EMMA provides documents and data derived from a number of sources. It is important
that you understand what those sources are and any limitations on your use of certain
data elements made available through EMMA derived from some third-party sources.
A more complete description of the terms by which you may use EMMA and the documents
and data displayed on this website is set forth in the EMMA Terms and Conditions of Use.
EMMA makes available copies of official statements, preliminary official statements
and advance refunding documents submitted to the MSRB by broker-dealers and banks
that underwrite new issues of municipal securities. In addition, EMMA makes available
copies of continuing disclosure documents submitted to the MSRB by municipal issuers
and other obligors on municipal securities. In general, such documents are created
by such municipal issuers with the assistance of a number of other parties.
EMMA makes available a number of different types of data, including securities identifying
information, trade prices, interest rates, market statistics, and credit ratings.
The data elements displayed on EMMA are obtained from various sources, as described
For virtually every municipal security found on EMMA, the following data elements
are provided, to the extent applicable: issuer name, security description, CUSIP
number, dated date, maturity date, interest rate, principal amount and initial offering
price, among other data elements. Portions of this data are provided by broker-dealers
and banks submitting documents and data to the MSRB, while other portions are provided
by certain third-party sources, including the CUSIP Service Bureau (operated by
Standard & Poor’s Financial Services LLC on behalf of the American Bankers Association
The CUSIP Service Bureau and the ABA assert that the
CUSIP Database, including CUSIP numbers, CUSIP standard securities descriptions
and other data, are and shall remain valuable intellectual property of the CUSIP
Service Bureau and the ABA, and EMMA users acknowledge and agree that no proprietary
rights are being transferred to EMMA users in such materials or in any of the information
contained therein. Such information is provided on EMMA solely for the purpose of
identifying municipal securities as an integral part of EMMA’s trade price and rate
information and to which the documents provided on EMMA are related. No other use
of such information is granted by the MSRB, Standard & Poor’s, the CUSIP Service
Bureau or the ABA. EMMA users agree not to use such information for any other purpose.
EMMA users agree that the use of such information is not intended to create or maintain,
and does not serve the purpose of the creation or maintenance of, a file of CUSIP
numbers or standard securities descriptions, and is not intended to create and does
not serve in any way as a substitute for any CUSIP subscription services now or
in the future offered by the CUSIP Service Bureau.
For some securities, some or all of the securities-specific information made available
on EMMA is derived from Standard & Poor’s SECURITIES
DATAMANAGER. Such information is provided on EMMA solely for the purpose
of identifying municipal securities as an integral part of EMMA’s trade price and
rate information and to which the documents provided on EMMA are related. No other
use of such information is granted by the MSRB or Standard & Poor’s. EMMA users
agree not to use such information for any other purpose. Redissemination of such
the use of such information is not intended to create or maintain, and does not
serve the purpose of the creation or maintenance of, a file of such securities-specific
information, and is not intended to create and does not serve in any way as a substitute
for any SECURITIES DATAMANAGER subscription services now or in the future offered
by Standard & Poor’s.
Trade Price And Interest Rate Information
Broker-dealers and banks that trade municipal securities are required to submit
to the MSRB, through its Real-Time Transaction Reporting System (“RTRS”), basic
information about each trade, including the price at which such trade was effected.
In addition, broker-dealers and banks that serve as program dealers for municipal
auction rate securities or as remarketing agents for municipal variable rate demand
obligations are required to submit to the MSRB, through its Short-term Obligation
Rate Transparency (“SHORT”) system, basic information about each auction or remarketing,
including the interest rate set for the next rate period. This price and rate information
is combined with securities identifying information for display on EMMA.
The MSRB’s research unit uses the data obtained from broker-dealers and banks through
RTRS, together with securities identifying information and certain additional data
elements from SECURITIES DATAMANAGER, to derive statistics with respect to trading
in the municipal securities market for display on EMMA.
MSRB’s EMMA website displays ratings for municipal securities currently assigned
by Fitch Ratings and Standard and Poor’s (S&P) based on their agreement to make
them available to the public through the EMMA website. EMMA USERS SHOULD BE AWARE
THAT RATINGS INFORMATION APPEARING ON THE EMMA WEBSITE IS CURRENT AS OF THE “LAST
UPDATED” DATE AND TIME INDICATED ON THE EMMA WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY
FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION
PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. THE EMMA WEBSITE DISPLAYS
ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL
RATINGS INFORMATION. Thus, if the rating for a municipal security has been changed
by a rating agency, the prior rating will no longer be accessible through the EMMA
website. At times, rating agencies may take rating actions that are not immediately
included in the data feeds but may instead be released initially through other means,
such as a press release or spreadsheet posted on their websites. To view any potential
rating action that may have been taken by a rating agency on a municipal security
since the last update received by EMMA, or to understand the meaning of the ratings
and other information provided by each rating agency, please refer to the information
available on those agencies’ websites.
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