IFR Municipal Market Data

The MMD scale is the daily benchmark yield curve for AAA-rated general obligation municipal bonds published by IFR Municipal Market Data. It is used by institutional investors, dealers, and municipal advisors to price new issues, value portfolios, and assess relative value. The scale covers maturities from 1 to 30 years.

IFR MMD competes primarily on the depth and historical consistency of its municipal bond data, particularly the MMD scale. Bloomberg provides broader fixed-income analytics, while TM3 (a Tradeweb subsidiary) focuses on electronic trading indicators. IFR MMD differentiates through its dedicated focus on municipal cash markets.

IFR Municipal Market Data is owned by London Stock Exchange Group (LSEG), which acquired the IFR brand in 2014 as part of its purchase of the bulk of SIX Financial Information. LSEG is publicly traded on the London Stock Exchange (LSE: LSEG).

IFR MMD offers daily and historical pricing for tax-exempt and taxable municipal bonds, state-specific yield curves, and market commentary. The data is distributed via LSEG's desktop terminals, data feeds, and third-party platforms.

As part of LSEG, IFR MMD operates under the regulatory oversight applicable to financial market data benchmarks. The MMD scale is not classified as a regulated benchmark under the EU Benchmark Regulation, but LSEG follows industry-standard governance for data consistency.

IFR MMD's primary offering is end-of-day indicative pricing derived from dealer surveys and market models. Real-time municipal bond trade data is available through MSRB (Municipal Securities Rulemaking Board) sources. IFR MMD structures its data for portfolio valuation and index construction.

IFR MMD combines dealer submissions, market color, and quantitative models. The firm uses a multi-sourced approach to produce prices that reflect the bid side of the market, adjusted for trade data after the market closes. This methodology supports fair value accounting and municipal fund pricing.