The Electronic Municipal Market Access system (EMMA) is a facility of the Municipal Securities Rulemaking Board for receiving electronic submissions of municipal securities disclosure and other key documents and related information and for making such documents and information available to the public, at no charge at www.emma.msrb.org or by paid subscription.
EMMA replaced the MSRB’s MSIL Facility in 2009, which previously served as the submission venue for official statements and continuing disclosures, and continues to operate in support of certain MSRB internal functions.
The Short-term Obligation Rate Transparency (SHORT) System is a facility of the Municipal Securities Rulemaking Board for the collection of information about securities bearing interest at short-term rates. Such information is made available to the public, at no charge, on the MSRB's Electronic Municipal Market Access website.
The Real-time Transaction Reporting System (RTRS) is a facility for the collection and dissemination of information about transactions occurring in the municipal securities market. Most municipal securities transactions effected by brokers and dealers are reported to RTRS and are disseminated within 15 minutes of the time of trade execution. This data can be queried through the free EMMA website. Comprehensive data feeds are available through paid subscription.