The Municipal Division of Arbor Research & Trading, L.L.C. ('Arbor'), based in New York City, is primarily responsible for trading Build America Bonds (BAB), tax-exempt municipal bonds and taxable municipal bonds on the entire curve. The Municipal division operates on Arbor's overall platform which is an institutional research and brokerage firm that produces innovative research across a broad range of global fixed-income, equity, currency, and commodity markets. In addition, Arbor's various trading desks in New York, London and Barrington provide comprehensive issue discovery and high quality execution in the fixed income and currency markets. Arbor's municipal trading business is unencumbered by the biases of holding positions or underwriting securities since we do not maintain a balance sheet nor do we possess a Public Finance banking group generating new issues. Arbor offers objective viewpoints and intelligent solutions for portfolio managers and traders world-wide through a proprietary menu of independent and innovative research products designed to work in conjunction with clients and their systems. Arbor Quantitative Analytics (AQA) has developed logic to track various municipal ETF's and Indices generating probabilities of future movement which can be used as a tool in investing decisions. Founded in 1988, Arbor has a long history of delivering innovative, technology-based products to many of the largest and most influential financial institutions world wide. As the landscape of global financial markets has changed, Arbor has adhered to its mission, providing clients with timely analysis, objective opinion and first-class execution. Arbor's offices are based in Barrington, IL, Chicago, IL, New York, NY, and Ft. Lauderdale, FL with affiliated offices in London, UK and Geneva, SZ.