The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal securities.
EMMA provides free public access to official disclosures, trade data, credit ratings, educational materials and other information about the
municipal securities market. EMMA is an award-winning website, recognized by the National Federation of Municipal Analysts and the National
Association of State Treasurers' State Debt Management Network.
What is EMMA?
The Electronic Municipal Market Access (EMMA) website was established to increase public access to vital disclosure and transparency information
in the municipal securities market. EMMA provides investors, state and local governments and other market participants with key information about
municipal securities, free of charge. The information on EMMA is presented in a manner specifically suited for individuals who may not be experts
in financial or investing matters.
Search EMMA for information about bonds and
Find information on 529 college savings plans
Get help with using EMMA
Learn more about the municipal securities market, primary and secondary market disclosures, advance refunding and other types of documents,
as well as trade prices and other related data, in the MSRB Education Center
What Documents and Data Are Available On EMMA?
EMMA houses municipal disclosure documents that provide information for investors about municipal securities. These include offering documents,
called official statements, for most new offerings of municipal bonds, notes, 529 college savings plans and other municipal securities issued
since 1990. EMMA also provides access to advance refunding documents, which detail arrangements made when new bonds are issued to establish
escrows to pay-off existing bonds (usually to refinance the old debt at a lower interest rate). Also available are continuing disclosure documents
that describe material information throughout the life of a bond and must be provided by municipal bond issuers. Additional disclosures that are
voluntarily provided by issuers may be available for some bonds.
EMMA also provides market transparency data, which includes real-time prices and yields at which bonds and notes are bought and sold, for
most trades occurring on or after January 31, 2005. Interest rates for municipal securities, including those for auction rate securities and
variable rate demand obligations, can be found on EMMA as well. Municipal market-wide trends and data are available in the market statistics section.
All of the documents and data on EMMA are accessible in an integrated display for each municipal security. For more information about finding documents
and data on EMMA, go to the EMMA Help page.
Who Operates EMMA?
EMMA is a service of the Municipal Securities Rulemaking Board (MSRB). The MSRB protects investors, state and local governments and other municipal entities,
and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities
firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides
market transparency through its Electronic Municipal Market Access (EMMA®) website. The MSRB also
serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on
key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public
members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission (SEC).
The MSRB collaborates with the SEC, Financial Industry Regulatory Authority, Federal Deposit Insurance Corporation, Federal Reserve System, and Office of the
Comptroller of the Currency, all of which enforce compliance with MSRB rules among brokers, dealers, municipal advisors and banks.
The MSRB collaborates with the Securities and Exchange Commission, Financial Industry Regulatory Authority, Federal Deposit Insurance Corporation, Federal
Reserve System, and Office of the Comptroller of the Currency, all of which enforce compliance with MSRB rules among brokers, dealers, municipal advisors and banks.
Learn more about the many governmental, non-profit and private sector sources from which to obtain
additional information about municipal securities on the web.
Read more about the MSRB
Contact the MSRB