

2,801

4,410

2,605 2,666

3,675

2,604

1,951

2,407

2,855

3,337

5,606 5,615

8,301 8,123

10,753

6,169

7,386

9,083

7,1576,394

6,8077,566

9,829

13,641

9,475 9,399

12,704

6,833 7,139

9,214

5,5605,313 5,218

5,687

7,536

13,211

PAGE 68



Annual Financial Information and Operating Data Submissions, 2014–2015 By number of documents


0

200

400

600

800

1000

1200

1400

1600

1800

2000

A2015

A2014


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

1000

2000

3000

4000

5000

6000

A2015

A2014


1,000

2,000

3,000

4,000

5,000

6,000

Annual Financial Information and Operating Data Submissions, 2014–2015By number of documents

2014 2015

Quarterly/Monthly Financial Information Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

688

860

1,439

1,641

499 516

9321,011

1,6601,731

451 478

907 877

1,494

1,716

646

501

1,027945

1,728 1,756

513 530

2,562

3,080

2,6622,958

4,419

5,099

1,6351,813 1,808

1,564

3,216

3,586

1,8371,648

1,382

965

2,249

1,7292,010

1,337

2,717

2,022

5,172 5,078

Quarterly/Monthly Financial Information Submissions, 2014–2015 By number of documents


0

200

400

600

800

1000

1200

1400

1600

1800

2000

A2015

A2014


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

1000

2000

3000

4000

5000

6000

A2015

A2014


1,000

2,000

3,000

4,000

5,000

6,000

Annual Financial Information and Operating Data Submissions, 2014–2015By number of documents

2014 2015

Quarterly/Monthly Financial Information Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

688

860

1,439

1,641

499 516

9321,011

1,6601,731

451 478

907 877

1,494

1,716

646

501

1,027945

1,728 1,756

513 530

2,562

3,080

2,6622,958

4,419

5,099

1,6351,813 1,808

1,564

3,216

3,586

1,8371,648

1,382

965

2,249

1,7292,010

1,337

2,717

2,022

5,172 5,078

PAGE 69



Other Financial Disclosures, 2014–2015 Financial disclosures

By number of documents 2014 2015

BUDGET 4,450 4,907

CHANGE IN ACCOUNTING STANDARD 43 29

CHANGE IN FISCAL YEAR/TIMING OF ANNUAL DISCLOSURE 20 43

CONSULTANT REPORTS 254 284

FAILURE TO PROVIDE ANNUAL FINANCIAL INFORMATION 7,323 5,716

INFORMATION PROVIDED TO RATING AGENCY, CREDIT/LIQUIDITY PROVIDER OR OTHER THIRD PARTY 274 235

INTERIM/ADDITIONAL FINANCIAL INFORMATION/OPERATING DATA 1,216 1,225

INVESTMENT/DEBT/FINANCIAL POLICY 185 234

OTHER FINANCIAL/OPERATING DATA 7,805 8,763

PAGE 70




0

1000

2000

3000

4000

5000

6000

A2015

A2014


0

1000

2000

3000

4000

5000

6000

7000

8000

9000

A2015

A2014


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

All Event Disclosures, 2014–2015By number of documents

2014 2015

Bond Call Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

1,000

2,000

3,000

4,000

5,000

6,000

4,866

3,914

4,640

7.522

6,3335,919

6,261

7,119

6,092

7,550

6,322 6,166 6,283

5,2965,665

4,745

7,088

5,9415,725

4,879

6,3605,944

6,629

5,383

3,777 3,872

2,8202,666

3,397

3,922

3,247

3,827

4,575

3,603

4,066

3,743

4,318 4,3104,007

3,429

2,958 2,953

4,810

4,381

3,2583,389

4,2734,062

All Event Disclosures, 2014–2015 By number of documents


0

1000

2000

3000

4000

5000

6000

A2015

A2014


0

1000

2000

3000

4000

5000

6000

7000

8000

9000

A2015

A2014


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

All Event Disclosures, 2014–2015By number of documents

2014 2015

Bond Call Submissions, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

1,000

2,000

3,000

4,000

5,000

6,000

4,866

3,914

4,640

7.522

6,3335,919

6,261

7,119

6,092

7,550

6,322 6,166 6,283

5,2965,665

4,745

7,088

5,9415,725

4,879

6,3605,944

6,629

5,383

3,777 3,872

2,8202,666

3,397

3,922

3,247

3,827

4,575

3,603

4,066

3,743

4,318 4,3104,007

3,429

2,958 2,953

4,810

4,381

3,2583,389

4,2734,062

Bond Call Submissions, 2014–2015 By number of documents

PAGE 71



Rating Change Submissions, 2014–2015 By number of documents


0

100

200

300

400

500

600

700

A2015

A2014


100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

3500

A2015

A2014


Rating Change Submissions, 2014–2015By number of documents

2014 2015

Defeasance, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

500

1,000

1,500

2,000

2,500

3,000

3,500

342 356

632742

366525

879

1,401

1,016866

575685

538435

3,030

1,644

1,994

1,2041,125

1,513

1,070 1,078

649470

202

337

155

522

691

213

268

648

329357 353

553

372

485

345

515

317

392424

379

593

518

592 599


0

100

200

300

400

500

600

700

A2015

A2014


100

200

300

400

500

600

700

0

500

1000

1500

2000

2500

3000

3500

A2015

A2014


Rating Change Submissions, 2014–2015By number of documents

2014 2015

Defeasance, 2014–2015By number of documents

2014 2015


Num

ber o

f Doc

umen

tsN

umbe

r of D

ocum

ents

0

500

1,000

1,500

2,000

2,500

3,000

3,500

342 356

632742

366525

879

1,401

1,016866

575685

538435

3,030

1,644

1,994

1,2041,125

1,513

1,070 1,078

649470

202

337

155

522

691

213

268

648

329357 353

553

372

485

345

515

317

392424

379

593

518

592 599

Defeasance, 2014–2015 By number of documents

PAGE 72



Other Event Disclosures, 2014–2015 Event Disclosures

By number of documents 2014 2015

ADVERSE TAX OPINION OR EVENT AFFECTING TAX-EXEMPT STATUS 9 21

AMENDMENT TO CONTINUING DISCLOSURE UNDERTAKING 175 168

BANKRUPTCY, INSOLVENCY, RECEIVERSHIP 119 86

BID FOR AUCTION RATE OR OTHER SECURITIES 109 106

CAPITAL OR OTHER FINANCING PLAN 35 45

CHANGE IN OBLIGATED PERSON 24 30

CHANGE OF TENDER AGENT, REMARKETING AGENT, OR OTHER ON-GOING PARTY 72 72

COMMUNICATION FROM THE INTERNAL REVENUE SERVICE 34 29

DERIVATIVE OR OTHER SIMILAR TRANSACTION 2 2

LITIGATION/ENFORCEMENT ACTION 51 45

MERGER, CONSOLIDATION, ACQUISITION AND SALE OF ASSETS 107 139

MODIFICATION TO THE RIGHTS OF SECURITY HOLDERS 49 41

NON-PAYMENT RELATED DEFAULT 206 153

NOTICE TO INVESTOR PURSUANT TO BOND DOCUMENTS 683 686

OTHER EVENT-BASED DISCLOSURES 4,535 4,553

P&I PAYMENT DELINQUENCY 212 268

RELEASE, SUBSTITUTION OR SALE OF PROPERTY 62 86

SUBSTITUTION OF CREDIT OR LIQUIDITY PROVIDER OR ITS FAILURE TO PERFORM 187 141

SUCCESSOR, ADDITIONAL OR CHANGE IN TRUSTEE 309 165

TENDER OFFER/SECONDARY MARKET PURCHASES 399 437

UNSCHEDULED DRAW ON CREDIT ENHANCEMENT 33 25

UNSCHEDULED DRAW ON DEBT SERVICE RESERVE 147 124

PAGE 73


Part Eleven

Definitions of Terms Used

PAGE 74



Alternative Minimum Tax (AMT) Municipal Security— A tax-exempt bond, interest on which is subject to the alternative minimum tax.

Auction Rate Securities (ARS)—Variable rate bonds whose interest rate is reset periodically under the Dutch auction process.

Bond—A security with two years or more in maturity (maturity date less dated date) with fixed or zero interest rate.

Commercial Paper—Short-term, unsecured promissory notes, usually backed by a line of credit with a bank, that mature within 270 days.

CUSIP number (Committee on Uniform Securities Identification Procedures)—An identification number assigned to each maturity of an issue intended to help facilitate the identification and clearance of securities.

Customer Bought—A municipal trade in which a customer bought the security from a broker-dealer or bank.

Customer Sold—A municipal trade in which a customer sold the security to a broker-dealer or bank.

Customer Trade—A municipal securities trade between a broker-dealer (including a dealer bank or broker’s broker), acting as agent in an agency trade or as purchaser or seller in a principal trade, and a contra-party that is not a broker-dealer (including a dealer bank or broker’s broker).

Dated Date—The date of an issue from which interest on the issue usually starts to accrue, even though the issue may actually be delivered at some later date.

Double Barrel Municipal Security—A security with characteristics of both revenue and general obligation instruments.

Final Maturity—Time remaining between original issue date and the stated final maturity date of the security. Final maturity does not take into account possible call and put options and rate reset frequencies as is the case with certain types of variable rate securities, such as auction rate securities and variable rate demand obligations.

Fixed Rate—An interest rate on a security that does not change for the remaining life of the security.

General Obligation Municipal Security—A security that is secured by the full faith, credit and taxing power of an issuer. General obligation securities issued by local units of government are typically secured by a pledge of the issuer’s “ad valorem” taxing power; general obligation securities issued by states are generally based upon appropriations made by the state legislature for the purposes specified.

Inter-Dealer—A municipal securities trade between two broker-dealers, including dealer banks or broker’s brokers.

Long Note—A security with over nine months in maturity, but under two years in maturity (maturity date less dated date) with fixed or zero interest rate.

Remaining Maturity—Time remaining between the trade date and the stated final maturity date of the security. Remaining maturity does not take into account possible call and put options and rate reset frequencies as is the case with certain types of variable rate securities, such as auction rate securities and variable rate demand obligations.

Revenue Municipal Security—A security that is payable from a specific source of revenue and to which the full faith and credit of an issuer with taxing power is not pledged. Revenue bonds are payable from identified sources of revenue and do not permit the bondholders to compel taxation or legislative appropriation of funds not pledged for payment of debt service.

RULE 15c2-12—An SEC rule under the Securities Exchange Act of 1934 setting forth certain obligations of (i) underwriters to receive, review and disseminate official statements prepared by issuers of most primary offerings of municipal securities, (ii) underwriters to obtain continuing disclosure agreements from issuers and other obligated persons to provide material event disclosures and annual financial information on a continuing basis, and (iii) broker-dealers to have access to such continuing disclosure in order to make recommendations of municipal securities in the secondary market.

Sale Date or Award—The official acceptance by the issuer of a bid or offer to purchase a new issue of municipal securities by an underwriter. The date of the award is generally considered the “sale date” of an issue.

Sector—Transactions according to the security’s use of proceeds, i.e., issuer’s intended use of the capital raised by the offering, according to definitions provided by Standard & Poor’s Securities Evaluations, Inc. The top seven most active sectors based on par amount are displayed, as well as an “Other” category that includes the remaining sectors and trades for which the sector information was not available.

Short Note—A security with nine months or less in maturity (maturity date less dated date) with fixed or zero interest rate.

Tax Exempt—Interest on most municipal secu rities is excluded from gross income for federal income tax purposes and may or may not be exempt from state income or personal property taxation in the jurisdiction where issued or in other jurisdictions. If the bond is exempt from state income tax, it possesses “double exemption” status. “Triple exemption” bonds are exempt from municipal, local income or other special taxes, as well as from federal and state income tax.

Taxable—Bonds or other securities issued by a municipal issuer for which interest or other investment return is included in gross income for federal income tax purposes. A municipal security may be issued on a taxable basis because the intended use of proceeds does not meet federal tax law requirements for the exclusion from gross income (e.g., private activity bonds that are not qualified bonds) or because certain other federal tax law requirements are not met (e.g., insufficient volume cap).

PAGE 75



Variable (Long and Short)—Variable interest rate securities with interest reset periods. Over 99 percent of these securities are short variable (interest reset period of nine months or less) as opposed to long variables (interest reset period longer than nine months).

Variable Rate—An interest rate, sometimes referred to as a “floating rate,” on a security that changes at intervals accord ing to market conditions or a predetermined index or formula.

Variable Rate Demand Obligation (VRDO)—Floating rate obligations that have a nominal long-term maturity but have a coupon rate that is reset periodically (e.g., daily or weekly). The investor has the option to put the issue back to the trustee or tender agent at any time with specified (e.g., seven days’) notice.

Zero Coupon—An original issue discount bond on which no periodic interest payments are made but which is issued at a deep discount from par, accreting (at the rate represented by the offering yield at issuance) to its full value at maturity.

Continuing Disclosure Definitions

FINANCIAL/OPERATING-BASED DISCLOSURES

Rule 15c2-12-Based Financial/Operating Data

Annual Financial Information and Operating Data—issuer’s/obligated person’s financial information or operating data, of the type included in the original official statement, provided on at least an annual basis—see Exchange Act Rule 15c2-12(b)(5)(i)(A), 15c2-12(d)(2)(ii)(A) and 15c2-12(f)(9).

Audited Financial Statements or CAFR—issuer’s/obligated person’s audited financial statements or Comprehensive Annual Financial Report, if not included in annual financial information and operating data—see Exchange Act Rule 15c2-12(b)(5)(1)(B).

Failure to Provide Annual Financial Information— notice that issuer’s/obligated person’s annual financial information and operating data not submitted by date specified in the continuing disclosure undertaking—see Exchange Act Rule 15c2-12(b)(5)(i)(A).

Additional/Voluntary Financial/Operating Data

Quarterly/Monthly Financial Information—issuer’s/obligated person’s financial information provided on a quarterly or monthly basis.

Change in Fiscal Year/Timing of Annual Disclosure—notice that issuer’s/obligated person’s fiscal year has changed or the date specified in the continuing disclosure undertaking for submitting annual financial information and operating data has changed.

Change in Accounting Standard—notice that issuer’s/obligated person’s accounting standards pursuant to which it prepares its financial information have changed.

Interim/Additional Financial Information/Operating Data—additional financial or operating data of issuer/obligated person supplementing annual financial information or operating data or providing such information or data on an interim basis in addition to the annual submission.

Budget—issuer’s/obligated person’s budget doc u ment or other information relating to its budget.

Investment/Debt/Financial Policy—issuer’s/obligated person’s policy on its investment activities, debt incurrence or other financial matters.

Information Provided to Rating Agency, Credit/Liquidity Provider or Other Third Party— information that issuer/obligated person has provided to a rating agency, provider of a credit or liquidity facility or other entity that the issuer/obligated person wishes to be made available publicly.

Consultant Reports—report prepared for or about an issuer/obligated person by a third-party in connection with the issuer’s/obligated person’s issue of securities or other financial or operating matters.

Other Financial/Operating Data—any financial information or operating data of the issuer/obligated person not otherwise described in another category.

EVENT-BASED DISCLOSURES

Rule 15c2-12 Material Event Notices

P&I Payment Delinquency—a delinquency in scheduled payment of principal of or interest on municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(1).

Non-payment Related Default—a default relating to municipal securities other than a delinquency in payment of principal or interest, if material—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(2).

Unscheduled Draw on Debt Service Reserve—an unscheduled draw on any debt service reserve fund/account that reflects financial difficulties of the issuer/obligated person or in connection with the municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(3).

Unscheduled Draw on Credit Enhancement—an unscheduled draw on credit enhancement for municipal securities reflecting financial difficulties of the issuer/obligated person or in connection with the municipal securities—see Exchange Act Rule 15c2-12(b)(5)(i)(C)(4).

Substitution of Credit or Liquidity Provider or Its Failure to Perform—a change in the entity providing any credit enhancement or liquidity support for the municipal securities, or any failure by such entity to perform its obligations under such credit enhancement or liquidity support—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(5).

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Adverse Tax Opinion or Event Affecting Tax—Exempt Status—notice of an adverse tax opinion, issuance by the Internal Revenue Service of proposed or final determination of taxability, Notice of Proposed Issue (IRS Form 5701—TEB) or other material notice of determination with respect to the tax status of the municipal securities, or other material event affecting the tax status of the municipal securities—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(6).

Modification to the Rights of Security Holders— a modification to the rights of holders of the municipal securities, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(7).

Bond Call—a notice that municipal securities are called for redemption, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(8).

Tender Offer/Secondary Market Purchases—a notice that the issuer/obligated person is seeking offers to tender municipal securities for purchase or redemption by the issuer/obligated person, or that the issuer/obligated person has or seeks to purchase its securities in the secondary market—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(8).

Defeasance—a notice that municipal securities have been defeased, typically by establishment of an escrow to pay principal and interest and the release of the covenants and original security lien—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(9).

Release, Substitution or Sale of Property—a notice that there has been a release, substitution or sale of property securing repayment of the municipal securities, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(10).

Rating Change—a notice that a rating assigned by a rating agency on the municipal securities, the issuer of municipal securities, an obligated person or other rating relating to the municipal securities has been changed—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(11).

Bankruptcy, Insolvency, Receivership—a notice of bankruptcy, insolvency, receivership or similar event of the issuer/obligated person—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(12).

Merger, Consolidation, Acquisition and Sale of Assets—a notice of the consummation of a merger, consolidation, or acquisition involving an issuer/obligated person, or the sale of all or substantially all of the assets of the issuer/obligated person, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(13).

Successor, Additional or Change in Trustee—a notice of the appointment of a successor or additional trustee, or the change of name of a trustee, if material—see Exchange Act Rule 15c2—12(b)(5)(i)(C)(14).

Additional/Voluntary Event—Based Disclosures

Amendment to Continuing Disclosure Undertaking—a notice that the issuer/obligated person has amended the continuing disclosure undertaking relating to its municipal securities.

Change in Obligated Person—a notice that a new obligated party for whom continuing dis closures will be provided has been added with respect to municipal securities and, if applicable, an existing obligated person has been released from its continuing disclosure obligation.

Notice to Investor Pursuant to Bond Documents— a notice required or authorized to be provided under the legal documents relating to the municipal securities.

Communication From the Internal Revenue Service—a notice of any communication from the Internal Revenue Service to the issuer/obligated person other than the items covered by “Adverse Tax Opinion or Event Affecting Tax—Exempt Status” above.

Bid for Auction Rate or Other Securities—a notice of a bid placed by the issuer/obligated person to purchase auction rate securities through the auction rate setting procedure or the purchase of any other of its securities.

Capital or Other Financing Plan—disclosure regarding an issuer’s/obligated person’s capital improvement plans or other financing or refinancing plans.

Litigation/Enforcement Action—disclosure regarding any litigation involving the issuer/obligated person or any other relevant party that has the potential to have a material impact on the municipal securities, or any regulatory enforcement action that may have such an impact.

Change of Tender Agent, Remarketing Agent, or Other On—Going Party—a notice of a change in the tender agent, remarketing agent, or other market participant that provides on—going services in connection with the issuer’s/obligated person’s municipal securities.

Derivative or Other Similar Transaction—any notice, disclosure or other document relating to derivatives or other financial products or structures used in connection with the issuer’s/obligated person’s municipal securities.

Other Event—Based Disclosures—any notice, disclosure or other document relating to the occurrence of an event or other non—financial matter relating to the issuer’s/obligated person’s municipal securities not otherwise described in another category.

C O R P O R A T E O F F I C E

Municipal Securities Rulemaking Board1300 I Street NW, Suite 1000Washington, DC 20005202-838-1500

M S R B S U P P O R T

202-838-1330O N L I N E

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