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SEC’s Cross Says Shine a Light on Tax-Free Market: Muni Credit

John Cross says it’s time to bring the individual buyers who dominate the $3.7 trillion municipal-bond market out of the dark.

Cross, who’s set to step down next month as director of the Securities and Exchange Commission’s Office of Municipal Securities, said his successor’s challenge is to enable the public to trade off the same bond prices as Wall Street firms, eliminating an edge dealers have over their customers.