WASHINGTON - The Municipal Securities Rulemaking Board today is expected to launch a pilot version of EMMA - a free, centralized online portal that will eventually provide investors with real-time disclosure and price information on municipal securities - just four months after it began development of the system.

The voluntary pilot portal, the first of four phases for establishing EMMA, or Electronic Municipal Market Access, will pool the vast trove of documents and data from the board's Municipal Securities Information Library and Real-Time Transaction Reporting System and test market participants' ability to access those documents.

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