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

  List of the 20 most active municipal securities and issuers based on the par amount traded and the number of trades, excluding variable rate and primary market trades (initial distribution of new issues identified as list offering price and takedown transactions). These statistics can be displayed for a single day or period of time (weekly, monthly, quarterly or yearly) and filtered by state, tax status (tax-exempt, taxable and AMT) and trade type (customer and inter-dealer trades).

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• State Trade Statistics

  Trading activity by par amount traded and number of trades for every state. State trade statistics are further broken down by primary market (initial distribution of new issues identified as list offering price and takedown transactions) and secondary market. These statistics can be displayed for a single day or a period of time (weekly, monthly, quarterly or yearly) and filtered by tax status (tax-exempt, taxable and AMT) and trade type (customer and inter-dealer trades).

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• Overall Trade Patterns

  An overview of trade activity for a particular date or date range, including statistics on par amount and number of trades by trade type:

  • Inter-dealer – a municipal securities trade between two broker-dealers, including dealer banks or broker’s brokers.
  • Customer Bought – a municipal trade in which a customer bought the security from a broker-dealer or bank.
  • Customer Sold – a municipal trade in which a customer sold the security to a broker-dealer or bank.

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• Average Number of Trades

  A simple daily average of number of trades for different types of trades, including inter-dealer, customer bought and customer sold trades, excluding weekends and holidays.

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• Average Par Amount

  A simple daily average of par amount traded for different types of trades, including inter-dealer, customer bought and customer sold trades, excluding weekends and holidays.

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• Overall Trading Activity

  For a date range search, historical graphical illustrations of number of trades and par amount will be displayed as well as a simple daily average for all trading days within that range, excluding weekends and holidays.

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• Par Amount by Trade Type

  For a date range search, historical graphical illustrations of par amount traded for different types of trades, including inter-dealer, customer bought and customer sold trades, excluding weekends and holidays. Additionally, a simple daily average for all trading days within that range is provided.

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• Number of Trades by Trade Type

  For a date range search, historical graphical illustrations of number of trades for different types of trades, including inter-dealer, customer bought and customer sold trades, excluding weekends and holidays. Additionally, a simple daily average for all trading days within that range is provided.

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• Par Amount and Number of Trades by Trade Size

  Par amount of municipal securities transactions and number of trades in a range of transaction sizes. The following transaction sizes are currently available:

  • $100,000 or less
  • More than $100,000 to $500,000
  • More than $500,000 to $1,000,000
  • More than $1,000,000

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• Par Amount Traded for Most Active Sectors

  Par amount of municipal transactions according to the security’s use of proceeds (issuer’s intended use of the capital raised by the offering, according to definitions provided by Standard & Poor’s Securities Evaluations, Inc). The top seven most active sectors based on par amount are displayed, as well as an “Other” category that includes the remaining sectors and trades for which the sector information was not available.

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• Par Amount Traded by Remaining Maturity

  Par amount of municipal transactions based on the time remaining between the trade date and the stated final maturity date of the security. Please note that the remaining maturity does not take into account possible call and put options and rate reset frequencies as is the case with certain types of variable securities, such as auction rate securities and variable rate demand obligations. The following remaining maturity ranges are currently available:

  • One year or less
  • More than one year to five years
  • More than five years to ten years
  • More than ten years to twenty years
  • More than twenty years

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• Par Amount Traded Based on Source of Repayment

  Par amount of municipal transactions based on the source pledged by the issuer for repayment of the securities, according to definitions provided by Standard & Poor’s Securities Evaluations, Inc. If no information is available, “Not Available” will be displayed.

  • Revenue – a security that is payable from a specific source of revenue and to which the full faith and credit of an issuer with taxing power is not pledged. Revenue bonds are payable from identified sources of revenue and do not permit the bondholders to compel taxation or legislative appropriation of funds not pledged for payment of debt service.
  • General Obligation – a security that is secured by the full faith, credit and taxing power of an issuer. General obligation securities issued by local units of government are typically secured by a pledge of the issuer’s "ad valorem" taxing power; general obligation securities issued by states are generally based upon appropriations made by the state legislature for the purposes specified.
  • Double Barrel – a security with characteristics of both revenue and general obligation instruments.

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• Par Amount Traded by Coupon Type

  Par amount of municipal transactions based on the different type of interest rate (coupon) of a security:

  • Fixed Rate– An interest rate on a security that does not change for the remaining life of the security.
  • Variable Rate- An interest rate, sometimes referred to as a “floating rate,” on a security that changes at intervals according to market conditions or a predetermined index or formula.
  • Zero Coupon – An original issue discount bond on which no periodic interest payments are made but which is issued at a deep discount from par, accreting (at the rate represented by the offering yield at issuance) to its full value at maturity.

  Coupon type data not available prior to October 2007.

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• New Issuance Summary

  An overview of new issuance volume for a particular month and year, including statistics on par amount issued, number of issues and the average issue size. This information is aggregated on a monthly basis based on the formal award date, or the date the issuer formally accepts a bid for competitive issues, or the date the Bond Purchase Agreement is executed for negotiated issues.

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• Par Amount and Number of Issues by Size

  Distribution of par amount and number of new issues based on the size of the issue:

  • $10 million or less
  • More than $10 million to $30 million
  • More than $30 million to $50 million
  • More than $50 million to $100 million
  • More than $100 million to $500 million
  • More than $500 million to $1 billion
  • More than $1 billion

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