The Municipal Securities Rulemaking Board has launched an online guide designed to help retail investors better understand the municipal bond market and the roles and responsibilities of muni bond brokers.

The “Investor Toolkit” on the MSRB’s website, unveiled Wednesday, includes a link to a new, 13-page document called “Investor Guide 2012.” It explains the process of purchasing municipal bonds and defines various features of munis, such as interest, yield, prices, maturities, and puts and calls.

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