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Spline Data Announces Launch of Its First Quantitative Municipal Bond Curve Pricing Solutions
Spline Data, a newly formed quantitative U.S. municipal bond data provider, today announced the launch of its first products designed to bring data-driven, actionable yield curves to the municipal bond market. In contrast to current municipal market pricing conventions that generally reflect only round lots—which make up only five percent of trades—Spline’s new investment grade, fixed coupon municipal bond curves intend to utilize every trade in the market. Updating every five minutes, Spline’s curves are now available in a number of variations including rating, source of repayment and, importantly, trade size.
Based in Chicago and founded by Matthew Smith, formerly of Headlands Tech Global Markets and TD Securities Automated Trading, Spline Data formed last year with its initial funding round led by Tower Research Ventures, the venture arm of trading firm Tower Research Capital.
“The municipal bond market still relies upon noisy and fractured pricing data that is increasingly out of sync with today’s electronic trading ecosystems,” said Matthew Smith, founder and CEO. “With nearly 95 percent of trades in this market printing at $1 million in value or less, the need for quantitatively-computed, independent municipal bond curves is clear. My goal in creating Spline Data is to eliminate the guesswork needed to execute in the municipal bond market by providing precise and frequent quantitative market data similar to what’s available in more mature asset classes. Our curves are purely data-driven, provable and transparent, providing the granular inputs that are vital to professional traders and asset managers in their algorithms, executions and analysis.”
“Fixed income traders’ demand for quantitative market data and systematic trading techniques has never been greater, especially in slower-moving markets such as municipal bonds,” said John Cogman, Chief Investment Officer of Tower Research Capital. “Spline’s speed of development and product thus far shows great promise for market disruption and will no doubt bring new trading opportunities and efficiencies to the municipal bond market. From both venture and trading perspectives, Tower is excited to partner with Matthew and his team.”
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