The MSRB reported its budget for 2022, projecting revenues of $29.3 million and expenses at $43.3 million.

For the fiscal year starting October 1, 2021, MSRB reported that:

  • expenses are budgeted at $43.3 million, which is a 4.4 percent increase from the prior year; and
  • revenues are budgeted at $29.3 million, creating an operating deficit of $14 million that reflects a temporary reduction of the MSRB's three largest fees.

The MSRB stated that the budget advances MSRB's long-term goals, which include: (i) modernizing market regulation through a retrospective rule review and retirement of outdated interpretive guidance; (ii) an enterprise-wide migration to the cloud and modernization of its market transparency systems, including the Electronic Municipal Market Access ("EMMA") website, for which the MSRB has allocated $17.5 million; and (iii) data innovation through the new EMMA Labs.

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