I was looking at the historical trades of a municipal bond using the Municipal Securities Rulemaking Board (MSRB) Electronic Municipal Market Access (EMMA) website:
Notice that the first row in the table has a special condition "B". Hovering the mouse pointer over the "B" reveals:
Broker's Broker Trade: Inter-dealer trade by broker's broker.
According to the help page:
Special Condition Indicator – shows whether any special conditions apply to the trade. Most trades do not have a special condition indicator. The categories of special conditions are as follows:
- (B) Broker's Broker Trade – indicates an inter-dealer trade done by a broker's broker.
Can someone explain what this means? What is an "inter-dealer trade done by a broker's broker"? Why is there a "B" flag for the inter-dealer trade on the first row of the table, but not for the inter-dealer trade on the third row of the table?