CHICAGO -- While debate on the composition of the Bond Buyer Municipal Bond Index contract at the Chicago Board of Trade has died down over the last year, users of futures contract said at a meeting last week that there was still room to improve the index.

Much of the discussion at the Board of Trade-sponsored "industry perspective" on the six-year-old contract focused on the kinds of tax-exempt issues contained in the 40-bond index. One complaint was that the underlying index, which is changed twice each month, only represents the new issue market, and not the outstanding cash market.

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