Tradeweb Partners With MIAC to Provide Mortgage Trading and Analytics Inter-operability
JERSEY CITY, NJ (October 20, 2008) - Tradeweb, a leading over-the-counter multi-asset class online marketplace owned by Thomson Reuters and 10 leading global dealers, announced today that it has entered into a strategic agreement with the Mortgage Industry Advisory Corp (MIAC), the leading provider of mortgage risk management and pricing solutions. As a result, buy-side traders on Tradeweb are now able to upload trades into MIAC's Software Suite without manual intervention, reducing error risk and improving performance.
The integration of TradeWeb's STP (Straight Through Processing) capabilities within the MIAC AnalyticsTM software suite enables MIAC clients to automate the trade input and confirmation process, while retaining complete transparency and control. MIAC is the first mortgage analytics provider to adopt this powerful technology.
"We're delighted to be able to provide MIAC clients with seamless access to trade information from Tradeweb. This further enhances the benefits mortgage trading clients experience by using our electronic markets," said Jon Williams, Director and Head of U.S. Products at Tradeweb.
"Tradeweb and MIAC are leaders in the mortgage industry. By joining forces, we are able to significantly increase the value that the market already bestows on MIAC's software and advisory solutions," said Rob Branthover, Co-Head of Secondary Solutions at MIAC.
Tradeweb is a leading over-the-counter, multi-asset class online marketplace, and a pioneer in the development of electronic trading and trade processing. The company provides services in the fixed income, derivatives, and equity markets to clients in more than 50 countries. Since 1998, Tradeweb has operated a global trading network, which harnesses the distribution of 35 major dealers with over 2,000 institutional clients. With its expansion into the equity markets, Tradeweb is leveraging AutEx, the industry leader for 40 years in providing indications of interests, and Tradeweb Routing Network, a global FIX network with more than 7,000 connections to over 750 firms. Tradeweb is owned by Thomson Reuters and 10 leading global dealers.
With its headquarters in the Wall Street area, MIAC, a registered SEC Investment Advisor, has been the preferred destination for sophisticated mortgage participants since 1989.
MIAC's Secondary Solutions Group software suite of DataRaptor®, MarketShieldTM, WinOASTM, and ALM/VASTTM is the secondary risk management solution of choice for originators responding to the opportunities in the constantly evolving mortgage market.
From loan origination to balance sheet risk management, MIAC Analytics is an integrated and comprehensive analytical solution for mortgage originators, mortgage servicing owners, and MBS portfolio managers. No other analytical software provides the SOX compliance, integrated risk management and comprehensive GAAP accounting solutions that MIAC Analytics provides today. MIAC Analytics fully supports accounting and regulatory compliance including SFAS 140, SFAS 156, SFAS 157 and SEC SAB 109.
MarketShieldTM utilizes the same industry leading Libor Market Model (LMM) interest rate model, the same prepayment models, the same derivative pricing solutions, and the same risk measures such as Key Rate Durations on the loan commitments, their respective hedges, and all the balance sheet assets and hedges in a single, integrated risk management solution.
WinOASTM is the most widely accepted and fully validated MSR and WL cash flow model and MIAC is the mortgage industry's largest independent, third-party MSR and Whole Loan pricing firm.
Nine of the ten largest mortgage companies in the nation license MIAC Analytics today.
In January 2008, one of the nation's largest mortgage companies identified the successful implementation of MIAC's ALM/VASTTM product as one of the most successful projects in the history of their company. www.MIACAnalytics.com