WASHINGTON -- Reactions to the Municipal Securities Rulemaking Board's revamped secondary market information disclosure proposal were mixed yesterday, as many bond market participants called it a good first step, while others complained it does not go as far as the private vendor systems that are already in place.

Their comments came after the MSRB sent the Securities and Exchange Commision a proposal on Monday for an 18-month pilot program that will accept municipal bond information from trustee banks and issuers on paper and through facsimile as well as electronically. The SEC had refused to approve an earlier proposal last June that would have taken the information only electronically.

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