What is EMMA?
The Electronic Municipal Market Access (EMMA) website was established to increase the broad comprehensive access to vital disclosure and transparency information in the municipal securities market. EMMA provides investors with key information about municipal securities, free of charge. The information on EMMA is presented in a manner specifically tailored for retail, non-professional Investors who may not be experts in financial or investing matters.
Learn more about municipal securities, official statements, advance refunding documents and transaction prices in EMMA’s Education Center
What Documents and Data Are Available On EMMA?
EMMA houses municipal disclosure documents that provide information for investors about municipal securities. These include 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), and continuing disclosure documents that describe material information throughout the life of a bond and must be provided by municipal bond issuers. Additional disclosures that are voluntarily provided by issuers may be available for some bonds.
EMMA also 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.
All of the documents and data on EMMA are accessible in an integrated display that provides comprehensive information for each municipal security. For more information about finding documents and data on EMMA, click on the links below.
What Else Can I Find on EMMA?
EMMA contains multiple features to help investors better understand the municipal securities market. In the Market Statistics section, investors can view snapshots of daily trade data based on security size, sector, maturity and source of repayment. Information in EMMA’s Education Center helps investors better understand municipal bond disclosure documents and market transparency data provided through EMMA. A comprehensive Glossary of Terms provides definitions for common and highly technical municipal bond terms in easy-to-understand language.
What is the MSRB?
EMMA is a service of the MSRB, the self-regulatory organization that protects investors, issuers of municipal securities and entities whose credit stands behind municipal securities, and public pension plans by promoting a fair and efficient municipal market. The MSRB fulfills this mission by regulating securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. The MSRB has operated under Congressional mandate with oversight by the Securities and Exchange Commission since 1975.
The MSRB collaborates with the Securities and Exchange Commission, Financial Industry Regulatory Authority, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve System, and Office of the Comptroller of the Currency, all of which enforce compliance with MSRB rules among brokers, dealers, municipal advisors and banks.
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Read more about the MSRB