Building on EMMA's Foundation

To recognize the Electronic Municipal Market Access (EMMA®) website's tenth year, the MSRB published a set of guiding principles (see below) to shape its evolution into a comprehensive transparency platform. In April 2018, the MSRB unveiled investor-focused usability enhancements to the navigation and presentation of information on EMMA that apply extensive input from a year-long series of focus groups. The MSRB will also continue to add interactive tools, such as additional third-party yield curves, to support users’ understanding of market trends. 

Also in 2018, the MSRB completed a three-year project to re-engineer 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 savings plans and ABLE programs, will be enhanced through technological updates and new data.

FY2018 EMMA Enhancements


Planned EMMA Enhancements

  • Streamlined log-in process for users with both MyEMMA and MSRB Gateway accounts
  • Begin transition to searchable database of political contribution disclosures
  • Better submission process for data and subscribers

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.