MSRB Receives SEC Approval to Begin Displaying Inter-Dealer Yield Data on the EMMA Website

Date: March 21, 2012

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) on March 20, 2012 received approval from the Securities and Exchange Commission (SEC) to begin displaying on the MSRB’s Electronic Municipal Market Access (EMMA®) website price and yield data for municipal securities transactions between dealers. Inter-dealer yields will be displayed on the EMMA website beginning April 30, 2012.

“The display of inter-dealer yield data on the EMMA website will expand the amount and type of information available to municipal market participants,” said MSRB Executive Director Lynnette Kelly. “Investors and other market stakeholders will now have access to comparable data when making investment decisions.”

The EMMA website currently displays dollar prices and yields for municipal securities transactions between dealers and customers; however, yields are not displayed for transactions between dealers. The changes approved by the SEC will result in yields on inter-dealer transactions being displayed on the EMMA website in the same manner as the dollar price and yield for customer transactions. The addition of inter-dealer yield data to the EMMA website will improve the usefulness of the information available on EMMA and contribute to increased municipal market transparency.

Recent enhancements to the EMMA website include the display of current credit ratings for municipal securities provided by Fitch Ratings and Standard & Poor’s, creation of a mobile-friendly version of the EMMA website, customized email alerts for municipal securities and the ability to receive an end-of-day email alert when a particular security trades.

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.