Which MSRB system provides real-time reporting of municipal bond trades?

• A. SHORT
• B. RTRS
• C. EMMA
• D. Official Statements

Answer: (B)

RTRS, the Real-Time Trade Reporting System, is the MSRB platform that captures and disseminates municipal bond trade data as it happens. This system is designed to provide immediate transparency of trades, helping market participants see actual execution prices, sizes, and times, which supports price discovery and market integrity. SHORT is for short-term obligation rate transparency, not real-time trade reporting. EMMA is the public portal for disclosures and historical trade data, not the live reporting feed. Official Statements are the offering documents filed for issuances and used for information, not trade reporting. So real-time reporting of municipal bond trades is provided by RTRS.