Transforming Municipal Bond Markets

Article: A fundamental shift for muni markets

Technology and data create new opportunities

Read now

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

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


Inform trading and risk management strategies

Learn more

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

Enhance your benchmarking and performance measurement process

  • Minimize tracking error vs. your benchmark, and cut price differences by using the same high quality source for evaluations and indices
  • Connect your back office into the ICE Index Platform's customized and extensive analytical data
  • Capitalize on our deep municipal index and constituent history to develop and stress test your investment strategies
  • Use our custom index facilities to tailor your own benchmarks

Access deep liquidity pools that support multiple trading protocols

  • Click-to-Trade: Bilateral and anonymous protocols for live & executable municipal bond quotes
  • Portfolio Auction: An automated execution protocol for portfolio trading that enables the seamless auction and trade of a portfolio of bonds
  • RFQ: Anonymous and disclosed protocols for spread and price-based requests, enhanced by deep order-book liquidity

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.