MSRB starts online muni market site called EMMA

By Susanna Moon

Chicago, March 31 - Municipal Securities Rulemaking Board (MSRB) said it launched the pilot EMMA site, or Electronic Municipal Market Access, an internet-based disclosure portal that provides free public access to disclosure documents and real-time municipal securities trade price data for the municipal securities market.

The EMMA web site is now available at emma.msrb.org.

EMMA will be implemented in stages through the end of 2008, the MSRB said. In the pilot phase, which began Monday, the site will provide official statements for new issues of municipal securities and related documents for advance refunding of outstanding municipal securities, together with real-time municipal securities trade price data.

The access delivery phase to post permanent real-time access will begin about June 30, and the full-service phase will begin about Dec. 1, 2008, which will give permanent submission and real-time dissemination of all required continuing disclosures by issuers and obligated persons under the Securities and Exchange Commission's Rule 15c2-12, according to a press release.

"Thanks to the leadership of the Municipal Securities Rulemaking Board, investors will soon have more information about municipal securities freely available on the internet to help them make better investment decisions," SEC chairman Christopher Cox said in the release.

"Upon full implementation, EMMA will provide a permanent, centralized and comprehensive internet-based system for free real-time public access to all primary market, secondary market and trade price data for municipal securities submitted to the MSRB," MSRB chairman Frank Chin said in the release.

MSRB is based in Alexandria, Va., and makes rules regulating dealers who deal in municipal bonds, municipal notes and other municipal securities.

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