MSRB Publishes First Municipal Bond Trading Fact Book

Date: July 21, 2009

Contact:            Tavia Gilchrist, Communications Specialist
                         (703) 797-6600

The Municipal Securities Rulemaking Board Publishes First Municipal
Bond Trading Fact Book with Data on More Than 40 Million Trades

Alexandria, VA - The Municipal Securities Rulemaking Board today published its 2008 Fact Book, a comprehensive reference for historical trade data and statistics about the $2.7 trillion municipal bond market. The Fact Book provides for the first time a compilation of key municipal market statistics unavailable elsewhere, with aggregate data on more than 40 million trades made in the last five years.

The MSRB, which regulates municipal securities dealers and collects and disseminates market information, is uniquely positioned to meet investor demand for increased information about municipal bonds as it collects all official data and documents about the market.  The Fact Book encompasses information on nearly every trade reported to the MSRB by dealers since 2004 and includes data from aggregate quarterly and yearly trading volume on various types of municipal issues and trades.   For the first time, researchers, investors, market participants and the public have a single and free source of aggregate market data at their fingertips.

The MSRB's launch this year of its Electronic Municipal Market Access (EMMA) website at has also simplified the process of researching municipal bonds.  EMMA makes available to the public for free, hundreds of thousands of municipal bond offering documents, ongoing disclosures about the bonds, real-time prices of millions of municipal trades and daily market statistics.  An electronic version of the Fact Book in its entirety is available free of charge on EMMA and on MSRB's website at

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 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.