The MSRB will host an education and outreach seminar for municipal market participants on July 23, 2013 in Boston, MA. Learn more.

MyEMMA is a free tool that provides customized access to municipal securities information on the MSRB's Electronic Municipal Market Access (EMMA) website.

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The MSRB makes available online training tutorials and webinars to assist municipal market participants in making submissions to and using the EMMA website. View upcoming events.

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Highlight of the Month

EMMA Guide for State and Local Governments

The MSRB released an introductory guide to EMMA for state and local government issuers of municipal bonds. The online guide walks state and local governments through using the Electronic Municipal Market Access (EMMA®) website to better evaluate their municipal financing options, communicate with investors and comply with disclosure rules. The EMMA Guide is part of the MSRB's State and Local Government Toolkit, which now also includes Costs Associated with Issuing Municipal Securities and Using EMMA Trade Monitor to Evaluate Your Municipal Market Activity. Access the State and Local Government Toolkit.

New and Noteworthy

MSRB Board of Directors Quarterly Meeting Summary

The MSRB held its quarterly Board of Directors meeting April 24-26, 2013 where it focused on efforts to consolidate numerous interpretations of MSRB Rule G-17, which forms the basis of a dealer’s obligation of fair dealing. The Board also agreed to:

• Seek comment on a proposal to establish a new definitional rule for “sophisticated municipal market professionals” (SMMPs) and a related rule setting forth the obligations of dealers toward SMMPs
• Continue to study the merits of posting preliminary official statements on EMMA and the potential burdens on regulated entities
• Consider a regulatory framework for municipal advisors, which will be further developed following the SEC’s finalization of a definition of municipal advisor

Read the full meeting summary.

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EMMA Market Statistics

Delivering Transparency to the Marketplace

The MSRB's EMMA website is just one way that the MSRB makes municipal market data widely available to the public and others. Additional distribution channels through which the MSRB disseminates municipal market data help ensure that the data reaches an even wider audience. The MSRB also aggregates its market data in multiple ways so that it can be consumed by a variety of market participants.

• EMMA: Provides real-time prices, yields and trade data for virtually all bonds and notes bought and sold on or after January 31, 2005
• EMMA Market Statistics: Provides an aggregate view of the information available on the EMMA website, including trade, new issue and continuing disclosure statistics
  
• MSRB Research Program: Provides alternate ways of viewing the data available on the EMMA website
  
• MSRB Data Subscription Services: Provides access to trade data and disclosure documents on a subscription basis 

The MSRB’s strategy of disseminating data through multiple channels and in different formats reduces barriers to access and promotes transparency in the municipal market.

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Regulatory Roundup

Enhancements to New Issue Information EMMA (May 6, 2013)

MSRB Requests Comment on Proposal to Consolidate Guidance for Dealers on Obligations to Experienced Investors (May 1, 2013) 

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