increasing access to pre- and post-trade price data on its EMMA website. Where We're ... The MSRB creates the Municipal
The Path to
Transparency
Muni investing is becoming more transparent, which is great news for investors who need to make informed decisions. Here are highlights of where we were, where we are, and where we’re going with municipal market transparency.
1995 1994 1990 1989 1983 1975 1975
Where We Were New York City Fiscal Crisis The Big Apple loses all access to muni credit, rattling financial markets and leading to the first real push for improved transparency in the muni market.
Creation of the MSRB To protect muni market investors and the public interest, Congress establishes the Municipal Securities Rulemaking Board (MSRB).
Largest Muni Default to Date The Washington Public Power Supply System (WPPSS), aptly nicknamed “whoops,” defaults on more than $2 billion in municipal bonds.
Federal Disclosure Rules In a landmark move, federal regulators require basic disclosure of key information at the time of a muni bond sale.
Public Access to Bond Documents The MSRB creates the Municipal Securities Information Library to collect disclosure documents and make them available to the public on microfiche.
Municipal Bankruptcy in California Orange County makes risky investments and loses, prompting calls for more accountability for new and complex municipal investments.
Daily Trade Reporting The MSRB begins collecting daily reports of certain bond trades — a first step in comprehensive price transparency.
Real-time Trade Reporting The MSRB collects and disseminates municipal trade data in real time.
Free Online Access The MSRB launches the EMMA website, providing free public access to municipal trade data and disclosure documents.
Variable Rate Debt Transparency Interest rate information for short-term securities is publicly available for the first time.
SEC Muni Market Report
Plans are put in place or the evolution of the structure, efficiency and transparency of the municipal securities markets.
Securities and Exchange Commission explores muni market structure in new report.
2013
Publication of MSRB Long-Range Plan
Motor City Bankruptcy
2014
2012
2009
2005
Where We ARE
Price Discovery Tool
Detroit becomes the largest municipality to file for Chapter 9, raising interest in disclosure of the financial health of cities nationwide.
The MSRB releases a price discovery tool on EMMA to help investors compare and research muni bond prices in seconds. Access the tool at munipricediscovery.org.
Where We’RE GOING Central Transparency Platform The MSRB plans to continue improving the transparency of the municipal market by increasing access to pre- and post-trade price data on its EMMA website.
