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Trade Data

Who Submits Transaction Data to the MSRB?
Municipal securities dealers submit data about all transactions to the MSRB. Any person submitting disclosure documents must establish password-protected accounts with the MSRB that provide access to the submission service through an authentication system known as MSRB Gateway.

What Type of Transaction Data Must Dealers Submit? 
Dealers must report each municipal securities purchase and sale transaction in the manner prescribed by MSRB Rule G-14. Transaction information collected by the MSRB is made public on its Electronic Municipal Market Access (EMMA®) website and made available on a subscription basis. All dealers have an ongoing obligation to report transaction information promptly, accurately and completely. The information required on any particular trade report submitted by a dealer depends on the details of the transaction. A full list of data elements submitted by dealers can be found in the System Documentation below and the key items of information made publicly available are described here.

How Do Dealers Submit Transaction Data to the MSRB? 
Dealers report transaction data to the MSRB’s Real-Time Transaction Reporting System (RTRS). Dealers submit the transaction price data through several portals: 

  • The Depository & Trust Clearing Corporation’s (DTCC) Interactive Messaging (IM) system allows dealers to submit computer-to-computer reports to RTRS.
  • DTCC's RTTM Web Interface provides dealers access to the Real-Time Trade Matching system for manual entry of inter-dealer trades. Only dealers who are DTCC participants have access to DTCC systems. 
  • The MSRB’s RTRS Web interface allows dealers to report customer and inter-dealer regulatory-only (IDRO) transactions directly to the MSRB.

For instructions, please refer to the User Manuals and Specifications sections below. 

When Must Dealers Submit Transaction Data to the MSRB?
MSRB rules require municipal securities dealers to report most transactions to the MSRB within 15 minutes of the time of trade. The MSRB makes the information available on the EMMA website and to subscribers almost immediately thereafter.

What MSRB Rules Govern Transaction Reporting?
Rule G-14 requires dealers, among other things, to report all transactions in municipal securities to the MSRB, places upon the dealer the obligation to report transaction information promptly, accurately and completely, requires each dealer to obtain from NASDAQ Subscriber Services a unique symbol to identify its transactions for reporting purposes and establishes Transaction Reporting Procedures with which dealers must comply regarding formats and methods.

How Do Dealers Verify Compliance with Rule G-14?
Dealers can obtain a record of the transactions for which a fee has been assessed to verify their compliance with Rule G-14. Use the MSRB's Dealer Feedback System (DFS) in MSRB Gateway to request a report of all transactions reported to RTRS within a selected calendar month. Reports are available for the three most recent billing months processed by the MSRB. Click here for instructions on the DFS Query Submission and Retrieval process.

How Do Dealers Monitor Compliance with Rule G-14 ?
Dealers can monitor their trade reporting compliance in several ways. RTRS responds to each dealer submission of a trade report by sending feedback to the dealer showing either that the submission was satisfactory or that it contained errors. Any error detected by RTRS is reported back to the dealer by electronic message and is shown on RTRS Web. RTRS also sends email error messages to dealers on request. RTRS Web makes available an Error Code Review and Response screen that allows dealers to search for trade reports that received a specific error code or a type of error code. Dealers also can access several reports through RTRS Web, including a monthly compliance report that summarizes compliance statistics.    

How Are Dealers Identified for Reporting Transactions?
Dealer identifiers, or executing broker symbols (EBS), are assigned to brokers for use in reporting transactions. The EBS is a four-letter symbol issued by NASDAQ and is used to identify the dealer executing a trade and its contra-party. Access the MSRB's executing broker symbol list here.

User Manuals and Specifications

Additional Information

MSRB Support For assistance, contact MSRB Support at 202-838-1330 or
Live Support: 7:30 a.m. – 6:30 p.m. ET 
Email Support: 7:00 a.m. – 7:00 p.m. ET