— Tim Husson (@TimHussonSLCG) June 10, 2014
After the launch of the MSRB’s new price discovery tool on EMMA I chatted with Executive Director Lynnette Kelly about it and other transparency initiatives. Kelly led the launch of the EMMA website in 2008 and she has continued to champion its expansion to increase transparency in the municipal market. Kelly said that the new and better EMMA was “another tool to make people more comfortable owning municipal bonds.”
It’s astonishing how much transparency muniland has today compared to the pre-EMMA days. Back then, finding offering documents for new bond issues meant searching through a diffuse set of document libraries and waiting for a hard copy to be mailed. Trade data was available, but it was in a very crude, unusable form for retail investors. EMMA is much more than bond documents. Here is the official description:
The Electronic Municipal Market Access system, or EMMA®, is the official repository for information on virtually all municipal bonds. EMMA provides free public access to official disclosures, trade data, credit ratings and educational materials and other information about the municipal securities market.
EMMA provides investors with key information about municipal securities and is presented in a manner specifically tailored for retail, non-professional investors who may not be experts in financial or investing matters.