Episode 7: Terrapin on Automating Muni Reference Data

In this episode of The OpenYield Markets Podcast, host Mark Hebert sits down with Miguel Jaques and Daniel Dyulgerski, co-founders of Terrapin, a Scotland-based startup rethinking how reference data is built and delivered in fixed income markets.With backgrounds spanning multi-asset portfolio management and machine learning research, the Terrapin founders explain how they’re using fine-tuned LLMs, rigorous OCR pipelines, and automated QA to achieve ~99% automation in extracting and maintaining municipal bond reference data. Together, they explore:What “reference data” actually means and why it underpins analytics, settlement, and tradingWhy Muni bonds, with their scale and complexity, became the perfect use case for AIHow incumbents still rely on armies of manual typists—and why automation changes the cost baseBuilding infrastructure that keeps LLMs accurate at scaleWhy flexible APIs, fast feature rollouts, and lower costs win clients from Goliaths🔔 Subscribe for more episodes to gain insights from leaders shaping the future of fixed income trading.