Understanding Market Statistics
The Market Statistics pages on the EMMA website provide summaries of municipal trades,
new issues of municipal securities and continuing disclosure data as reported to the MSRB.
The trade statistics summarize trades reported to the MSRB's Real-Time Transaction Reporting
System (RTRS) and disseminated on the EMMA website. Three types of trade statistics are
available: 1) the 20 most active securities and issuers, 2) state trade statistics and 3) a summary
of the overall trading patterns in the municipal market. The information reflects activity at the end
of each trading day, excluding weekends and certain holidays. The MSRB may update trade
statistics for up to 20 days after the trade date to account for modifications, cancellations, trades
reported late or any other changes to the underlying characteristics of the securities.
New issuance, or primary market, statistics on EMMA reflect information reported to the MSRB
for new municipal securities offerings. This information is aggregated on a monthly basis based
on the formal award date of the security, or the date in which the issuer delivers the security.
The MSRB may update new issuance data for up to 20 days after the closing date to account for
modifications, cancellations, or any other changes submitted to the MSRB.
Continuing disclosure statistics summarize the number of disclosure documents submitted to the
MSRB. Continuing disclosure consists of important information about a municipal bond that
arises after the initial issuance of the bond. These statistics represent monthly volumes since
2010, categorized by types of disclosure. These statistics may be updated up to three months
after initial submission to account for any changes reported to the MSRB.
A “mouse over” function associated with certain graphs displays underlying information and data
when the cursor pauses or hovers over a particular point on the graph.
The trade statistics pages include the following information: