A municipal security trade or transaction is a sale of a bond by one party to another.
There are several ways to find trade data on EMMA.
Note: It is important to understand that many factors can affect the value of a security.
Further information and a more extensive discussion of trade prices, including limitations
and considerations relevant to understanding trade prices, can be found in the
MSRB Education Center.
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 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
Price – shows the price at which
the securities were purchased, expressed as a percentage of the principal amount of
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 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, visit the MSRB