What Is Trade Data?
A municipal security trade or transaction represents a purchase-sale contract for the transfer of a municipal security from one party to another. Dealers that effect transactions report to the MSRB trade details, including the trade date and time, price at which the trade was executed, quantity transacted and more.
Learn more about trade data and pricing here.
How Can This Data Be Accessed?
The MSRB's Electronic Municipal Market Access (EMMA®) website provides free access to municipal trade data. MSRB also uses trade data to generate market statistics on EMMA including historical trading trends for different types of municipal securities. Users may also obtain an electronic feed of municipal trade data by purchasing a subscription.
Why Is the Availability of Trade Data Important?
Trade data is made available by the MSRB to provide price transparency to the municipal market. The MSRB is the only comprehensive source of data on daily municipal market transactions and this data is crucial to promoting the fair pricing of municipal securities transactions. The MSRB also provides all transaction data to municipal securities regulators charged with market surveillance, inspection for compliance and enforcement of MSRB rules.
How Can Investors Use Trade Data?
Trade data can be used to monitor recent and historical transaction prices. In addition, since MSRB trade data shows each transaction in a security, this information can be used to compare recent prices and trade frequency across municipal securities.