OVERVIEW

Dealers must comply with MSRB Rule G-47 (Time of Trade Disclosure), which requires disclosing all material information at or before a trade, for retail and non-SMMP (non-sophisticated) customers. But assembling that information on a bond-by-bond basis — especially for new issues — is resource-intensive and error-prone.

SOLVE Time of Trade Disclosure changes that. With a single click, users can generate a Municipal Bond Report for any CUSIP (including new issues within hours of CUSIP assignment). These dynamically updated reports support Rule G-47 / G-27 compliance by combining bond details, pricing/yield/spread data, risk factors, and document access — all configured and audit-trail enabled.

It supports both retail and non-SMMP disclosures, helps enforce consistent policy across a desk, and protects against compliance and reputational risk.

Markets Covered

Municipal Bonds (All CUSIPs)

comprehensive coverage including new issues

Retail & Non-SMMP Trades

supports Rule G-47 obligations

Issuance Integration

reports available within hours of new CUSIP creation

Supervision Support

aligned with MSRB Rule G-27 policies and procedures

Benefits

  • Compliance Efficiency

    generate disclosure-ready bond reports in seconds.

  • Consistent Policy Enforcement

    standardize disclosures across desks and offerings.

  • Auditability & Documentation

    full trails of data, edits, and report generation.

  • Risk Mitigation

    avoid omissions, incorrect disclosures, or inconsistent practices.

  • Support New Issue Execution

    allow timely disclosure for newly assigned CUSIPs in retail sales.

Use Cases

  • Retail / Non-SMMP Trailing Trades

    provide required disclosures at or before trade.

  • New Issue Retail Sales

    generate disclosure for newly issued bonds within workflow.

  • Supervisory Review

    track how each bond report was generated, field edits, and timing.

  • Policy Enforcement

    ensure all sales desks adhere to firm-level disclosure standards.

Features

  • One-Click Municipal Bond Report

    with bond, yield, spread, and risk factor details

  • New Issue Support

    report generation within two hours of CUSIP assignment

  • Real-Time Data Integration

    live pricing, yield, and spread inputs

  • Configurable / Editable Sections

    risk factors, disclosure narrative, white-labeling

  • Reporting & Audit Trail

    logs of report generation, edits, versioning

  • Policy & Supervision Tools

    roles, permissions, consistency settings

Integration Partners

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Time of Trade Disclosure