Big data improvements at the MSRB
The fine folks at the Municipal Securities Rulemaking Board, led by director of product management Justin Pica, have launched some fantastic improvements for the MSRB’s market data and bond document platform EMMA.
Navigate to the three new major functions on the site with a CUSIP ID:
1. The ability to see trades for a specific security aggregated for one day with trade count, total par traded and high and low price and yield (top right box).
2. Chart trade prices (lower left box).
3. The price discovery tool allows an investor to compare up to five similar securities from comparable issuers with similar terms and credit quality (lower left box).
Here are the trades from above for a single security shown in a graph:
Here is the price discovery tool to compare trading in five similar securities:
Here’s a 2 minute video overview of the price discovery tool. This is a fantastic leap forward for investors to see how specific municipal bonds are priced. Kudos to the MSRB!