The Municipal Securities Rulemaking Board (MSRB) has launched a new electronic tool to help users more quickly and easily gauge the trade price of a municipal bond.
Investors can use a new price discovery tool on the MSRB’s Electronic Municipal Market Access (EMMA®) website to assess the potential value of municipal securities that trade infrequently by finding recent trade prices of municipal securities with similar characteristics.
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The EMMA website also now allows investors to see the price at which the same bond has been bought or sold using a new graphing capability.
"EMMA’s new price discovery tool offers an important new resource for investors who may find it challenging to get a sense of the current price of a security that has not traded recently," said MSRB Executive Director Lynnette Kelly. "This tool will arm investors with useful information when they go to their financial professional to buy or sell a bond."
The MSRB’s EMMA website serves as the official source of free trade data and disclosure documents on more than 1.1 million outstanding municipal securities. The price discovery tool, available for each security on EMMA, is a one-click way to find other securities that share key characteristics, including maturity date, interest rate, state and other features. Users can then select up to five matching securities to view a side-by-side comparison of their prices and yields or to chart their price trends over time.
The MSRB has also enhanced the display of trade data throughout the EMMA website. Improvements include:
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By GlobalData- A new graphical summary of the daily high and low price for every municipal security on EMMA
- A graph of each security’s trade prices over time to help users visualize historical trade prices for a single bond
- A grid display of trade data for individual securities that provides a daily summary of trade prices, yield, principal amount and other trade information
"Making trade data more accessible and visual for investors is a significant step forward for market transparency," Kelly said. "The price discovery tool and recent enhancements to the display of trade data on EMMA will help investors explore available trade data and make more informed decisions."
