Which statement about the reporting of trades in the municipal market is TRUE?

The statement that trade confirmations must be sent by the end of the trading day is correct. This requirement is in place to ensure timely communication between broker-dealers and their clients, allowing investors to have prompt access to details relating to their transactions. The aim is to maintain transparency and enable investors to track their trades effectively, thus enhancing trust in the municipal securities market.

With regard to the other options, it is important to note that while immediate reporting can occur in many cases, certain transactions may have different reporting timelines depending on the type or circumstances of the trade. Not all mark-ups need to be disclosed explicitly to customers as it depends on the type of transaction and whether they are principal or agency trades. Moreover, not all transactions involve commission disclosures; only agency trades specifically require the disclosure of commissions, making the broad statement about all trades inaccurate.