A municipal security trade or transaction is a sale of a bond by one party to another.
There are two ways to find trade data on EMMA. When you search for information on
a specific municipal security, you will ultimately arrive at a Security Detail page.
On that page, click on the “Trade Activity” tab to view any trade information available
for reportable trades in that security occurring on or after January 31, 2005. EMMA
does not currently provide trade data for trades occurring prior to January 31,
2005. You may also find trade data covering all recent securities trades in the
municipal securities market on the Trade Activity tab of the Market Activity page.
Note: It is important to understand that many factors can affect the value of a
security. Under certain circumstances, a trade price or yield may reflect additional
considerations — unique to the specific market sector, market participant
or circumstances of a particular trade — beyond the precise market value of
the security at the time of trade. Further information and a more extensive discussion
of trade prices, including limitations and considerations relevant to understanding
trade prices, can be found in
Frequently Asked Questions ("About Trade Prices").
The following items are disclosed in connection with trade prices, depending on
your current view:
Trade Date/Time - shows the
time and date on which a legally binding agreement was reached between the buyer
and seller of the securities. The trade time and date cannot precede the point in
time at which the issuer enters into a legal agreement to issue the bonds through
sale to the underwriter, even if the buyer and seller have informally agreed to
enter into the transaction at an agreed-upon price prior to that time and date.
Settlement Date - shows the
date on which the transaction is completed, which is when final payment for the
bonds and transfer of ownership of the bond occurs. Transactions in the secondary
market typically settle three business days after the trade date – this is typically
referred to as a "regular way" trade with a T+3 settlement. However, new issue securities
traded prior to the official issuance of the bonds are considered “when issued”
securities that settle only when the issuer has completed its issuance of the bonds
and delivered the bonds to the underwriters for further distribution to the marketplace.
CUSIP – shows the CUSIP-9 number
for the securities. Trade data is not available for any municipal securities that
do not have CUSIP-9 numbers.
Security Description – shows
the name of the issuer and the issue description – together, this is the full name
of the bonds, using the industry-standard abbreviations for the security description.
Maturity Date – shows the date
on which the principal amount of the bonds becomes due.
Interest Rate – shows the stated
interest (or “coupon”) rate of the securities for fixed-rate securities. This will
generally be shown as zero for a “zero-coupon” or capital appreciation bond, and
will generally be left blank for a variable rate security, although this convention
may not be universally followed.
Price – shows the price at which
the securities were purchased, expressed as a percentage of the principal amount
of the securities.
Yield – shows the yield, based
on a “yield to worst,” that the customer may realize on an investment in the bonds
based on the principal amount of the trade, the interest rate on the bonds, and
the remaining period until maturity or earlier redemption.
Trade Amount – shows the principal
amount of bonds traded. Although the exact dollar amount is typically shown, an
indicator of MM+ is shown for trades in an amount over 5 million dollars
during the first week after the trade date. After a week has elapsed, this indicator
is replaced by the exact dollar amount.
Trade Type – shows whether a
customer bought the security from a broker-dealer or bank, a customer sold the security
to a broker-dealer or bank, or the trade was between a broker-dealer or bank and
another broker-dealer or bank.
Special Condition Indicator
– shows whether any special conditions apply to the trade. Most trades do not have
a special condition indicator. The categories of special conditions are as follows:
- (A) Assumed Settlement Date – indicates that
the actual trade settlement date was unknown at the time of trade, usually only
seen in some “when issued” trades (see below). For purposes of calculating yield,
the settlement date is assumed to be 15 business days after the trade date.
- (B) Broker’s Broker Trade – indicates an inter-dealer
trade done by a broker’s broker.
- (L) List Offering Price/Takedown Trade – indicates
a trade executed on the first day of trading of a new issue, either by an underwriter
or another broker-dealer or bank involved in the initial distribution of the securities
at the published “list offering price” for the security, or by an underwriter to
another broker-dealer or bank involved in the initial distribution of the securities
at a discount (or “takedown”) from the published list offering price for the security.
- (P) Weighted Average Price Trade – indicates
that a trade was reported using a weighted average price based on multiple transactions
done at different prices earlier in the day to accumulate the total amount of bonds
needed to make the transaction.
- (W) When Issued Trade – indicates that a trade
in a new issue security was executed on or before the final issuance and settlement
of the issue of securities by the issuer.
For more information on understanding trade prices, see our frequently asked questions about trade prices.