# IFR, Municipal Market Data

> IFR, Municipal Market Data is an SEC-registered investment advisory firm in Boston, MA, registered since 1998, with no regulatory assets under management reported in its Form ADV filing dated July 16, 2026.

- CRD: 109120
- Filed as: IFR,  MUNICIPAL MARKET DATA
- Legal name: Refinitiv Global Markets Inc.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boston, MA
- Filing period: October 2026
- Form ADV filing dated: July 16, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/109120
- AdvisorCensus page: https://advisorcensus.com/firm/ifr-municipal-market-data-boston-ma-109120

## Quick answers

**How is IFR, Municipal Market Data compensated?**
On its Form ADV (Item 5.E, October 2026), IFR, Municipal Market Data reports these compensation arrangements: subscription fees (for a newsletter or periodical); fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is IFR, Municipal Market Data located?**
IFR, Municipal Market Data's principal office is in Boston, MA, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is IFR, Municipal Market Data registered with the SEC or a state?**
IFR, Municipal Market Data is an SEC-registered investment advisory firm, registered since 1998. Status as filed: Approved. CRD 109120.

**How have IFR, Municipal Market Data's assets and staff changed since 2021?**
In the Form ADV data for IFR, Municipal Market Data: Total employees: 30 in October 2021 and 30 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does IFR, Municipal Market Data serve?**
By number of clients on Form ADV Item 5.D: other investment advisers (167); corporations or other businesses not listed above (118); banking or thrift institutions (113).

**Does IFR, Municipal Market Data report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/109120

**What changed in IFR, Municipal Market Data's recent Form ADV filings?**
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- Subscription fees (for a newsletter or periodical)
- Fixed fees (other than subscription fees)

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 113 | $0 |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 18 | $0 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | Not reported |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 28 | $0 |
| Other investment advisers | 167 | $0 |
| Insurance companies | 14 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 118 | $0 |
| Other | 4 | $0 |

### Advisory services (Item 5.G)
- Publication of periodicals or newsletters
- Other

### Firm details
- Registered since: 1998 (28 years)
- Employees: 30 total, 22 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: MA, NY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the August 2026 filing
- New York, NY

### Websites listed on Form ADV (Item 1.I)
- ifre.com
- tm3.com
- workspace.refinitiv.com/web/rap/tm3-app

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | 30 | June 2, 2021 |
| October 2022 | Not reported | 30 | March 30, 2022 |
| October 2023 | Not reported | 30 | March 30, 2023 |
| October 2024 | Not reported | 30 | March 28, 2024 |
| October 2025 | Not reported | 30 | March 31, 2025 |
| October 2026 | Not reported | 30 | July 16, 2026 |

Total employees: 30 in October 2021 and 30 in October 2026.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. IFR, Municipal Market Data (CRD 109120): Form ADV filing data as of October 2026.