Building on EMMA's Foundation

As the Electronic Municipal Market Access (EMMA®) website approaches its tenth year, the MSRB has published a set of guiding principles to shape its evolution into a comprehensive transparency platform. Usability enhancements to the navigation and presentation of information on EMMA will be noticeable in 2018 that apply extensive input from a year-long series of focus groups. The MSRB will also continue to add interactive tools, such as the ability to plot a security against market benchmarks and additional third-party yield curves, to support users’ understanding of market trends. In 2018, the MSRB will complete a three-year project to reengineer its Real-Time Transaction Reporting (RTRS) system, deploying the next-generation of technology to collect municipal bond transaction data and ensure its smooth flow to EMMA and data subscribers. Data submission systems, including those for political contributions by municipal securities dealers and municipal advisors, 529 college savings plans and ABLE programs, will be enhanced through technological updates and new data.

Long-term Vision for EMMA
Promoting transparency in the municipal securities market is part of the mission of the Municipal Securities Rulemaking Board (MSRB). Our Electronic Municipal Market Access (EMMA®) website is designed to support a transparent market and serve the evolving information and decision-making needs of market participants and the public. EMMA provides free data, disclosures and interactive tools that promote a fair and efficient municipal securities market. Enhancing the availability of pricing-related market data by creating a Central Transparency Platform (CTP) on EMMA and helping market participants comply with regulatory obligations are future-state goals.

                 EMMA Guiding Principles 

To achieve the vision for EMMA, the MSRB must evaluate and prioritize many possible investments, developments and improvements. These guiding principles are intended to aid the MSRB in determining the future development of and investment in EMMA.

  • Promote fair municipal security transactions and support investment and issuance decisions by making comprehensive pricing and disclosure information readily available at no cost;
  • Facilitate efficient access to and submission of municipal market data, disclosures and information through an interface that is intuitive and dynamic;
  • Prioritize potential enhancements based on the public interest, cost, benefit, and size of target audience; and
  • Ensure that data storage and delivery are reliable and secure without sacrificing availability.
    FY18 EMMA Enhancements
  • Enhancements to EMMA's homepage navigation
  • Improved presentation of information about individual securities
  • Streamlined log-in experience for users with both MyEMMA and MSRB Gateway accounts
  • Transition to searchable database of political contribution disclosures
  • Better submission process for data and disclosures