MSRB Publishes New Quarterly Municipal Market Statistics

Date: August 11, 2011

Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today released market statistics on second quarter 2011 trading data and other figures for the $3.7 trillion municipal bond market. The second quarter statistics can be downloaded for review and analysis. Statistics for the first quarter of 2011 can be found here.

The statistical summaries include aggregate market information for different types of municipal issues and trades, and number of interest rate resets for variable rate demand obligations and auction rate securities. The new data also includes statistics related to continuing disclosure documents received through the MSRB’s Electronic Municipal Market Access (EMMA) website during the second quarter.

Among the second quarter 2011 highlights: 

  • Par amount traded in the municipal securities market in 2011:Q2 totaled $818,906 million, down approximately 15 percent from the $965,248 million traded in same period one year ago. Compared to 2011:Q1, par traded decreased 2.8 percent.
  • A revenue security from the Industrial Development Board of the Parish of East Baton Rouge in Louisiana was the most active in terms of par volume traded in 2011:Q2. A taxable general obligation security from the State of Illinois had the most trades in 2011:Q2.
  • In terms of par value traded, municipal general obligation securities accounted for 21.8 percent of the $818,906 million traded in 2011:Q2, while revenue securities accounted for 66.9 percent.
  • The number of continuing disclosure documents received by the MSRB totaled 32,430 in 2011:Q2, compared to 33,005 documents in the same period of 2010. Bond call disclosures accounted for 40.0 percent of all reported disclosures in 2011:Q2.

The MSRB’s market information transparency programs promote transparency and access to real-time, municipal market bond information. The MSRB makes this information available free of charge on its EMMA website. Daily and historical summaries of trade data based on security type, size, sector, maturity, source of repayment and coupon type are housed in EMMA’s Market Statistics section.

The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.