MSRB Publishes EMMA Guide for State and Local Governments

Date: April 15, 2013

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published an introductory guide to EMMA for state and local government issuers of municipal bonds. The online guide serves as an introduction to using the Electronic Municipal Market Access (EMMA®) website, and walks state and local governments through using the site to better evaluate their municipal financing options, communicate with investors and comply with disclosure rules.   

The guide is a key addition to the MSRB’s State and Local Government Toolkit, which now also includes Costs Associated with Issuing Municipal Securities, an explanation of the components of gross spread, and Using EMMA Trade Monitor to Evaluate Your Municipal Market Activity, which describes how municipal securities issuers can analyze secondary market trading activity for their bonds. 

"The MSRB is committed to its mission of protecting state and local governments, and we hope that the new resources in the toolkit will provide valuable information to these entities," said MSRB Executive Director Lynnette Kelly. 

Highlights of the MSRB's State and Local Government Toolkit include:

  • Using the EMMA website
  • Understanding continuing disclosure
  • Learning about municipal bond issuance

Access the MSRB’s State and Local Government Toolkit. 

The MSRB also provides educational resources for investors in municipal securities. 

The MSRB’s EMMA website is a centralized online database that provides free public access to more than 800,000 official disclosure documents and data on more than 70 million trades 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.