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Market Data and Analysis

Market Data and Analysis

The MSRB provides data and objective analysis to assist market participants, policymakers and the public in developing a deeper understanding of the municipal securities market.

Market Data

View a variety municipal market data and municipal market statistics. Visit the Electronic Municipal Market Access (EMMA®) website for more.

2022 Q2 Statistical Summary

MSRB quarterly statistical summaries include aggregate market information for the most recent quarter. In addition to the data on municipal trading activity, the quarterly data includes the number of interest rate resets for variable rate demand obligations and auction rate securities, as well as the statistics related to continuing disclosure documents received through the MSRB’s EMMA website. Read more about the Statistical Summaries and see past reports.

2021 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. (March 2022) Learn more about the Fact Book.

Municipal Market Trading Report - Updated approximately one week after the end of each month.

Fact Sheet on Inter-Dealer Municipal TradingMSRB statistical analysis on the use of alternative trading systems (ATSs) by municipal securities dealers. (June 2021)

Read the fact sheet.

Non-Transaction Based Compensation Trading Report (May 2021)

Number of Registered Municipal Securities Dealers - Updated annual data on the number of MSRB-registered dealers since 2009. (October 2021)

View archived data reports.

Market Analysis

View objective-based analyses and publications. Read additional MSRB market data reports in the archive

Customer Trading with Alternative Trading Systems

MSRB data shows a significant and relatively steady increase in customer transactions with ATSs since 2016, with a dramatic acceleration in the first half of 2022.             


August 2022
Read the paper.


2022 Mid-Year Market Update

MSRB data shows significant changes in the municipal bond market in the first half of 2022.


July 2022

Read the paper.

Trends in Municipal Securities Ownership

The report examines trends in municipal securities ownership since 2004, revealing a continuous decline in individual investor direct ownership of municipal securities while ownership through funds has steadily risen.


June 2022
Read the paper.

Municipal Securities Market, Trade Activity 2007-2021

The analysis identifies trading patterns and anomalies in the municipal bond market over the past 15 years, from 2007 through 2021, and studies unique trading activity during periods of market disruption or dislocation.


May 2022
Read the paper.

Use of Internal and External Liquidity in the Municipal Market

This report examines changes in patterns of customer transactions and the use of external and internal liquidity during the periods of 2011, 2015, 2019 and 2020.


November 2021
Read the paper.

2021 Municipal Market Trading Update

MSRB data report looks at trading volume in the municipal market over the last five years and finds that trading volume has declined significantly in 2021 compared to the same period in the prior five years, with near record-low par traded and trading volume during the summer months.

October 2021
Read the paper.

Characteristics of Municipal Securities Trading on Alternative Trading Systems and Broker's Broker Platforms

MSRB research paper assesses the impact of electronic trading technology on the municipal securities market by analyzing inter-dealer trading activity on alternative trading systems (ATS) and broker's broker platforms.

August 2021
Read the paper.

Overview of the Taxable Municipal Bond Market

MSRB research paper studies the evolution of the taxable municipal bond market over the last decade.

August 2021
Read the paper.

Transaction Costs During the COVID-19 Crisis

MSRB research paper analyzes the evolution of transaction costs in the municipal and corporate bond markets during the COVID-19 liquidity crisis and the subsequent recovery.

August 2021
Read the paper.

Municipal Securities Market Sees Noticeable Shift in Buying Patterns

MSRB analysis of municipal securities trade data shows a noticeable shift in buying patterns over the last decade. 

February 2021
Read the report.

2020 Municipal Bond Market in Review

Market commentary from the MSRB's market structure experts analyzes notable trends during an extraordinary year in the municipal bond market.

January 2021
Read the report.

View archived analyses.

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