WASHINGTON -- The failure to provide secondary-market disclosure has become the Achilles's heel of the municipal bond market.

But now the Municipal Securities Rulemaking Board has taken a small but very important step toward draggin the municipal market into the mainstream of the securities markets. The board has put forward an 18-month pilot system for acepting bond information from trustees and issuers in three different forms: electronically, on paper, and through facsimile.

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