Trade Data
Who Submits Transaction Data to the MSRB?
MSRB-registered municipal securities dealers submit municipal securities transaction data to the MSRB. Municipal securities dealers are broker-dealers and banks that underwrite, trade and sell municipal securities.
What Type of Transaction Data Must Dealers Submit?
Dealers must report each municipal securities purchase and sale transaction effected by the firm in the manner prescribed by MSRB Rule G-14. Transaction information collected by the MSRB is made public on its Electronic Municipal Market Access (EMMA) website to promote municipal market transparency. All dealers have an ongoing obligation to report transaction information promptly, accurately and completely. The information required on any particular trade report submitted by a dealer depends on the details of the transaction. See a list of possible data elements submitted by dealers.
How Do Dealers Submit Transaction Data to the MSRB?
Dealers submit transaction data through the Real-Time Transaction Reporting System (RTRS). Municipal securities dealers may submit transaction data via three portals, RTTM Web, RTRS Web or Interactive Messaging. Read more about RTRS.
When Must Dealers Submit Transaction Data to the MSRB?
MSRB rules require municipal securities dealers to report transactions to the MSRB within 15 minutes of the time of trade, and the information is made available to subscribers to the RTRS electronic feed and also appears on EMMA almost immediately thereafter. Trade reports are submitted to the MSRB until 6:30 pm EST each business day.
Exceptions to the reporting deadline apply on certain transaction types are defined in MSRB Rule G-14. For example, on the first day of trading of a new issue of municipal securities, a sale by the underwriter of the bonds at the published list offering price, and certain inter-dealer sales by an underwriter at a discount to other dealers participating in the primary distribution of the securities, may be reported to the MSRB by the end of the trading day.
What MSRB Rules Govern Transaction Reporting?
- MSRB Rule G-14 outlines transaction reporting requirements including reporting deadlines and exceptions, trading capacity and ineligible transactions.
- MSRB Rule G-15 outlines confirmation, clearance, settlement and other uniform practice requirements with respect to transactions with customers.
- MSRB Rule G-12 requires that dealers use automated clearance and settlement systems for all Depository Trust Clearance Corporation (DTCC) eligible transactions. This rule also outlines settlement and delivery obligations for trades between dealers.
Additional Information
User Support
For more information, call MSRB Support at (703) 797-6668.
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MSRBsupport@msrb.org