How should municipal concessions be displayed on customer confirmations?

Municipal concessions should be displayed on customer confirmations as an aggregate dollar amount. This approach ensures that customers receive a straightforward and clear understanding of the total concession related to their transaction, making it easier for them to comprehend the costs associated with the bond purchase.

Presenting the information as an aggregate dollar amount simplifies the confirmation process for both the broker and the customer. It allows customers to see the total impact of concessions on their overall investment without being overwhelmed by individual per-bond calculations or percentages that might confuse them. Customers can then assess the cost-effectiveness of their purchase in a more holistic manner.

This method aligns with the transparency and clarity required in securities transactions, ensuring that customers are well-informed about the total fees related to their bond purchases.