BAM Advisor Services Pioneers DPC DATA Disclosure Solutions In the Registered Investment Advisor Realm

BAM Advisor Services Pioneers DPC DATA Disclosure Solutions In the Registered Investment Advisor Realm (pdf version)

Information services add research efficiency and local bond-related news To enhance municipal bond portfolio management

Roseland, NJ (USA) – April 9, 2012 – DPC DATA, provider of information solutions to municipal bond traders, advisors and investors, today announced that St. Louis-based BAM Advisor Services, which provides back-office support for more than 120 independent Registered Investment Advisor firms across the country, is the first RIA-supporting firm to integrate MuniPOINTS® and MuniGUARD® News into its operations.

“Both these solutions make good sense operationally and support our best practices in municipal bond portfolio management. With MuniGUARD News, we can access the most timely news available regarding local conditions and the financial health of obligors, supporting our current record in avoiding defaults,” said Al Sears, BAM principal-in-charge and director of fixed income. “MuniPOINTS offers us efficiencies in bond selection research and will help ensure appropriate bond purchases for their clients.”

Launched late last year and already well-received among top-tier and regional dealer firms, MuniGUARD News is the first news service designed to deliver municipal bond-related news in context to municipal market professionals. The service enables dealers and advisors to address their expanding regulatory requirements for pre-acquisition research and disclosure, as well as ongoing surveillance of holdings.

Built on proprietary intelligent technology, the MuniGUARD News Relevancy Index filters thousands of news stories daily from more than 580 local and regional sources, seeking connections with bond issues, including their obligors, issuers, locations and sectors. The results are presented to subscribers as a list of published stories related to a bond’s identifying CUSIP® numbers, with each story’s relevancy rank for that particular bond, and a click-through to the entire story.

MuniGUARD News is currently offered as an extension of the MuniPOINTS-based disclosure compliance solution, used today by more than 100,000 industry professionals. MuniPOINTS provides concise, bullet-pointed abstracts of key points extracted directly from final offering statements without analysis. With one-click access at a CUSIP listing on desktop applications,

BAM Advisor Services Select DPC DATA Solutions

MuniPOINTS documents expedite research and investment selection, and are easy to forward to advisors or investors for their review.

“We are delighted to welcome BAM Advisor Services as our first RIA-related customer for DPC DATA’s disclosure solutions,” said Michael Ruvo, president of DPC DATA. “The fiduciary role of RIAs creates regulatory obligations that are even more stringent in some aspects than those faced by dealers of municipal bonds. In this demanding environment, the information and efficiencies provided by MuniGUARD News and MuniPOINTS not only assist in meeting those responsibilities, but do so in fully integrated, auditable processes.”

For more information about DPC DATA disclosure solutions, please contact us at sales@dpcdata.com.

About The Buckingham Family of Financial Services

Based in St. Louis, The Buckingham Family of Financial Services includes Buckingham Asset Management, LLC, BAM Advisor Services, LLC and BAM Risk Management, LLC. The Buckingham Family is led by a team of 15 principals and manages or administers more than $15.5 billion in client assets (as of 2/29/12). Its investment approach centers on a passive investment approach primarily through passively managed mutual funds and Buckingham’s proprietary fixed income portfolio design and execution capabilities. BAM Advisor Services helps like-minded Registered Investment Advisor firms, often associated with CPA practices, start, manage and grow their advisory organizations

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com or e-mail us at sales@dpcdata.com.

MuniPOINTS and MuniGUARD are registered trademarks of DPC DATA Inc. CUSIP is a registered trademark of the American Bankers Association.

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Knight BondPoint to Distribute Muni Deal Abstracts and Disclosure Documents from DPC DATA

Knight BondPoint to Distribute Muni Deal Abstracts and Disclosure Documents from DPC DATA (pdf version)

Fort Lee, NJ (USA) – September 13, 2010, DPC DATA, a leading provider of municipal bond disclosure data, research and data services, today announced that Knight BondPoint, a subsidiary of Knight Capital Group, will offer DPC DATA’s MuniPOINTS®abstracts and MuniDOCS® Online document portal in trading platforms used by dealers and financial advisors.

“Streamlining the municipal bond sales process today is a challenge as regulators require firms to provide additional disclosure and meaningful guidance to investors,” said Marshall Nicholson, managing director of Knight BondPoint, a leading provider of electronic fixed income technology solutions and cost-efficient trade execution services.

“Well beyond the workflow of orders and settlement, this challenge extends to research and analysis of disclosure documentation that may not be simple to track. With DPC DATA, we have a partner that understands the problem. Their information products and tools integrate seamlessly into our clients’ workflow via the Knight BondPoint product suite.”

Designed for point-of-sale disclosure compliance, MuniPOINTS are easy-to-read deal summaries containing “just the facts” in bullet-point text, excerpted directly from the official statements with no analytical content. In addition, MuniPOINTS offer one-click access to all related primary and secondary market disclosure documents, including material event notices, via the MuniDOCS Online portal. When e-mailed from dealer to customer, MuniPOINTS documents make a clear statement that the dealer cares enough to make investment research easy and fast for investors.

“We welcome Knight BondPoint to the growing group of channel providers and capital markets firms choosing DPC DATA’s innovative research and risk management solutions, as well as our high-quality archive of municipal bond disclosure data,” said Michael Ruvo, president of DPC DATA. “In today’s business environment, it is crucial for both dealers and investors to have the best information and decision support tools. We look forward to supporting Knight BondPoint and their clients in the municipal marketplace.”

Municipal bond disclosure information and customer notification workflow to be integrated for dealers and financial advisors

About Knight

Knight Capital Group, Inc. (NYSE Euronext: KCG) is a global financial services firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms. Knight’s hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange, futures and options. The firm is the leading source of liquidity in U.S. equities by share volume. Knight also offers capital markets services to corporate issuers. Knight is headquartered in Jersey City, NJ with a growing global presence across the Americas, Europe and the Asia-Pacific region. For more information, please go to www.knight.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com or e-mail us at sales@dpcdata.com.

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DPC DATA Announces Distribution Agreement With TheMuniCenter

DPC DATA Announces Distribution Agreement With TheMuniCenter (pdf version)

Municipal bond disclosure information and customer notification workflow to be integrated for broker/dealers and their financial advisors.

Fort Lee, NJ (USA) – July 29, 2010 – DPC DATA, a leading provider of municipal bond disclosure data, research and data services, today announced an agreement with TheMuniCenter (TMC), the market leader for secondary municipal bond trading. TMC will offer DPC DATA’s MuniPOINTS® abstracts and MuniDOCS® Online document portal for use by financial advisors via its private label platforms.

“TMC’s goal is to offer its clients choice and completeness of information to meet point-of-sale and ongoing material event monitoring needs. As a municipal market leader, we chose to enhance our existing capabilities with DPC DATA’s respected offerings,” stated Thomas Vales, TMC’s CEO. Furthermore, “with DPC DATA, TMC is providing clients with reliable data and tools in the most convenient package possible. MuniPOINTS is an instant boost to financial advisors’ daily efficiency, and enables them to meet their regulatory requirements while servicing clients more effectively.”

Designed for point-of-sale disclosure compliance, MuniPOINTS are easy-to-read deal summaries containing “just the facts” in bullet-point text, excerpted directly from the official statements with no analytical content. In addition, MuniPOINTS offers one-click access to all related primary and secondary market disclosure documents, including material event notices, via the MuniDOCS Online portal. When e-mailed by financial advisors to customers, MuniPOINTS documents make a clear statement that the dealer wants to offer added value content beyond basic data available via the MSRB’s Electronic Municipal Market Access (EMMA) system.

“Investment professionals need instantaneous access to actionable information and decision support tools to enable them and their customers to make better decisions and manage risk,” said Michael Ruvo, President of DPC DATA. “We are delighted that TMC has chosen DPC DATA as their preferred third party source of municipal disclosure information and risk-monitoring solutions.”

About TheMuniCenter (TMC)

TMC is a leading Fixed Income marketplace that recently celebrated its 10 year anniversary serving sell-side and buy-side clients. Based on MSRB statistics, TMC was responsible for nearly 20% of all inter-dealer transactions in municipal securities during the first half of 2010. Beyond municipals and taxable variations (e.g., Build America Bonds), TMC offers extensive taxable inventory including Agencies, , CDs, CMOs, Corporates, MTNs, Specified Pools, Structured Products and Treasuries. TMC is majority owned by Bank of America Merrill Lynch, Citi Global Markets and Morgan Stanley. For more information on TMC, please visit www.themunicenter.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com or e-mail us at sales@dpcdata.com.

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Top Broker-Dealers Choose DPC DATA’s MuniPOINTS to Streamline

Top Broker-Dealers Choose DPC DATA’s MuniPOINTS to Streamline (pdf version)

Compliance while Improving Client Service With instant access to disclosure documents, MuniPOINTS provides fast, convenient disclosure compliance

Roseland, NJ (USA) – December 14, 2009, DPC DATA, a leading provider of municipal bond disclosure data, research and data services, today announced that six top-tier and large regional broker-dealers and wealth management firms have adopted MuniPOINTS® for rapid bond research and disclosure to investors. In an average week, tens of thousands of MuniPOINTS summaries are being accessed by dealers and risk managers to rapidly identify deal terms, determine risk profiles, and communicate disclosure information to clients prior to sales. Currently, over 40,000 individual reps have access to MuniPOINTS through their real-time offering systems.

MuniPOINTS is the fastest way to obtain key bond facts. Available online or easily integrated into proprietary workflow and client communications, MuniPOINTS are concise, easy-to-read deal summaries containing “just the facts” in bullet-point text, excerpted directly from the official statements with no analytical content. When e-mailed by dealers to clients with embedded links to all related disclosure documents, they make a clear statement that the dealer cares enough to make point-of-sale research easy and fast for clients.

“It is clear now after the MSRB’s July interpretive Notice 2009-42 and increasing enforcement efforts by FINRA, broker-dealers need a better way to meet their disclosure obligations to investors and establish clear internal procedures to support compliance,” said Peter J. Schmitt, CEO of DPC DATA. “MuniPOINTS, especially when combined with built-in access to relevant disclosure documents, addresses these challenges in a simple and convenient way. It cuts cost and time for the broker-dealer, and it makes the rep look very smart when provided to clients as a pre-sale disclosure package.”

New users of MuniPOINTS include four of the top ten dealers in municipal bonds, as well as two large regional dealers and wealth management firms with operations from coast to coast.

“MuniPOINTS is a perfect win-win for the broker-dealer community,” notes Michael Ruvo, president of DPC DATA. “We’re seeing extraordinary interest from both traditional and online brokers. One of the large national broker-dealers has reported back to us that MuniPOINTS significantly reduced time required to select suitable investments for clients and virtually eliminated the effort involved in preparing a pre-sale disclosure package for the client.”

Access to MuniPOINTS is available through channel partners such as BondDesk, or directly from DPC DATA through MuniPoints.com or integration into proprietary applications. For more information, please contact DPC DATA at 1-800-996-4747 or sales@DPCDATA.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com or e-mail

us at sales@dpcdata.com.

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DPC DATA MuniGUARD Addresses Bond Dealers’ Mounting MSRB and FINRA Compliance Concerns

DPC DATA MuniGUARD Addresses Bond Dealers’ Mounting MSRB and FINRA Compliance Concerns (pdf version)

Surveillance service cuts time, cost and risk for muni bond dealers, speeding critical disclosure information to in-house platforms and systems for compliance with mandatory investor protections

Roseland NJ (USA) – August 14, 2009 – DPC DATA, a leading provider of municipal bond disclosure data, research and data services, today announced that its new surveillance service, MuniGUARDTM, is helping municipal bond dealers address mounting regulatory demands and enforcement pressures related to investor protections. Providing automated notice of the latest material event filings, which can be integrated directly into trading and compliance platforms, MuniGUARD reduces both legal risks and operational costs for dealers.

“Several major dealer organizations have already deployed MuniGUARD, giving their trading desks and wealth management departments the latest business-critical filings on the bonds they buy and sell. For these firms, MuniGUARD is an essential tool for protecting their customers and themselves in this deteriorating credit environment,” said Peter Schmitt, CEO of DPC DATA. “There is no question that new material filings, particularly those indicating bond distress, can instantly change the credit profile and pricing of municipal bonds. MuniGUARD places this information directly into dealers’ hands in their everyday workflow.”

In the wake of recent announcements by the Municipal Securities Rulemaking Board (MSRB) and the Financial Industry Regulatory Authority (FINRA) related to disclosure-related practices, dealers are facing more detailed regulatory requirements and increased industry enforcement. FINRA has announced an industry-wide “sweep” to determine dealer compliance with MSRB rules for fair dealing, fair pricing and determining the suitability of an investment for bond buyers. Subsequently the MSRB released a new interpretive notice to dealers indicating that they are not only responsible for access to material secondary market disclosures in meeting these regulations, but they are also responsible for interpreting and disclosing this content to investors.

Until MuniGUARD, time-consuming and expensive labor was required to track these unscheduled material event filings by issuers and obligors. The MSRB’s recently launched EMMA system, which is also DPC DATA’s main source for new disclosure filings, offers timely access to official materials. However, users must query the system by one CUSIP® number at a time to discover if new filings exist. In contrast, DPC DATA provides timely direct feeds of material event information, along with direct access to the documents.

“Today, no one wants to wait or dig for this information. Since the launch of MuniGUARD in June, our first customers have discovered that MuniGUARD can be deployed quickly in the systems they already use to manage offerings and keep track of customer positions,” said Michael A. Ruvo, president of DPC DATA. “There is no more efficient solution than MuniGUARD to the universal problem of staying on top of critical disclosure information in a timely manner.”

To optimize usability for the dealer community, MuniGUARD can be delivered as a data feed for integration into trading systems, risk management applications, intranet portals and other internal systems, or through DPC DATA’s MuniLINK® custom API for web services. The customizable MuniGUARD content includes descriptive data pertaining to each notice at the CUSIP-9 level and a direct link to the definitive electronic document for each material event notice.

For more information on the MuniGUARD suite of surveillance services, please contact DPC DATA at 1- 800-996-4747 or Sales@DPCDATA.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com.

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DPC DATA MuniGUARD Surveillance Services Provide Increased Market Transparency for Municipal Bond Investors

DPC DATA MuniGUARD Surveillance Services Provide Increased Market Transparency for Municipal Bond Investors (pdf version)

Roseland, NJ (USA) – June 10, 2009 –DPC DATA, a leading provider of municipal bond disclosure data, today introduced MuniGUARD®, a new suite of surveillance services for investors, advisors and brokers concerned about significant increases in the credit risk of their municipal bond holdings. MuniGUARD tracks and provides automated notification about various events that impact credit quality. Several levels of the service are available to address subscribers’ specific needs for custom filtering, timeliness and descriptive data.

This new DPC DATA information service answers the market demand for timely credit information, particularly default risk. The most recent DPC DATA research report on municipal disclosures* found that distress-related material event notices jumped from 187 in 2007 to 348 in 2008. More ominously, the number of troubled municipal credits is accelerating, with official distress notices multiplying in 2009 at more than four times the rate for the corresponding period in 2008. Monetary default notices for the month of April 2009 alone numbered more than 120.

“With the downgrading of municipal credit ratings confirming our findings, we believe that the investing community and their service providers have good reason to seek timely information about credit-related filings in the municipal bond market,” said Peter J. Schmitt, CEO of DPC DATA. “MuniGUARD is designed to answer those concerns, alerting subscribers to distress filings by issuers or obligors, so that the investing community can adjust their credit risk perspective on these offerings.”

The core MuniGUARD service offers market-wide tracking of any distress-related material event notice that is officially filed. These notice types include the following:

Payment delinquencies Non-payment, or ‘technical’, defaults Unscheduled draws on debt service reserves Unscheduled draws on credit enhancements

When these notices are filed, subscribers receive instant notifications which will identify the bond offering by issuer name, dated date, issue description, coupon, maturity, and CUSIP (for subscribers with a CUSIP license). The service can also include hyperlinks to the definitive material event notices in the DPC DATA document repository. Depending on their needs, subscribers may choose from various delivery options of format, channel or supported trading platforms.

“MuniGUARD provides a first line of defense against the increasing uncertainty in today’s municipal marketplace,” notes Michael Ruvo, president of DPC DATA. “For investors, it reduces the risk of being caught unawares when municipal credits grow shaky. For their advisors and brokers, MuniGUARD is a simple and economical means to stay informed and protect their clients from the riskiest elements in the market.”

For more information on MuniGUARD, please contact DPC DATA at sales@DPCDATA.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com.

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Failures in Investor Protection in Muni Market Identified in New DPC DATA Research Report

Failures in Investor Protection in Muni Market Identified in New DPC DATA Research Report (pdf version)

Hundreds of questionable transactions in 2008 linked to lack of oversight and enforcement of disclosure regulations

Roseland NJ (USA) – February 23, 2009 – DPC DATA, leading provider of municipal bond disclosure data, has released the second of a series of groundbreaking research reports into disclosure issues in the municipal bond market. The study uncovered hundreds of trades in bonds in 2008 that are questionable in terms of meeting regulatory standards for investor protection. These standards are promulgated by the US Securities and Exchange Commission and the Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization overseeing underwriters and dealers of municipal bonds.

To identify these suspect trades, the DPC DATA study matched trade data with officially filed disclosures, focusing on material event notices that typically indicate distressed bonds. These notices were Payment Delinquencies, Non-Payment Related Defaults, Unscheduled Draws on Debt Service Reserves, and Unscheduled Draws on Credit Enhancements.

The research report, entitled The Consequences of Poor Disclosure Enforcement in the Municipal Securities Market and available for download at www.DPCDATA.com, includes the following key findings:

· In 2008, 667 dealer-to-customer sales were executed at par or higher after a default or other stress notice was filed by the issuer or obligor in the official disclosure system, suggesting possible failure by dealers to ensure suitability or fair pricing in the trades

· The majority of these trades occurred during the tumultuous months of September through November when credit markets were imploding.

· In half of these sales, there was no way for investors to protect themselves with independent research because no financial statements had been made publicly available in the official disclosure system during the 2007 or 2008 calendar years.

· More than 40 percent of the trades were in par amounts of $50,000 or less, suggesting they were sales to retail (rather than institutional) buyers.

· Both default-related notices and sales of apparently distressed bonds to investors jumped dramatically in 2008 over previous years.

The study reviewed four years of trade data from MSRB’s Real-time Transaction Reporting System (RTRS) and corresponding disclosure data from the Nationally Recognized Municipal Securities Information Repository (NRMSIR) operated by DPC DATA. In order for their bonds to trade publicly, issuers and obligors of municipal bonds that are subject to the continuing disclosure requirements of SEC Rule 15c2-12 must commit to filing operating and financial statements at least annually with the NRMSIRs and the relevant State Information Depositories.

Implications for Investors

“The implications of this study are twofold, and both bode ill for the municipal investor unless significant improvements are made in regulatory oversight and enforcement,” says Peter J. Schmitt, CEO of DPC and author of the study. “First, the traditional low default rates of municipal bonds as investments can no longer be assumed. The rise in distress notices indicate that issuers and obligors are suffering from the same financial stresses as the rest of the market. Until the economy recovers, this increase in distressed issues is likely to be a continuing trend.

“A second implication arising from this study,” continues Schmitt, “is that the failure of the SEC and the MSRB to address the massive rate of non-disclosure by issuers and obligors, identified in our last study, is now quite possibly contributing to the growth of apparently predatory trades. If DPC DATA had not identified these trades as suspect, there is no known initiative by the SEC or MSRB to identify them. Likewise there is no evidence of any investigative effort to identify non- compliant bonds or dealer sales of these bonds to customers. It’s not surprising, given the lack of enforcement, that non-disclosure persists and that questionable trades like these can occur without fear of regulatory repercussions.”

In the municipal market, the disclosure-related requirements on the dealers to ensure fair dealing are the only point of enforcement for investor protection regarding bond obligor and issuer disclosures. The Tower Amendment to the Securities Exchange Act of 1934 exempted municipal issuers from SEC oversight except in cases involving fraud. The MSRB was created by Act of Congress in 1975 to regulate municipal dealer and bank dealer activities, and it is controlled by the SEC through SEC’s rule making authority. SEC Rule 15c2-12 requires dealers to maintain access to the official SEC-designated repositories of disclosure information. The practical implementation of Rule 15c2-12 occurs through MSRB rules pertaining to fair dealing, suitability and fair pricing by dealers. Dealers face the risk of enforcement action if they fail to do so.

Increasing Risks to Investors

In 2008, the SEC under the direction of then-Chairman Christopher Cox determined to abolish the multi-NRMSIR archive system and consolidate the market information clearinghouse function under the MSRB. As of July 1 of this year, the MSRB will control the only official disclosure archive of the municipal market going forward. The primary reason given for this

change is to provide disclosure documents free to investors who, like dealers and other market participants, currently must purchase them from the privately held NRMSIRs.

“At this point, we have natural concerns about the future of this part of our business,” notes Schmitt, “but we have more immediate concerns about the increasing risk presented to investors. Unfortunately the current plan to shift ownership of the archives to the MSRB is a meaningless and possibly counterproductive move in investor protection. Governed by the dealers and investment banks it regulates, the MSRB has no incentive to mine the archive to present cautionary information, such as this study, about disclosure or trading risks to FINRA, to lawmakers or to the investing public. Likewise, the MSRB has shown no previous inclination to use or promote the NRMSIR archives as an enforcement resource. Even if it finally chooses to use the archive for enforcement purposes, the MSRB’s status as an entity created and overseen by the federal government, as well as law precluding direct federal regulation of municipal issuers, may restrict its legal capability to do that.

“This study is DPC DATA’s first effort to clarify the real meaning to investors of the regulatory failure to enforce continuing disclosure infractions at the dealer level. It raises the overriding question of the safety of leaving the only mechanism of disclosure-related investor protections in the hands of a self-regulating industry body. Support for MSRB control of the official archive has largely come from the dealer and issuer communities who face the potential cost of increased oversight and enforcement. However we are not alone in our concerns about investor protection, and we hope the implications of this study are considered carefully by lawmakers and regulators.”

Both this study and the previous DPC DATA study, Estimating Municipal Securities Continuing Disclosure Compliance: A Litmus Test Approach, which identified mounting failures of issuers and obligors to file annual financial statements in the official archives, may be downloaded at no cost at www.DPCDATA.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com.

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DPC DATA Releases First-Ever Empirical Analysis Of Disclosure Practices in the Municipal Bond Market

Roseland NJ (USA) – September 2, 2008 – DPC DATA, leading provider of municipal bond disclosure data, today issued groundbreaking research into ongoing disclosure performance by issuers and obligors of municipal bonds. The study uncovers a significant lack of transparency due to failures to file annual disclosures, as well as an accelerating trend of disclosure delinquency.

The research is based on a comprehensive analysis of the first ten full years of disclosure performance following the complete phase-in of the SEC’s 1994 amendments to Rule 15c2-12, which established the municipal market’s current disclosure regime. DPC DATA operates one of the four SEC-designated Nationally Recognized Municipal Securities Information Repositories (NRMSIR) established under that Rule to act as market clearinghouses for disclosure materials for investors and other market participants.

DPC DATA studied the disclosure practices of more than 35,000 bond issues that came to market from 1996 to 2005, that were subject to secondary market disclosure requirements. The study analyzed disclosure performance as recorded by the DPC DATA NRMSIR across all issue size categories, all bond market sectors, and all geographic regions of the country.

Highlights from the research findings include the following:

· Approximately half of the bond issues studied failed to file annual disclosure documents for one or more years.

· Approximately one-fourth have been chronically delinquent, failing to file disclosures for three or more years.

· The number and proportion of failures to file are increasing every year. · As of 2006, the last reporting year tracked by the study, bonds in disclosure delinquency

represented more than $348 billion in original par amount.

· The level of disclosure delinquencies is significant among issues of all sizes.

· The most significant concentration of delinquencies is found among bond sectors that are typically regarded as having higher credit risk.

“Broad market disregard for continuing disclosure obligations suggests a crisis in credit transparency, which is only magnified by the current situation the market faces in the wake of recent bond insurance and rating agency events,” said Peter Schmitt, CEO of DPC DATA. “Continuing disclosure delinquency appears to be an ingrained habit of a large and growing number of municipal issuers and obligors. This is not good news for anyone in the market, but particularly for investors, who are the single class of market participant the SEC intended to protect with the 1994 amendments to Rule 15c2-12.”

The research report, entitled “Estimating Municipal Securities Continuing Disclosure Compliance: A Litmus Test Approach,” may be obtained without cost at www.DPCDATA.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com.

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BondDesk to Distribute MuniPOINTS from DPC DATA

BondDesk to Distribute MuniPOINTS from DPC DATA (pdf version)

For broker-dealers, MuniPOINTS are concise, one-page deal summaries for US municipal bond deals in a convenient web-based solution

Roseland, NJ – December 4, 2007 – DPC DATA Inc., a data publishing and outsourced services company specializing in municipal securities reference data and disclosure documents, today announced a strategic alliance with BondDesk Group. BondDesk, a leading retail fixed income trading platform and a provider of software solutions to the securities industry, will be distributing MuniPOINTS®, the newest data service from DPC DATA.

Extracted directly from the official statement, MuniPOINTS summarizes all the key facts on any U.S. municipal bond deal in easy-to-read one page deal sheet. Created specifically for the broker dealer market, MuniPOINTS optimizes the sales process in a compliance-friendly manner. In addition, users can gain one click access to all of the related primary and secondary market disclosure documents.

“After successfully implementing MuniPOINTS with one of the top three broker dealers over the past year, we felt it was time to launch the service in the marketplace,” said Michael Ruvo, president of DPC DATA. “We are delighted that BondDesk has chosen to offer MuniPOINTS to its extensive base of broker dealers using its trading platform and front-end software.”

BondDesk, the leader in electronic trading of odd lot fixed income investments, will be integrating MuniPOINTS as an optional data service into its popular ATS trading platform.

Available on a subscription basis, the service is scheduled to be in production with customers by the first quarter of 2007. BondDesk executes over 75,000 municipal trades each month between leading full service broker dealers, online brokers, and correspondent clearing firms. “DPC DATA is a well-established name in muni data products, and MuniPOINTS solves a longstanding problem facing muni traders, how to obtain the relevant trade data quickly in a high-production environment,” said Tony Miscimarra, president of BondDesk Trading. “This is a useful solution for our customers, and we already have interest from a number of firms.”

MuniPOINTS, which is also available via a web services model from DPC DATA, has been implemented over the last year at a major broker dealer, where thousands of representatives now have access to the data. The service includes all current US municipal bond offerings and archived data since 2001. The deal sheets are indexed by CUSIP® number. Click-through access to underlying documents can also be configured, based on each client’s requirements. To view sample MuniPOINTS deal extracts, please visit www.munipoints.com.

About DPC DATA

DPC DATA Inc., founded in 1992, is the leading provider of disclosure-related data products and specialized data services to the municipal industry. Its customers include more than 600 financial institutions and information intermediaries. DPC DATA is a privately held firm, headquartered in Roseland, NJ. For more information please visit www.DPCDATA.com.

About BondDesk

BondDesk Group is a leading odd-lot fixed-income electronic trading platform and provider of software solutions to the securities industry. The BondDesk Alternative Trading System (ATS), run by BondDesk’s broker-dealer subsidiary, BondDesk Trading LLC, connects broker-dealers through a centralized marketplace by offering a diverse pool of liquidity. With over 30,000 live taxable and tax-exempt offerings from over 90 leading dealers, BondDesk executes over 20,000 trades daily. BondDesk has over 125 employees, with key offices in California, Michigan, and New York. In August 2006, Advent International, a leading global private equity firm, acquired a majority interest in BondDesk Group. For more information, please visit www.bonddeskgroup.com

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