WASHINGTON - The Public Securities Association warned yesterday that recommendations being considered to reform clearance and settlement procedures in U.S. securities markets could disrupt the municipal bond market.

The trade group was responding to recommendations made by the Bachmann Task Force, which was set up in November 1991 at the request of Securities and Exchange Commission Chairman Richard Breeden. The task force is an outgrowth of the Group of 30, an international panel examining how to streamline clearance and settlement of securities worldwide.

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