Quality pricing, seamless execution and advanced analytics
Pricing & reference data
ICE’s global research team collects data on more than 35 million securities to provide high-quality reference data.
Experienced evaluations team
ICE staffs a team of dedicated municipal bond evaluators with deep securities industry experience.
15-minute intraday updates
Municipal bond prices update every 15 minutes so the buy side and sell side can respond to market movements throughout the trading day.
Deep liquidity and muni trading infrastructure
ICE Bonds offers a deep muni liquidity pool that supports multiple trading protocols including click-to-trade, RFQ and auction. With daily offerings on more than 175,000 CUSIPs and over $30 billion in notional, ICE TMC and ICE BondPoint give users the tools to manage their order flow efficiently and source liquidity while minimizing information leakage.
ICE Bonds can assist with:
Security selection
Getting quotes on requests
Buying and selling lists
Tax loss harvesting
Trading & liquidity
The ICE Bonds muni trading ecosystem includes a diverse participant pool of over 700 broker dealers, RIAs, and institutional subscribers supplemented by ICE TMC’s relationship-rich and seasoned trading desk. And with ICE FI Select, users have single sign-on access to liquidity pools and trade execution across ICE TMC and ICE BondPoint without switching applications.
Pricing & reference data
ICE covers over 6 million active and inactive municipal securities across more than 400 attributes. Our end-of-day independent evaluations for approximately 1 million municipal securities help set the industry standard for pricing.
Indices & portfolio analytics
With over three decades of index calculation experience, ICE calculates 300+ indices covering the municipal bond market, including tax-exempt, taxable, and Variable Rate Demand Obligations (VRDOs). Utilized by investors for decades, ICE municipal indices are benchmarks for some of the largest muni ETFs.
Learn more about ICE’s comprehensive munis solutions today
A transparent muni curve that updates based on real trades.
ICE’s municipal AAA yield curve is a transparent curve that moves throughout the trading day, instead of at fixed intervals or end-of-day. The curve is administered under evaluator oversight and is backed by 15+ years of history.
ICE's Head of Municipal Evaluations explores why a rules-based, continuously updating yield curve delivers more reliable support for sell-side workflows.
Climate risk is a credit risk. ICE gives you the data to measure it.
Physical climate hazards — floods, wildfires, hurricanes — have direct and measurable implications for municipal credit. And as they become more frequent and severe, issuers and investors increasingly need security-level data to assess and manage muni climate exposure.
How municipal bond insurers underwrite for decades of extreme weather risk.
The Hazard Watch monitoring tool shows regional-level and CUSIP-level flood exposure data after Hurricane Helene in 2024.
Learn more about ICE Climate Analytics for municipal debt
Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA, MSRB 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 customers only and is not intended for retail customer use.
Fixed income evaluations, continuous evaluated pricing, end-of-day evaluations, evaluated curves, model-based curves, Size-Adjusted Pricing, and Fair Value Information Services related to securities are provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in Europe and Asia Pacific. ICE Data Pricing & Reference Data, LLC is a registered investment adviser with the US Securities and Exchange Commission. Additional information about ICE Data Pricing & Reference Data, LLC is available on the SEC’s website at www.adviserinfo.sec.gov. A copy of ICE Data Pricing & Reference Data, LLC’s Form ADV is available upon request.