Electronic Municipal Market Access


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:

  • Most Active Municipal Securities and Issuers

  • State Trade Statistics

  • Overall Trade Patterns

  • Average Number of Trades

  • Average Par Amount

  • Overall Trading Activity

  • Par Amount by Trade Type

  • Number of Trades by Trade Type

  • Par Amount and Number of Trades by Trade Size

  • Par Amount Traded for Most Active Sectors

  • Par Amount Traded by Remaining Maturity

  • Par Amount Traded Based on Source of Repayment

  • Par Amount Traded by Coupon Type

  • New Issuance Summary

  • Par Amount and Number of Issues by Size