Solving Pre-Trade Transparency: Innovation vs. Regulation

By: Gregg Bienstock

In this article, Gregg Bienstock, SOLVE’s SVP, Group Head, Municipal Markets addresses The Municipal Securities Rulemaking Board (MSRB) recent withdrawal of its pre-trade data concept release, providing temporary relief to market participants. However, its 14-year focus on this issue suggests the conversation is far from over. The MSRB has long explored whether increased pre-trade price transparency—specifically, dealer quotes—could improve market pricing and liquidity. While the regulatory approach remains unclear, many in the market have already embraced pre-trade data as a competitive advantage.

SOLVE has pioneered this space for over a decade, using natural language processing (NLP) to extract valuable data points from messages, spreadsheets, and attachments. As the MSRB weighs future regulatory paths, it would be wise to consider the success of existing private solutions that are already delivering transparency, efficiency, and actionable insights without placing unnecessary burdens on market participants. With proven tools in place, market participants don’t have to wait for regulation to realize the benefits of pre-trade data.

Key Takeaways

• The MSRB has paused its pre-trade data collection proposal but is expected to revisit it.
• SOLVE has provided pre-trade transparency for over 14 years through advanced data parsing.
• Private sector innovation already meets many of the goals outlined by regulators—efficiently and cost-effectively.
• Market participants can gain a competitive edge now by adopting pre-trade quote data solutions.

Want to stay ahead of regulation and unlock the benefits of pre-trade transparency?

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About SOLVE

SOLVE is the leading market data platform provider for Fixed Income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in New York, with offices across the globe, SOLVE is the definitive source for market pricing in Fixed Income markets. For more information, visit https://solvefixedincome.com.