Ahead of the Curve: SQX Q1 2025 Review

Two men are sitting at a table looking at a laptop computer.

2025 is 25% over. Read on to hear about the top 5 things that SQX has been working on in Q1…


Fruitful Muni Reference Data Feedback Groups

The preparations for our upcoming muni reference data product have been coming along nicely. In partnership with MBIS: Municipal Bond Information Services and EDI: Exchange Data International, we’ve been laying the groundwork as we target a launch in late 2025. Our reference data will include information on over 50,000 unique issuers—totaling over 1.5 million active U.S. muni bonds.


In the meantime, our market data feedback groups have begun to meet. We’ve been connecting with muni industry professionals and fixed-income experts to help us determine the types of data that will be most helpful to the market. If you’re interested, there’s still time to participate in a feedback group. Your input will help us make sure that we’re offering the types of fields, structure of fields, and universe of coverage that you want. Just let us know you’re interested, and we’ll tell you how to join.


A group of people are standing around a table in an office.

Private Bonds Partnership Growth

Over the past few months, we’ve seen our network of private bond partners expand rapidly. As more institutional investors and lenders enter the space, SQX has become a trusted source of transparent and reliable private credit data. We’ve seen our data be used for everything from valuation and compliance to portfolio risk management. This momentum reflects not only the market’s appetite for high-quality data, but also SQX’s commitment to enabling smarter, faster decisions across the private credit landscape.


A person is using a laptop computer with a virtual screen.

Building Retriever—An Alts Portal for Custodians

Our alternative investments pricing process is about to take a massive leap forward. In Q1, we’ve been working on a new alts pricing portal called Retriever. Retriever allows issuers to enter the prices for their securities directly into our database, via a personalized link, where they can view a complete list of their securities.


Once complete, Retriever will be perfect for Self-Directed IRAs and other alts custodians—who often struggle with pricing alts quickly and efficiently. By integrating Retriever into our own pricing process, we’ll be able to increase speed, boost efficiency, and reduce margin for error.


We’ll have more to say in the coming months, so keep an eye out for updates!


A city skyline with a river in the foreground and trees in the background.

Streamlining Automation for Swaps

Since the beginning of the year, our swaps pricing has been given a major efficiency upgrade. Many years ago, SQX’s pricing for swaps consisted of manually documenting and recording prices by hand. Over time, we’ve partially automated this process, but elements of manual work have still been required.


In Q1, we’ve made progress towards automating the entire swaps pricing process—from start to finish. Once complete, we’ll have a much more streamlined system, resulting in a greatly reduced margin for error and a notably faster file delivery time.


A man and a woman are sitting at a table looking at a laptop computer.

Enhanced Alternative Investments Pricing

In Q1, our alternative investments product rose to new heights. We’ve strengthened our validation checks—particularly for publicly-issued DPPs and REITs—and refined our data entry workflows to ensure every price is reliable and up to date. These improvements mean SQX clients receive cleaner, more uniform alts files, so their teams are freed up to focus on their top priorities.



Want more SQX updates? Follow SQX on LinkedIn and subscribe to our
LinkedIn
newsletter to stay ahead of the curve.

Latest News

Downtown city skyline with tall glass skyscrapers under a cloudy sky at dusk
By Raymond Hanus • October 19, 2026
How interval fund liquidity works under Rule 23c-3, how tender offer funds differ, and what proration does to a position when repurchase requests exceed the offer.
People talking in a modern office hallway with glass walls and desks in the background
By Raymond Hanus • October 12, 2026
Learn how mutual fund and ETF liquidity works: how each exit channel turns fund shares into cash, and how position size drives the time and cost of selling.
SQXray logo in teal and black with the words “fund explorer” on a black background
By Raymond Hanus • October 5, 2026
SQXray measures how fast and at what cost you can exit mutual funds, ETFs, closed-end and interval funds. Daily data delivered by SFTP or S3.
Show More