The Municipal Securities Rulemaking Board recently sent a letter to Treasury Secretary Timothy Geithner with suggestions for overhauling the derivatives market. The board said many investors recommended using the board's central repository, known as EMMA, to disclose information about derivatives to the market. "EMMA already accepts voluntary issuer disclosure concerning derivative transactions through its continuing disclosure system," Ronald Stack, chairman of the MSRB, wrote. "While municipal-derivatives disclosure is not mandated, many investors consider it material to their investment decisions."

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