Identifying Information

For virtually every municipal security found on EMMA, the following data elements are provided, to the extent applicable: issuer name, security description, CUSIP number, dated date, maturity date, interest rate, principal amount and initial offering price, among other data elements. Portions of this data are provided by broker-dealers and banks submitting documents and data to the MSRB, while other portions are provided by certain third-party sources, including the CUSIP Service Bureau (operated by Standard & Poor’s Financial Services LLC on behalf of the American Bankers Association (“ABA”)).

The CUSIP Service Bureau and the ABA assert that the CUSIP Database, including CUSIP numbers, CUSIP standard securities descriptions and other data, are and shall remain valuable intellectual property of the CUSIP Service Bureau and the ABA, and EMMA users acknowledge and agree that no proprietary rights are being transferred to EMMA users in such materials or in any of the information contained therein. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB, Standard & Poor’s, the CUSIP Service Bureau or the ABA. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP numbers or standard securities descriptions, and is not intended to create and does not serve in any way as a substitute for any CUSIP subscription services now or in the future offered by the CUSIP Service Bureau.

For some securities, some or all of the securities-specific information made available on EMMA is derived from Standard & Poor’s SECURITIES DATAMANAGER. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB or Standard & Poor’s. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of such securities-specific information, and is not intended to create and does not serve in any way as a substitute for any SECURITIES DATAMANAGER subscription services now or in the future offered by Standard & Poor’s.

Trade Price And Interest Rate Information

Broker-dealers and banks that trade municipal securities are required to submit to the MSRB, through its Real-Time Transaction Reporting System (“RTRS”), basic information about each trade, including the price at which such trade was effected. In addition, broker-dealers and banks that serve as program dealers for municipal auction rate securities or as remarketing agents for municipal variable rate demand obligations are required to submit to the MSRB, through its Short-term Obligation Rate Transparency (“SHORT”) system, basic information about each auction or remarketing, including the interest rate set for the next rate period. This price and rate information is combined with securities identifying information for display on EMMA.

Market Statistics

The MSRB’s research unit uses the data obtained from broker-dealers and banks through RTRS, together with securities identifying information and certain additional data elements from SECURITIES DATAMANAGER, to derive statistics with respect to trading in the municipal securities market for display on EMMA.