Securities Regulation Daily Wrap Up, MUNICIPAL SECURITIES NEWS—The MSRB has published data analysis insight into municipal securities trading activity, (Oct 9, 2025)
Organizations Mentioned:Municipal Securities Rulemaking Board
By R. Jason Howard, J.D.
The MSRB periodically updates trade statistics to account for modifications, cancellations, trades reported late or any other changes to the underlying characteristics of the securities.
The Municipal Securities Rulemaking Board (MSRB) has published a paper with data analysis which provides insight into trading activity in the municipal securities market for the end of each month as submitted by the MSRB’s Real-Time Transaction Reporting System (RTRS).
The publication, titled: Protecting Investors, Issuers and the Public Interest is broken down into three parts.
The data in Part I: Overall Market Trading Activity includes trades of bonds and notes (fixed, variable and zero coupon) is disseminated by the MSRB through its free Electronic Municipal Market Access (EMMA®) website at emma.msrb.org and subscription products. The website explains that EMMA is designated by the SEC as the official source for municipal securities data and disclosure documents. The website “provides free public access to objective municipal market information and interactive tools for investors, municipal entities and others.”
Part II: Municipal Fixed-Rate Market Trading Activity includes trades of fixed-rate and zero-coupon securities. Part III: Municipal Variable-Rate Market Trading Activity includes trades of all types of variable rate securities, including, among others, variable rate demand obligations (VRDO) and auction rate securities (ARS).
The publication provides a caveat that the information and data presented are provided without representations or warranties and is on an “as is” basis as the document was prepared for general informational purposes only and “is not intended to provide, and does not constitute, investment, tax, business, legal or other advice.”
The MSRB may periodically update trade statistics to account for “modifications, cancellations, trades reported late or any other changes to the underlying characteristics of the securities.”
IndustryNews: GCNNews InvestorEducation MunicipalSecuritiesNews