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.
- 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 two business days after
the trade date – this is typically referred to as a "regular way" trade with a T+2 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 the securities.
Yield – shows the yield, based on a "yield to worst," that may be realized on an investment in the
security based on the settlement date, price, interest rate on the security and the remaining period until maturity or earlier redemption.
Calculation Date and Price – shows the date and price the MSRB used to calculate either the yield
or price of the trade.
Trade Amount shows the par value of the transaction if five million dollars or under; otherwise reported
as "MM+"; during the first week after the trade date. After a week has elapsed, "MM+" is replaced by the exact trade 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) Alternative Trading System Trade – indicates inter-dealer trades executed with or using the services of an alternative
- (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.
- (N) Non-Transaction-Based Compensation Arrangement Trade – indicates customer trades that did not include a mark-up,
mark-down or commission.
- (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