Electronic Municipal Market Access (EMMA) Website

What is EMMA?
The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal bonds. EMMA provides free public access to official disclosures, trade data, credit ratings and other information about the municipal securities market. Additionally, EMMA provides access to interactive tools including municipal market yield curves and indices, a new issue calendar and economic calendar.

The EMMA website was established to increase transparency and provide access to vital disclosure and information in the municipal securities market. EMMA provides official disclosures and trade price data for over one million municipal securities. The MSRB collects and publicly disseminates municipal market information so that investors, issuers and others can make sound and educated decisions about municipal bonds.    

   

What Information is Available on EMMA?
The EMMA website is a vast electronic library of municipal bond offering documents, trade price data and ongoing disclosures that municipal bond issuers make throughout the life of a bond. All of the municipal securities documents available on EMMA are in PDF format. Among the types of information on EMMA are:

  • Official statements and other offering documents
  • Current credit ratings 
  • Annual financial reports, material event notices and other continuing disclosures
  • Real-time trade prices and yields
  • Interest rates for variable rate bonds
  • Municipal market-wide statistics
  • Municipal market yield curves and indices
  • Calendar of upcoming municipal securities issuances

Investors should note that no single source of data and documents, including EMMA, has all of the information that may be relevant with respect to every municipal security.

EMMA Help
The MSRB has created a series of user guides designed as a starting point for investors and state and local governments new to the EMMA website.

 Explore the EMMA Guide for Investors  
 Explore the EMMA Guide for State and Local Governments

EMMA in the Future
The MSRB established the EMMA website in 2008 to provide retail investors with centralized, online and free access to municipal securities market disclosure documents and transaction pricing data on a real-time basis. Given the market’s enthusiastic adoption of EMMA, the website now serves not only retail investors but all market participants, including municipal entities, dealers, municipal advisors, institutional investors and the public. In recognition of EMMA’s broader market utility, the MSRB seeks to provide all market stakeholders with access to data, documents and tools that support fair transactions, facilitate decision-making and promote an efficient municipal securities market. Evolving EMMA into an industry-leading platform that meets the needs of market participants requires establishing appropriate guiding principles for future functionality, promoting and enhancing use of EMMA as a tool for satisfying regulatory objectives, and improving the overall user experience of the website.

What Is the EMMA Dataport?
The EMMA Dataport is the application through which municipal securities dealers, issuers, obligors and agents submit documents to the MSRB. To submit documents, users should access the EMMA Dataport link at the top of the EMMA homepage. This provides users with submission information, system documentation and user manuals.

...