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XBRL COULD UNDERMINE MARKET EFFICIENCY

Proposals to require municipal bond issuers to create and post financial reports in XBRL format—which allows easier electronic extraction of selected data points—appear to have at least limited purchase among Federal and market regulators. Last week’s first annual SEC conference on municipal disclosure spent considerable time discussing XBRL versus the current PDF standard. And how, hypothetically, a move to XBRL could engender faster and more scalable municipal credit research: an apparent balm amid worsening asset manager fee pressure. click to continued