Dealer groups and participants in the municipal bond market are raising concerns about a draft rule from the Municipal Securities Rulemaking Board that would govern broker's brokers. Insiders said the rule would hinder secondary market liquidity. "Any impediments to trading in what is already a labor-intensive market must be carefully reviewed to ensure that the burdens to liquidity are justified," according to Leslie Norwood, managing director and co-head of the muni division at SIFMA. Read the letter from SIFMA.

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