Big data improvements at the MSRB

June 10, 2014

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!

One comment

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I’ll add my two cents as we have a good bit of experience using EMMA at my firm.

These changes are progress, I’m not sure this is such a leap forward. I like the new search features for sure, but adding graphs and some jQuery sugar does not help investors nearly as much as XML data feeds or a full-blown API would. To my knowledge, the only way to pull this data automatically requires parsing their their HTML files. That really shouldn’t be necessary.

Their new tool is better than nothing, but ultimately, you want to make it easy for people to make their *own* graphs and do their *own* analysis. And that’s only possible if the data is easy to grab.


Posted by thusson | Report as abusive