WASHINGTON - The Securities and Exchange Commission voted yesterday to exclude municipal securities from a new rule requiring firms to settle most trades within three days.

But the SEC said it still wants the municipal market to try to achieve the so-called T-plus-3 settlement standard by June 1, 1995, the date set by the SEC yesterday for most corporate stocks and bonds. The agency asked the Municipal Securities Rulemaking Board to take the lead in implementing the standard as close to that time frame as possible.

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