About the Electronic Municipal Market Access System (EMMA)

The Official Source for Municipal Disclosures and Market Data

Developed and operated by the MSRB, the Electronic Municipal Market Access system, or EMMA, is the official online repository for electronic municipal disclosure documents and market data. EMMA provides comprehensive and free access to key information about municipal securities presented in a manner specifically tailored for retail, non-professional investors who may not be experts in financial or investing matters.  

EMMA houses municipal disclosure documents including offering documents, called official statements, for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities issued since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish escrows to pay-off existing bonds (usually to refinance their debt at a lower interest rate). Ongoing disclosures about municipal bonds throughout the life of the bonds also are available on EMMA.  These continuing disclosures, which include annual financial statements and notices of material events, reflect the financial or operating condition of the issuer and events that can affect the ability of an issuer to repay its bonds and the value of the bond, among other things. 

EMMA provides market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and variable rate demand obligations, are available on EMMA as well.  A market statistics section on EMMA provides a summary of municipal securities transaction activity since 2006 and EMMA’s Education Center houses useful information for the public and investors about municipal bonds.

The MSRB collects the documents and data that it makes available on EMMA from municipal bond underwriters, issuers and related parties. Document submissions are made through a utility called the EMMA Dataport which also exports real-time subscription feeds containing EMMA documents and data. For more information about MSRB’s document and data collection, please see the Primary Market and Continuing Disclosure Submission section of this website.

Resources for Additional Information:

• For Dealers:
  • Revised Rule G-32
  • FAQs About MSRB’s Primary Market Submission on EMMA
  • Slideshow on Primary Market Submission on EMMA
  • Slideshow on Primary Market Submission on EMMA (529s and ARDs)
  • Manual for Primary Market Submission on EMMA
  • Manual for MSRB Gateway
  • Log-in to Submit Primary Market Document Submissions
  
  
  
• For Issuers, Obligors and Designated Agents:
  • FAQs About Continuing Disclosure Submission on EMMA
  • Slideshow on Continuing Disclosure Submission on EMMA
  • Manual for Continuing Disclosure Submission on EMMA
  • Register to Submit Continuing Disclosure Documents
  • Log-in To Submit Continuing Disclosures Documents




• For the Public:
  • EMMA Overview
  • EMMA Education Center 
  • About 529 Plans and Local Governement Investment Pools
  • About the MSRB
  • Glossary of Municipal Securities Terms
  • Helpful Links

For questions, please contact MSRB’s Market Information Department at 703-797-6668.