Mortgage Backed Securities (MBS Expert®)
MBS Expert® is the solution of choice for buy-side and sell-side traders, portfolio managers and operations personnel who want to improve trading and operational efficiencies as well as reduce the risk inherent in the mortgage backed securities trading environment. MBS Expert is a suite of applications that provides users a competitive advantage in the often volatile mortgage-backed securities TBA market.
MBS Expert's "sub-systems" are specifically designed to enable users to efficiently manage a particular segment of the MBS allocation trade flow. Together, these sub-systems provide an unparalleled foundation for the straight-through processing (STP) of MBS transactions.
Benefits of MBS Expert:
Provides reliable operation and proven track record. MBS Expert is the “industry standard” middle office TBA allocation system. MBS Expert’s client base includes 4 of the 11 most active (by trade volume) mortgage desks on the street. Our clients receive support from a team of experienced business and technical experts with a wealth of industry knowledge.
Reduces operational costs. MBS Expert's unparalleled efficiency enables our clients to maximize the number of trades they can process in a day. Its reliability and speed on peak volume days notably reduces fail costs. Also, MBS Expert's steadfast performance reduces the need for a large operations support staff.
Utilizes efficient service bureau delivery model. MBS Expert's service bureau is the only standalone ASP solution in the marketplace. Its applications enable our clients to focus their resources solely on core business functions. By incorporating MBS Expert’s trusted efficiency into their business, our clients eliminate the vast time and extensive customer support needed to maintain our competitor’s products.
Permits flexible user-group driven enhancements. Our User-Group consists of leading accounts that help drive the strategic vision of our product. This valuable client feedback coupled with Broadridge’s commitment to continually invest in developing and expanding our products makes MBS Expert an unparalleled mortgage-backed securities solution.
Key Features:
MBS Expert can significantly reduce the operational costs associated with mortgage backed trade processing and includes enhanced features such as:
EPN Module - Admin EPN Monitor
The Administrative EPN component provides supervisory tools that allow allocations professionals to effectively manage incoming and outgoing messages. These messages are flagged on a real-time basis according to both number count and message status. As well as system connectivity. By consolidating EPN messages to a single screen, your firm’s exposure and fails costs are greatly reduced.
Auto Pilot
The Auto-Pilot feature enables automatic committal of pool information to matched buy trades and automatic transmission of outgoing EPN messages. Through automation, the enhanced message turning speed will lower fail costs and reallocate staff to core business functions.
TBA Binder Monitor
The TBA Binder Monitor module creates a hard link between open buy and sell TBA obligations, further reducing manual processing by allowing STP of matched EPN messages. This reduction in manual processing will give the allocations professional more time to focus on exception management.
Crunch mode
Crunch mode facilitates the efficient turning of messages during peak periods, effectively minimizing fail costs by reducing the time required to turn bonds.
Auto-Allocator Application
The auto-allocator is an inventory optimization engine designed to improve workflow by creating the most cost-effective “good delivery” scenario, given the pools and TBA trades available for allocation. This improves workflow by allocating large pool positions across multiple sell TBA’s. This allows an allocations professional to focus their effort on front-office requirements.
Manual-Allocator
The manual allocation module provides a dynamic tool for viewing and managing individual TBA and pool trades, manually applying pool information to both buy and sell side TBA’s, tracking overall open TBA position, and monitoring of “stip” trades, all in one centralized location. This allows an allocations professional to easily access TBA and pool trades, sort by various criteria, perform pool substitutions, and view substitutions in one centralized location.
Buy-Side Netting
The buy-side netting feature automatically reduces the number of trades that settle, substantially lowering transaction costs by matching more trades.
Inventory Application
The inventory application provides an allocations professional the ability to monitor real-time TBA positions at the product, coupon, and trader level, manage status of active pool positions (pending, fail, and box) and have a detailed view of the trading inventory on a per pool basis. This allows the user to maximize pool inventory through robust indicative data filtering.
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