Markets and indexes

The parent of the New York Stock Exchange agreed to acquire the Merrill Lynch Option Volatility Estimate (MOVE) index.

ICE Data Services launched its ICE US Broad Municipal Index, which tracks the performance of over 58,000 investment-grade tax-exempt munis.

The authority, one of the largest municipal bond issuers, will use the new benchmark to reduce its exposure to Libor, which is slated to sunset.

Do market participants really need a new version of a survey-based benchmark or an entirely different process?