Muni Market Competition Ruffles Some Feathers.

• Position: Brief Article

The Internet technology that revolutionized the stock market is beginning to make a ripple in the traditionally staid municipal bond market. Upstart brokerage companies that trade bonds over the Web are trying to attract customers by charging a fraction of what the large bond houses charge for trades. These on-line companies, most of which have only a handful of employees, also are providing real-time trading prices for munis in the secondary market. Trading prices in the municipal market traditionally have been hard to come by, allowing dealers some discretion over prices and adding to their profit. By charging lower commissions and advertising trading...