The Thomson Corporation has launched a multi-dealer-to-customer online market for the trading of specified pools of mortgages on its Thomson TradeWeb trading network.
The new TradeWeb specified pools marketplace has been launched with strong support from 15 mortgage dealers, which are committed to providing liquidity to their clients.
The new service offers a unique marketplace that provides mortgage professionals with the capability to research pool criteria, search multiple dealer inventory, execute and seamlessly process trades in real-time on a single platform. TradeWeb’s new specified pools platform also allows clients to send targeted inquiry to individual dealers (‘reverse axes’).
Specified pools are baskets of individual mortgages that have been securitized into unique mortgage-backed securities. The individual characteristics of these pools allow investors to better match their investments with their trading strategies.
Specified pools is a natural extension of TradeWeb’s well-entrenched mortgage business. We’re already seeing evidence that this will become an important distribution channel for UBS, commented Mike Marsallo, head MBS trader at UBS.