Under MSRB rules, all of the following may be changed by mutual agreement between municipal dealers EXCEPT:

• A. place of delivery
• B. settlement date on a WAII transaction
• C. confirmation contents
• D. time of delivery

Answer: (C)

In MSRB practice, some terms of a muni trade can be changed by mutual agreement, while the information that must appear on a trade confirmation is fixed by rule and can’t be altered through negotiation. The mandatory contents of a trade confirmation are specified by MSRB rules and must be included as specified, regardless of any mutual agreement between dealers.

Dealers may agree to change where delivery takes place, adjust the settlement date for a when-issued transaction, or alter the time of delivery, as long as the modifications are properly documented. But the confirmation must contain the required items in its mandated format and cannot be modified by mutual agreement.