Trade Data Subscriptions

Municipal securities dealers are required to report most municipal securities transactions to the MSRB, which in turn makes this data available to subscribers. The MSRB offers three trade data subscription services:

1.    Real-Time Data Subscription Service

2.    Comprehensive Transaction Data Subscription Service

3.    Historical Data Report

Real-Time Transaction Data Subscription Service
Available for $11,000 per year, this subscription includes a real-time feed of data and related information representing municipal securities transaction reports made by brokers, dealers and municipal securities dealers (dealers) to RTRS. Modifications and cancelation messages submitted by dealers will also be disseminated in real-time.

Comprehensive Transaction Data Subscription Service 
Available for $5,500 per year, this subscription includes the T+1, T+5 and T+20 reports which provide, respectively, trading activity for the previous business day, the fifth business day after trade date and the 20th business day after trade date. 

Transactions with par values greater than $5 million dollars are displayed as "MM+" until the fifth business day. The exact par value on all transactions is disseminated the fifth day after trade date. 

Historical Data Report 
Available for $2,500 per one-year collection, plus a one-time $2,000 fee for first time purchasers, the MSRB’s historical data report includes transaction data for inter-dealer trades reported since January 24, 1995 and customer and inter-dealer trades reported since August 25, 1998. Historical transaction data must be purchased in any consecutive 12-month data set.

Note: The sample historical data and layout provided is representative of transactions reported since November 2012. Actual historical data and layout of prior years may vary based on the time period purchased.

Additional Information

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 through a partnership with Wharton Research Data Services (WRDS). WRDS, a service of the Wharton School of the University of Pennsylvania, 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. 

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