Notes: This figure presents markups on secondary-market intermediation chains. The chain matching algorithm uses adapted methodology from Li and Schürhoff (2019). We average markups within week and trade-size bucket.
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure shows the total weekly value of par traded broken down by trade size bins (retail, mid-sized, or institutional).
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure presents markups on secondary-market intermediation chains, broken down by whether at least one leg in a chain is executed electronically (on an alternative trading system or a broker's broker platform). The chain matching algorithm uses adapted methodology from Li and Schürhoff (2019). We average markups within week and trade-size bucket.
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure shows the share of trades that are executed electronically (on an alternative trading system or a broker's broker platform).
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure presents markups on secondary-market intermediation chains, broken down by whether at least one leg in a chain is executed by the top 25 dealers by trading volume. We define dealers at the parent company level. The chain matching algorithm uses adapted methodology from Li and Schürhoff (2019).
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure shows the percentage of secondary market intermediation chains executed by the top 25 dealers by trading volume. We define dealers at the parent company level.
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure presents markups on secondary-market intermediation chains, broken down by whether at least one leg in the chain involves non-transaction-based compensation (NTBC). The chain matching algorithm uses adapted methodology from Li and Schürhoff (2019).
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.

Notes: This figure presents markups on secondary-market intermediation chains, broken done by completion time. Chains completed within 15 minutes or less are classified as prearranged, while those completed in more than 15 minutes are classified as inventory. The chain matching algorithm uses adapted methodology from Li and Schürhoff (2019).
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent Municipal Bond Database, and The Bond Buyer's data archives.