The municipal bond market is becoming more dependent on individual investors, and individual investors deserve to have an accurate idea of the market value of their securities. The move toward better price information that's under way must not lag.

Prices of municipal bond mutual funds are readily available in the Wall Street Journal and the New York Times and other large-circulation newspapers, but not prices of municipal bonds themselves. There are simply too many issues, too many maturities, and too little trading in most of them, and these facts pose a problem.

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