EMMA: Electronic Municipal Market Access is Launched Today

MSRB's New Web-Based Portal Provides Unprecedented Free Public Access to
Comprehensive Primary Market Disclosure and Real-Time Price Data

ALEXANDRIA, Va., March 31 /PRNewswire/ -- This morning, the MSRB launch
its EMMA pilot. EMMA, which stands for Electronic Municipal Market Access, is
an Internet-based disclosure portal that provides free public access to
disclosure documents and real-time municipal securities trade price data for
the municipal securities market. The EMMA website is now accessible at
emma.msrb.org. EMMA is being implemented in stages through the end of 2008:

-- Pilot Phase - March 31, 2008 - provides, on a pilot basis, official
statements (OSs) for new issues of municipal securities and related
documents for advance refundings of outstanding municipal securities
(ARDs), together with real-time municipal securities trade price
data.

-- Access=Delivery Phase - June 30, 2008 or shortly thereafter -
providing permanent real-time access to OSs, ARDs and trade price data
- "Access=Delivery" rules requiring electronic submission and
dissemination of OSs expected to become effective

-- Continuing Disclosure Pilot Phase - August 1, 2008 or shortly
thereafter - providing, on a pilot basis, for voluntary submission and
real-time dissemination of continuing disclosures by issuers and
obligated persons, together with real-time access to OSs, ARDs and
trade price data

-- Full Service Phase - December 1, 2008 or shortly thereafter (subject
to applicable rulemaking by the SEC) - providing permanent submission
and real-time dissemination of all required continuing disclosures by
issuers and obligated persons under the SEC's Rule 15c2-12, together
with real-time access to OSs, ARDs and trade price data.

"Thanks to the leadership of the Municipal Securities Rulemaking Board,
investors will soon have more information about municipal securities freely
available on the Internet to help them make better investment decisions," said
SEC Chairman Christopher Cox in anticipation of EMMA's launch.
MSRB Chairman Frank Chin stated "Upon full implementation, EMMA will
provide a permanent, centralized and comprehensive Internet-based system for
free real-time public access to all primary market, secondary market and trade
price data for municipal securities submitted to the MSRB. In furtherance of
our mission of investor protection, we are pleased that the MSRB can provide
this important utility to investors in our market." MSRB Executive Director
Lynnette Hotchkiss added, "We look forward to continuing to work cooperatively
with the SEC on rolling out the future phases of EMMA, particularly as we
expand EMMA's capabilities to integrate continuing disclosures with our
existing primary market and trade price information."
The Municipal Securities Rulemaking Board is a self-regulatory
organization established by Congress to develop rules for broker-dealers and
banks that underwrite, trade and sell municipal securities. The MSRB promotes
investor protection through prudent regulation and expert market leadership.
Information about MSRB regulation of broker-dealer and bank dealer activities
in the municipal securities market and the existing data services provided by
the MSRB is available at www.msrb.org .
SOURCE Municipal Securities Rulemaking Board

Lynnette Kelly Hotchkiss, Executive Director, lhotchkiss@msrb.org, or Ernesto
A. Lanza, Senior Associate General Counsel, elanza@msrb.org, both of Municipal
Securities Rulemaking Board, +1-703-797-6600