News | 11.14.19
Homespun Firms Challenge Wall Street's Muni Bond Supremacy
Wall Street's hold on the municipal bond market could be challenged by small, independent firms known as municipal advisors, if the SEC allows them to arrange private bond sales to skilled investors without the involvement of the large banks and midsize brokers. Advisors that hire themselves out to local governments now participate in three-quarters of muni bond issues, up from 52 percent in 2004. Broker-dealers are alarmed at the SEC proposal, reflecting broader shifts occurring in the municipal market alongside the post-crisis regulatory squeeze on both major banks and regional brokerages.
Read the full article on Wall Street Journal