Municipal Securities Rulemaking Board

What Municipal Securities Rulemaking Board does

The Municipal Securities Rulemaking Board (MSRB) is a congressionally-chartered self-regulatory organization (SRO) established in 1975 and headquartered in Washington, DC, with 51-100 employees. It is the sole rulemaking body for broker-dealers, municipal advisors, and banks engaged in the U.S. municipal securities market, operating under SEC oversight pursuant to the Securities Exchange Act of 1934. Its core technology platform consists of three integrated systems: the EMMA (Electronic Municipal Market Access) public website, designated by the SEC as the official source for municipal securities data and disclosure documents; MSRB Gateway, the secure single access point for all MSRB applications; and EMMA Dataport, the submission utility for primary market disclosures, continuing disclosures, SHORT system data, 529 savings plan submissions, and political contribution disclosures.

MSRB's regulated universe covers a $4.1 trillion outstanding municipal bond market with over 36,000 state, city, county, school district, and public authority issuers, of which approximately 85% consists of tax-exempt bonds. The organization serves four primary stakeholder groups: state and local government issuers (submitting disclosures), broker-dealers (registering and complying with MSRB rules), municipal advisors (registered and bound by professional qualification and conduct requirements), and investors and the general public (accessing free market data through EMMA).

MSRB's business model is funded primarily through assessments and fees charged to registered dealers and municipal advisors for its self-regulatory functions—rulemaking, market surveillance, and market transparency programs. A secondary revenue stream consists of subscription data products (Real-Time Transaction Data Subscription Service, Continuing Disclosure Subscription Service) sold to professional market participants requiring bulk or streaming access, layered on top of the free public EMMA experience. The organization's 2026-2030 Strategic Plan signals ongoing modernization, including regulatory rule changes addressing digital assets and blockchain-based securities, harmonization with FINRA rules, and expanded research publications.

Name

Municipal Securities Rulemaking Board

Legal name

Municipal Securities Rulemaking Board

Website

https://msrb.org

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

51–100 employees

Short description

The Municipal Securities Rulemaking Board (MSRB) is a congressionally-chartered self-regulatory organization that writes investor protection rules for broker-dealers, municipal advisors, and banks in the U.S. municipal securities market, operating the SEC-designated EMMA platform for market data and disclosures.

Ownership category

akta.pro rank

Product category

Securities Regulatory Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232)

SIC

Finance Services (6199)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Transaction Reporting & Trade Surveillance Controls (MiFID/MiFIR, CAT, EMIR, SFTR) (FSAFAKAD), Regulator/Authority-Operated Reporting Systems & Portals (FSAFAJAJ), Market Abuse & Conduct Risk (Insider Trading, Manipulation) (FSACAJAB), Operational Risk & Controls (RCSA, KRIs, Incident/Loss) (FSACAJAJ)

Keywords

• Municipal securities regulation
• Broker-dealer oversight
• Market transparency data
• Self-regulatory organization
• Fixed income compliance

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Regulatory Fees and Assessments: The MSRB funds operations through assessments and fees charged to registered dealers and municipal advisors. These regulatory fees support the organization's self-regulatory functions including rulemaking, market surveillance, and market transparency programs.
2. Market Data Subscriptions: Subscription services and data products available for professional market participants requiring bulk or streaming access to MSRB market data. Free public access to basic EMMA data is available, with premium subscription products for professional users.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

MSRB writes and enforces investor-protection rules governing broker-dealers, banks, and municipal advisors in the U.S. municipal securities market under SEC oversight. It operates the EMMA (Electronic Municipal Market Access) website as the SEC-designated official source for municipal securities data and disclosure documents, supported by the secure MSRB Gateway and EMMA Dataport for regulatory submissions, registration, and trade reporting.

Product overview

MSRB operates as a self-regulatory organization protecting and strengthening the municipal bond market. The core product portfolio consists of EMMA (Electronic Municipal Market Access), the free public portal designated by the SEC as the official source for municipal securities data and disclosure documents, integrated with MSRB Gateway for secure regulatory submissions. Supporting products include MyEMMA Alerts for personalized notifications, EMMA Dataport for document submissions by dealers, advisors, issuers and obligated persons, the MSRB Rule Book containing all regulatory rules, the MSRB Education Center for market education, and Data & Research subscriptions for market data. MSRB's systems enable market transparency through trade reporting, disclosure document dissemination, and regulatory compliance support for the municipal securities market with over $4.1 trillion in outstanding debt.

Differentiator

Problem solved

Functional benefit

Brands

• EMMA: Electronic Municipal Market Access (EMMA) is the official source for municipal securities data and disclosure documents, designated by the SEC. It provides free public access to objective municipal market information and interactive tools for investors, municipal entities and others.
• EMMA Dataport
• MSRB Gateway
• MyEMMA

Products and services

• EMMA (Electronic Municipal Market Access) The free public website designated by the SEC as the official source for municipal securities data and disclosure documents. Provides objective municipal market information and interactive tools for investors, municipal entities, and the general public, including trade prices, official statements, continuing disclosures, credit ratings, yield curves, and market statistics.
• MSRB Gateway The secure single access point for all MSRB applications, enabling regulated entities (dealers, municipal advisors, issuers, and obligated persons) to submit documents, register, manage accounts, and make regulatory filings.
• EMMA Dataport Utility for electronic submission of documents and related information to MSRB Market Transparency Programs by dealers, municipal advisors, issuers, and obligated persons, covering primary market, SHORT system, continuing disclosure, 529 savings plan, and political contribution data.
• MyEMMA Alerts Personalized alert service within EMMA allowing users to save searches, manage notifications, and monitor specific municipal securities, issuers, or market activity.
• MSRB Rule Book Comprehensive collection of MSRB rules regulating broker-dealers, banks, and municipal advisors in the municipal securities market, including the Rule G-series, Rule A-series, Rule D-series, and Interpretive Guidance.
• MSRB Education Center Educational resources for investors, issuers, and market participants organized by topic, stakeholder type, and format, covering the municipal bond market, 529 Savings Plans, and ABLE Programs.
• MSRB Data & Research Publications Market data sets and original research publications including monthly municipal market trading summaries, market statistics, and analysis of municipal bond market trends.
• MSRB Subscription Data Services Fee-based subscription products providing professional users with access to MSRB market transparency data, including the Real-Time Transaction Data Subscription Service and the Continuing Disclosure Subscription Service.

Quantifiable outcome

• Over $4.1 trillion in municipal bond market outstanding debt supported by MSRB regulatory infrastructure
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• ICE Data Pricing & Reference Data, LLCcoreOthersICE Data Pricing & Reference Data, LLC provides securities reference data to the MSRB for display on the EMMA website. This data supports the comprehensive market data platform that serves municipal securities market participants.
• CUSIP Global Services / American Bankers AssociationcoreOthersCUSIP Global Services and the American Bankers Association provide CUSIP number data and securities identification services integrated into MSRB systems. CUSIP numbers are essential for identifying and tracking municipal securities in the market.
• Fitch RatingscoreOthersFitch Ratings provides credit ratings data for municipal securities displayed on EMMA, enabling investors and market participants to access current credit rating information from this nationally recognized statistical rating organization.
• Kroll Bond Rating Agency, Inc. (KBRA)coreOthersKroll Bond Rating Agency provides credit ratings data for municipal securities displayed on EMMA, offering market participants access to KBRA's credit assessments of municipal bond issuers and securities.
• Moody's Investors ServicecoreOthersMoody's Investors Service provides credit ratings data for municipal securities displayed on EMMA, allowing investors to access Moody's credit ratings and analyses of municipal bond issuers.
• Standard & Poor's Financial Services LLCcoreOthersStandard & Poor's (S&P) provides credit ratings data for municipal securities displayed on EMMA, giving market participants access to S&P's credit ratings of municipal securities issuers.
• U.S. Securities and Exchange Commission (SEC)flagshipStrategic or Co-development PartnerThe SEC provides oversight of the MSRB as a registered securities information processor. The SEC has designated EMMA as the official source for municipal securities data and disclosure documents. The MSRB files proposed rule changes with the SEC for approval.
• Federal Reserve Bank of St. LouisminorOthersEMMA provides a link to the Federal Reserve Bank of St. Louis economic calendar (FRED) as a third-party resource. The MSRB disclaims any affiliation, sponsorship, or endorsement of this external website and its services.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Options Clearing Corporation (OCC): OCC is the world's largest equity derivatives clearing organization and a registered SRO. Like MSRB, it is a market infrastructure utility with SEC oversight that performs registration, rulemaking, and risk management for its participants.
• Financial Industry Regulatory Authority (FINRA): FINRA is the largest U.S. securities SRO, regulating broker-dealers across equities, options, and corporate bonds. It is the closest analogue to MSRB in terms of congressional SRO mandate, rulemaking authority, registration of broker-dealers, and enforcement of conduct rules, though FINRA's scope extends far beyond municipal securities.
• National Futures Association (NFA): NFA is the congressionally authorized SRO for the U.S. derivatives industry, performing registration, rulemaking, and surveillance functions similar to MSRB. It shares the same self-regulatory organizational model and SEC/CFTC oversight structure as MSRB.
• Public Company Accounting Oversight Board (PCAOB): PCAOB is a congressionally-established SRO that oversees auditors of public companies. Like MSRB, it operates under SEC oversight with a statutory mandate, registration requirements, and rulemaking authority over its regulated community.
• Securities Investor Protection Corporation (SIPC): SIPC is a federally created nonprofit that protects securities investors against broker-dealer failure. Like MSRB, it is a Congressionally chartered entity funded by assessments on the securities industry with SEC oversight.

Broad incumbents

• Depository Trust & Clearing Corporation (DTCC): DTCC operates post-trade clearing and settlement infrastructure for U.S. securities markets and is a registered securities information processor. It shares MSRB's role in providing market infrastructure and trade data, though DTCC's scope is far broader than municipal securities.
• Intercontinental Exchange (ICE): ICE operates regulated exchanges and data services including fixed income and municipal reference data that is integrated into MSRB's EMMA platform. ICE is both a data infrastructure partner to MSRB and a competing provider of municipal securities market data and analytics.
• U.S. Securities and Exchange Commission (SEC): The SEC provides direct oversight of MSRB and designates EMMA as the official municipal securities data source. It is a broader federal regulator with authority over the entire U.S. securities industry, including the municipal market that MSRB regulates.
• Commodity Futures Trading Commission (CFTC): CFTC is a federal regulator that, like the SEC, provides oversight over SROs (including the NFA) and the markets they regulate. It is structurally comparable to the SEC's oversight role over MSRB and shares responsibility for ensuring fair and orderly operation of U.S. financial markets.
• Federal Reserve Bank of New York / Federal Reserve System: The Federal Reserve oversees payment and settlement systems, conducts open market operations in government and agency securities, and provides related economic data (e.g., via FRED, integrated with EMMA). It is a broader governmental financial infrastructure entity that parallels MSRB's regulatory and market-data role for the municipal securities market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/MSRB_News

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Municipal Securities Rulemaking Board