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:
- Real-Time Data Subscription Service
- Comprehensive Transaction Data Subscription Service
- Historical Data Report
Subscription Resources
- Subscription Service Price List
- Subscription Service Agreement
- CUSIP Global Services License Verification Form
- Historical Data Purchase Agreement and Order Form
- Academic Historical Transaction Data Product Agreement
- Service Usage 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+" in the T+1 reports. The exact par value on all transactions is disseminated in the T+5 and T+20 reports.
Historical Data Report
Available for $2,500 per one-year collection, plus a one-time $2,000 fee for first time purchasers. 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 July 2016. Actual historical data and layout of prior years may vary based on the time period purchased.
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Historical Data Sample (comma-delimited format)
Additional Resources
- RTRS Subscription Service Specifications
- Guide to Using MSRB Gateway Authentication
- Instructions to the MSRB Subscription Services and Historical Data Products
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.
The MSRB also offers an Academic Historical Transaction Data Product that 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. The product is available to researchers at academic institutions for a fee of $500 per year, plus a one-time set up fee of $500. The product includes the same transactions that are included in the current RTRS historical transaction data set, with the additional inclusion of anonymized identifiers, but list offering price and takedown transactions (in general, primary market transactions) are excluded from the data.
