Announcing SQX Municipal Bond Reference Data – Coming Soon

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Muni Reference Data Matters More Than Ever

The U.S. municipal bond market is massive, complex, and getting more sophisticated by the day. With over 50,000 unique issuers and more than a million active securities, staying on top of this space requires clean, consistent, and comprehensive data.

While price discovery often takes the spotlight, reference data forms the foundation of virtually every workflow, from trading and portfolio management to compliance and reporting. And now, SQX is proud to expand our muni data solutions by introducing municipal bond reference data—delivered with the same rigorous commitment to high value, transparency, and reliability that defines our pricing business.

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Announcing SQX Muni Bond Reference Data

Launching in late 2025, SQX’s municipal bond reference data is built in partnership with Exchange Data International (EDI) and Municipal Bond Information Services (MBIS)—two respected names in fixed-income data. Our dataset covers more than 1.5 million active muni issues across 50,000+ issuers.

We’re very excited for the launch of our muni reference data later this year! But we don’t want to do it without your help. We’re hosting a muni reference data feedback group in the near future, where industry professionals will gather to discuss what they’re hoping to see from a muni reference data product.

We’re early enough in the process of shaping our muni reference data that your feedback will genuinely affect the outcome. Your input will affect the types of fields, structure of fields, and universe of coverage that we eventually offer. If you have thoughts—make your voice heard! We’ll tailor our product to meet your needs.

If you work with muni bonds, this feedback group is a one-of-a-kind opportunity. If you have any interest in SQX muni reference data, you won’t want to miss it. Just let us know you’re interested, and we’ll add you to the list.

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Why Is Muni Reference Data So Hard to Get Right?

The municipal market is unique—in both positive and negative ways! It’s highly fragmented, with small issuers, unique bond structures, and inconsistent disclosure practices. Many issues are one-off deals, with different covenants, amortization schedules, or tax treatments. What’s “standard” can vary from state to state and region to region.

As a result, collecting and maintaining reference data at scale is a tough job. Data sources vary in format, quality, and timeliness. Manual entry and reconciliation still plague many workflows, increasing operational risk and draining valuable time. For firms managing large portfolios or building data-driven tools, keeping muni reference data clean and current can become a full-time job.

Unfortunately, the state of the industry isn’t particularly promising. High-quality data is hard to find, unless you’re willing to pay an arm and a leg. The cost of worthwhile muni reference data is high—and getting higher. We think the muni industry deserves better. That’s why we decided to step in.

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Built on Our Core Strength: Pricing

At SQX, we’ve earned our reputation by pricing the muni market accurately, affordably, and at scale. Every day, we price a universe of roughly 1,000,000 municipal bonds, applying a pricing methodology grounded in real market inputs (including recent trades, bids and offers, historical comparisons, peer bonds, and curve pricing).

We update prices daily, resolve most customer issues within 24 hours, and provide complete transparency—you’ll always see the market inputs and logic behind each price. Our process aligns with MSRB Rule G-30, ensuring full compliance. Bringing this same discipline to muni reference data was the natural next step.

If you’re interested in SQX muni reference data, keep an eye out for future updates! As we get closer to launch date, we’ll definitely have more to say. In the meantime, if you expect to benefit from SQX muni reference data, make sure you contact us! We’ll be happy to answer your questions or add you to our muni reference data feedback group.

With your help, let’s make the world of muni reference data better than ever before.

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