The MSRB's Electronic Municipal Market Access (EMMA®) website provides access to municipal trade data and disclosure documents associated with municipal bond issues. These materials are available at no charge on our EMMA website or on a subscription basis in real-time for a fee. Municipal market trade data are available at no cost to academic researchers.
Download the MSRB Subscription Services Price List to learn more about our subscription services and their rates. You may also learn about any of our subscription services by clicking on the links below:
Read about how to subscribe to MSRB Data Subscription Services.
Academic Research Data
To support academic research about the municipal securities market, the MSRB makes municipal securities trade data available to universities and other research institutions in two ways.
First, the MSRB makes trade data available through a partnership with Wharton Research Data Services (WRDS), a service of the Wharton School of the University of Pennsylvania, which provides electronic access to data across finance, marketing and economic disciplines to over 400 institutions globally. Contact WRDS for more information on accessing academic research data.
Second, the MSRB makes available to academic researchers its Academic Historical Transaction Data Product, which comprises post-trade municipal securities transaction data collected through the Real-Time Transaction Reporting System (RTRS). The Academic Historical Transaction Data Product is available to researchers at institutions of higher education for a fee of $500 per year, plus a one-time set up fee of $500. One-year data sets can be requested for consecutive 12-month periods. The data product enables researchers to draw conclusions about patterns of trading in the municipal market by distinguishing transactions executed by different dealers through the use of anonymized identifiers. List offering price and takedown transactions (in general, primary market transactions) are excluded from the data. Contact MSRB Support at 202-838-1330 or MSRBSupport@msrb.org for more information.