MSRB proposes to add inter-dealer yield data to EMMA website

By Marisa Wong

Madison, Wis., Jan. 23 - The Municipal Securities Rulemaking Board said it filed with the Securities and Exchange Commission amendments to Rule G-14, which, if approved, would add inter-dealer yield data to MSRB's Electronic Municipal Market Access website.

The EMMA website currently displays dollar prices and yields for municipal securities transactions between dealers and customers. However, yields are not displayed for transactions between dealers.

The MSRB said it wants to add yields on inter-dealer transactions calculated in the same manner as the dollar price and yield for customer transactions in order to improve the usefulness of the inter-dealer data displayed on the EMMA website and to increase transparency in the municipal market.

If the amendments are approved by the SEC, inter-dealer yields will be displayed on EMMA beginning April 30.

"The MSRB continues to expand the amount and type of information available to municipal market participants," said MSRB executive director Lynnette Kelly in a news release.

"We are seeking to display inter-dealer yields to provide parity with information available for customer transactions."

According to the release, the MSRB recently began displaying current credit ratings by Fitch Ratings and Standard & Poor's for municipal securities on EMMA.

The MSRB is planning other future enhancements to the EMMA system, including a version designed for use on mobile devices and e-mail alerts when a particular security is traded.

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