MSRB Adds Yield Data on Inter-Dealer Municipal Trades to EMMA

Date: May 1, 2012

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that yield information for municipal securities transactions between dealers is available for the first time on the MSRB’s Electronic Municipal Market Access (EMMA®) website. EMMA now provides free public access to the same price and yield information for all of the more than 10 million municipal securities transactions that occur in the market, both those between customers and dealers, and those between dealers.

“Investors and others now have a complete view of yields on all types of municipal trades,” said MSRB Executive Director Lynnette Kelly. “This move is another significant step the MSRB has made to increase the transparency of the municipal market.”

Last year, trades between dealers made up about a third of the 10.4 million municipal transactions and represented 16% of the $3.28 billion in par value traded. Transactions between dealers and customers comprised the balance of transactions. More market statistics are available in the MSRB Fact Book

Other recent enhancements to the EMMA website include the ability for investors to receive end-of-day email alerts when a particular security trades and to access current credit ratings for municipal securities provided by Fitch Ratings and Standard & Poor’s.

The MSRB recently published a long-range plan to guide the evolution of its market transparency products. The long-range plan establishes a vision for an enhanced EMMA website as the central public dissemination hub supported by additional information, improved commercial dissemination of data and customized functionality. Read more about the MSRB’s long-range plan for market transparency products.

The MSRB’s EMMA website is a centralized online database that provides free public access to official disclosure documents and trade data associated with municipal bonds issued in the United States. The EMMA website makes available real-time trade prices, primary market and continuing disclosure documents, and current credit ratings for more than one million outstanding securities, as well as current interest rate information, liquidity documents and other information for most variable rate municipal securities.

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.