What is EMMA?
The Electronic Municipal Market Access system, or EMMA®, is a comprehensive, centralized online source for free access to municipal disclosures, market transparency data and educational materials about the municipal securities market.
The EMMA website was established to increase access to vital disclosure and transparency information in the municipal securities market. EMMA provides investors with key information about municipal securities and is presented in a manner specifically tailored for retail, non-professional investors who may not be experts in financial or investing matters.
EMMA provides official disclosures and trade price data for over one million municipal securities. The MSRB collects and publicly disseminates municipal market information so that investors can make sound and educated decisions about municipal bonds.
Watch a video about the EMMA website.
What Information is Available on EMMA?
The EMMA website is a vast electronic library of municipal bond offering documents, trade price data and ongoing disclosures that municipal bond issuers make throughout the life of a bond. All of the municipal securities documents available on EMMA are in downloadable PDF format. Among the types of information on EMMA are:
- Official statements and other offering documents
- Current credit ratings
- Annual financial reports, material event notices and other continuing disclosures
- Real-time trade prices and yields
- Interest rates for variable rate bonds
- Municipal market statistics
- Investor education materials
EMMA also contains multiple features to help investors better understand the municipal securities market. Information in EMMA’s Education Center helps investors better understand municipal bond disclosure documents and market transparency data provided through EMMA.
Investors should note that no single source of data and documents, including EMMA, has all of the information that may be relevant with respect to every municipal security.
EMMA in the Future
The MSRB's long-range market transparency plan guides the evolution of its market transparency products, including the EMMA website.The plan establishes a vision for developing EMMA into the central public dissemination hub for municipal securities by adding new information and customized functionality and improving commercial dissemination of data. Read the long-range plan.
What Is the EMMA Dataport?
The EMMA Dataport is the application through which municipal securities dealers, issuers, obligors and agents submit documents to the MSRB. To submit documents, users should access the EMMA Dataport tab on the MSRB's Electronic Municipal Market Acess (EMMA®) website. This provides users with general information, system documentation and user manuals.