Mark-Up Disclosure (PMP Waterfall)


As you know, FINRA and MSRB regulations require markup disclosure on customer confirmations in certain circumstances on all municipal bonds, corporate debt securities and agency debt securities as defined in MSRB Rule G-30.06 and FINRA Rule 2232(f)(1) and (2), respectively. Relying on subjective methodologies to meet this regulatory obligation carries significant risks. Effi’s solution is an automated and unbiased approach to the PMP Waterfall that provides precise, accurate, and defendable PMP value. It determines a PMP number, as well as Stage of the Waterfall and Step in the Stage – all of which are archived for Compliance Review and any Regulatory Inquiry. The Effi PMP solution follows the regulation verbatim and is supported by both BondWave proprietary QTrades data and your firm’s data, definitions and controls.

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