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Transforming Municipal Bond Markets

Increasing transparency, execution efficiency and access to information across the municipal bonds marketplace.

Article: A fundamental shift for muni markets

Municipal Yield Curve

Gain a more transparent, transaction-driven representation of municipal movement and activity.

  • A transaction driven, rules-based high grade municipal yield curve, constructed using trades and quotes of 1 million +
  • The curve convention reflects a 5.00% coupon, tax-exempt, not callable for the first ten curve years, and a ten-year call out to thirty years (curve tenor points span from 1-30 years)
  • Drives End of Day and Continuous Evaluated Pricing for the majority of our investment grade municipal bond evaluations
  • Produced and updated continuously in real-time


Our suite of analytic tools spans fixed income and derivatives markets, and is designed to inform your trading and risk management strategies.

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Best Execution
  • Compare fixed income continuous pricing as a benchmark to realized trades
  • Gain context for benchmark price differences using peer analysis
  • Explain outliers using trade reports and analytics
ICE Liquidity Indicators
  • Contextualize near-term relative liquidity
  • Measure portfolio-level liquidity, liquidity under stressed scenarios, retrieve historical data, charting, and compare projected versus actual positions
Trade Cost Analytics
  • Review implied cost — the cost built into the price of each trade — on an individual trade level
  • Understand implied bid/ask spreads broken down into asset class, trade size, and tenor
  • Compare aggregated trading cost across trading partners
Portfolio Analytics
  • View option-adjusted security and portfolio analytics as well as tax equivalent yields
  • Shock government, swap and municipal curves and spreads for forward looking stress tests
  • Investment reporting, portfolio vs. benchmark profile comparisons, performance attribution, pre-trade what-if analysis, cash flow projections and more

Important disclosures

Securities products and services are offered through ICE Bonds Securities Corporation member FINRA, MSRB, NFA and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional investors only and is not intended for retail customer use.