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MSRB Update: Summer 2023

MSRB Demystifies Structured Data with Newest Addition to EMMA Labs

Brian Anthony Headshot

This month, the MSRB debuted its third entry on EMMA Labs – the MSRB’s free innovation sandbox for transparency enhancements to the municipal securities market – with a new lab aimed at demystifying structured data. The lab explains what structured data is, includes case studies featuring the experiences of two issuers, and illustrates potential future capabilities of the Electronic Municipal Market Access (EMMA) website.

Our goal with this lab is first and foremost education. We feel issuers and other market participants would benefit from a common understanding of structured data as technology continues to evolve and new legislation is being implemented to require the greater use of structured data in regulatory filings with the MSRB.

We are grateful to the City of Flint, MI, and the College of DuPage for sharing their real-world experiences with preparing their financial statements in a machine-readable format for our case studies.

EMMA Labs launched in 2022 and serves as a place for market participants to collaborate on innovative prototypes and ideas that have the power to improve transparency in our market.

Visit EMMA Labs to learn more about structured data.
Learn more about EMMA Labs.
Questions about EMMA Labs? Contact

Latest News from the Board

At its final quarterly meeting of Fiscal Year 2023, the Board approved seeking Securities and Exchange Commission (SEC) approval of amendments to MSRB Rule G-14 to shorten the timeframe for trades to be reported to the MSRB from 15 minutes to as soon as practicable, but no later than one minute, subject to certain exceptions for firms with limited trading volume in municipal securities and for manual trades.

Additionally, the Board:

  • Received an update regarding work to modernize the Electronic Municipal Market Access (EMMA®) website and related market transparency systems to implement user-driven enhancements to the website and to the disclosure submission process.
  • Received a demonstration of the Structured Data Lab that was added to EMMA Labs this month.
  • Approved the FY 2024 budget and discussion priorities for the next fiscal year.
  • Re-elected Board public member Meredith L. Hathorn to serve a second one-year term as Chair of the Board, and elected Board bank dealer representative Angelia Schmidt to serve as FY 2024 Vice Chair.
  • Elected five new members who will join the Board on October 1, 2023.

Read a full summary of the Board meeting.
Read more about the FY 2024 Board leadership and new members.

Recent MSRB Publications

three recent MSRB publication covers

MSRB research, data and educational materials assist market participants, policymakers and the public in developing a deeper understanding of the municipal securities market. Recent publications include:

  • Second Quarter 2023 Municipal Securities Market Summary
  • Trading Patterns in the Primary vs. Secondary Market for Municipal Bonds
  • Municipal Variable-Rate Demand Obligations and Auction-Rate Securities (2009-2022)
  • Ways to Buy Municipal Bonds
  • Negative Yield Municipal Bonds

View all MSRB market data and research.
View the MSRB’s library of educational resources.

Rules and Guidance Roundup

Visit the Regulation and Compliance page of to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.

Compliance Resources

Visit the online Regulatory Documents library for resources and information to help regulated entities understand and comply with MSRB rules.

Recent Press Releases

Read the MSRB’s latest press releases on

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