Prudent investment requires that an investor understand any investment he or she is making. This includes understanding the terms and risks of the investment. Investors and others seeking information about municipal bonds can turn to their investment professionals or can do their own research through various private sectors or public venues. Investors can get a variety of free data and disclosure documents collected by the MSRB from the MSRB's Electronic Municipal Market Access (EMMA) website, which is designed to increase transparency in the municipal securities market.
EMMA provides official disclosures and trade price data for more than 1.5 million municipal securities in a format designed to be accessible to all types of investors. The MSRB collects and publicly disseminates municipal market information so that investors can make sound and educated decisions about municipal bonds.
What Information is Available on EMMA?
EMMA is a vast electronic library of municipal bond offering documents, trade price data and ongoing disclosures that municipal bond issuers make throughout the life of a bond. All of the municipal securities documents available on EMMA are in downloadable PDF format. Among the types of information on EMMA are:
- Official statements and other offering documents
- Current credit ratings
- Annual financial reports, material event notices and other continuing disclosures
- Real-time trade prices and yields
- Interest rates for variable rate bonds
- Municipal market statistics
- Investor education materials
EMMA also contains multiple features to help investors better understand the municipal securities market. Information in EMMA’s Education Center helps investors better understand municipal bond disclosure documents and market transparency data provided through EMMA.
Investors should note that no single source of data and documents, including EMMA, has all of the information that may be relevant with respect to every municipal security.
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