White Papers and Reports

MSRB white papers and reports examine municipal market topics and provide data and objective analysis to assist market participants, policymakers and the public in developing a deeper understanding of the municipal securities market.

Market Data and Analysis

The MSRB is an independent, neutral source of municipal market data. It publishes a variety of municipal market statistics on www.msrb.org and on its Electronic Municipal Market Access (EMMA®) website, a free online database for municipal disclosures and trade data.

      Mark-up Disclosure and Trading in the Municipal Bond Market

Market structure experts at the MSRB share their analysis on the impact from MSRB mark-up regulations.

Read the analysis.
      Dealer Participation and Concentration in Municipal Securities Trading

This MSRB report analyzes changes and trends in the customer trading activity of municipal securities dealers. 

Read the analysis.
Read last year's report.
    2018 Fact Book

The MSRB publishes its annual Fact Book to provide municipal market participants, policymakers, regulators, academics and others with historical statistics that can be further analyzed to identify market trends and activity.

Read the 2018 Fact Book.
      Analysis of Municipal Securities Pre-Trade Data from Alternative Trading Systems

Market structure experts at the MSRB share their analysis of pre-trade quote data for municipal securities available to market participants on alternative trading systems (ATSs).

Read the analysis.

      Transaction Costs for Customer Trades in the Municipal Bond Market: What is Driving the Decline?

The Chief Economist of the MSRB examines the steady decline of the effective spreads for customer trades in the municipal bond market.

Read the analysis.

    Municipal Bond ETFs: Liquidity Impact on the Municipal Bond Market

The Chief Economist of the MSRB examines municipal bond exchange-traded funds’ relationship to municipal bond market liquidity.

Read the analysis.
    Fact Sheet on Inter-Dealer Municipal Trading

Read statistical analysis on the use of alternative trading systems (ATSs) by municipal security dealers.

Read the fact sheet.

View additional MSRB market data reports.

White Papers

      Investor Protections in the Municipal Securities Market

Learn about the protections afforded to individual investors in the municipal market provided by MSRB and other federal securities regulators.

Read the MSRB's paper, Investor Protections in the Municipal Securities Market
      Milestones in Municipal Market Transparency: The Evolution of EMMA® 

The turning point for market transparency came in 2008 when the MSRB created a centralized, online source of information that would level the playing field for investors. 

Read the MSRB's report, Milestones in Municipal Market Transparency: The Evolution of EMMA®. 

Read more about the development of other MSRB market transparency systems.
      Self-Regulation and the Municipal Securities Market

As the self-regulatory organization (SRO) created by Congress to promote a fair and efficient municipal securities market, the MSRB published a report summarizing the history of self-regulation in the U.S. capital markets and detailing the advantages of the MSRB’s distinctive SRO model. 

Read the MSRB's report, Self-Regulation and the Municipal Securities Market. 
      Municipal Securities: Financing the Nation's Infrastructure

Read about the role of municipal securities in infrastructure finance and considerations for policymakers seeking to close the $2 trillion infrastructure gap.

Read the MSRB's report, Municipal Securities: Financing the Nation's Infrastructure