FOR IMMEDIATE RELEASE							98-94

						SEC Contact:
						John J. Nester (202) 942-7083

                SEC Applauds Muni Bond Pricing Data on Internet

	Washington, D.C., September 28, 1998 -- Statement of Nancy M. Smith, 
Director, SEC Office of Investor Education and Assistance:

	Americans are savvy consumers when they have the right information.  
We know how to get some products at the best prices -- whether it’s a new 
computer, a washer-dryer, or even a roll of paper towels.  That’s because 
we can find out about those products.  We can see the prices.  We can make
 comparisons.  That’s not been the case for bonds.  Too often, investors 
can’t see what they’re paying.

	Our securities markets depend on consumer confidence -- confidence 
that comes from having the facts.  Investors need to see the prices when
they’re buying bonds. That’s called transparency.

	Price transparency makes you a better investor.  Just as you wouldn’t
 drive your car with a cloudy windshield, you shouldn’t let cloudy pricing
 information drive your investment decisions.  

	Just last month, with SEC approval, the Municipal Securities Rulemaking
Board expanded its daily reporting.  Now, if a municipal security trades at
least four times on a given day, then the high, low, and average prices and
total par value traded will appear on the MSRB’s Combined Daily Report at 
6:00 a.m. the next day.  

	The Bond Market Association will make that information available for
free on its web site.  For the first time, individual investors will now 
have access to prices and volume information.  The web site will also have
valuable information about credit ratings, insurance, calls, and yields. 

	This is great news for investors.  SEC Chairman Arthur Levitt said 
"I am delighted that The Bond Market Association has succeeded in making 
price information concerning municipal securities available to individual
investors for the first time through its web site.  This highly commendable
effort represents another step toward improving price transparency in the 
debt market."

	Investors should always ask for four things before buying a municipal
bond -- the official statement, any recent annual financial information,
notices of events affecting the bonds, and the price at which the bond most
recently traded.  The web site will help investors make comparisons and give
them greater confidence that they’re paying a fair price.

	It’s worth noting that, earlier this year, the SEC, The Bond Market
Association, and a national coalition of government agencies, consumer 
oranizations, and business groups launched the Facts on Saving and Investing
Campaign.  Our goal is to encourage Americans to get the facts they need to
save and invest wisely, and avoid costly mistakes.  

	The SEC applauds The Bond Market Association for helping Americans get
the facts they need to invest in municipal bonds, for helping them to see
prices, and for helping Americans see the road to financial security. 
        

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