MSRB launches full Electronic Municipal Market Access web site

By Angela McDaniels

Tacoma, Wash., July 1 - The Municipal Securities Rulemaking Board launched its Electronic Municipal Market Access web site on Wednesday as the official repository for all municipal bond disclosure documents and trade data.

MSRB has operated EMMA in various pilot stages since March 2008, but Wednesday is when it added the final feature of providing electronic access to market-wide continuing disclosure documents.

Municipal bond issuers are now obligated to provide these documents - including annual financial statements and notices of material events - to the MSRB.

According to an MSRB news release, EMMA also collects and makes available municipal bond offering documents, the prices of millions of municipal trades, interest rates and auction results for auction-rate securities, interest rates for variable-rate demand obligations, daily market statistics and educational material about municipal bonds.

"For the first time, individual investors have access to the same disclosure and pricing information that securities professionals use," MSRB executive director Lynnette Kelly Hotchkiss said in the release. "EMMA removes existing impediments to investors buying and selling municipal bonds based on the most up-to-date disclosures."

The web site is found at www.emma.msrb.org.

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