Four finalists have been selected to implement a new financial disclosure system for the municipal bond market, which includes not-for-profit hospitals. The selection was hailed as a "major milestone" by Alan Anders, a member of the 19-member Muni Council, an ad hoc group assembled to resolve disclosure problems in the municipal market. The council said it plans to select a contractor in late May to create a central filing location for issuers' financial data, which is warehoused at four repositories. The system would remind issuers that filings are due and enable investors to locate data. Finalists include Bloomberg, New York; Municipal Advisory Council of Texas, Austin; Digital Assurance Certification, Winter Park, Fla., which is part of Ernst & Young; and Wall Street On Demand, a division of Firstrade Securities, New York. -- by Mary Chris Jaklevic
Municipal bond market plans new disclosure system
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