WASHINGTON -- The Municipal Securities Rulemaking Board's pilot program for improving information on prices is inadequate and should be replaced with a system similar to the one recently adopted for the high yield bond market, Securities and Exchange Commission member Richard Roberts said yesterday.

"While [the MSRB's] proposal would provide useful information for purposes of market surveillance and market analysis, it is not enough, at least in my view. More needs to be done to provide investors with real-time quotation and transaction information," Roberts said in a speech before the Council of Development Finance Agencies, meeting in Pittsburgh.

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