Multi-Dealer Trading Platform for TBA-MBS

May 8, 2001 ( - TradeWeb LLC, an online bond market, has opened its trading platform for TBA Mortgage-Backed Securities (MBS), the most liquid sector of the mortgage-backed securities market.

TBAs (to-be-announced) are contracts to trade mortgage-backed securities to be delivered at a future date, and don’t include information on underlying mortgage pools. TBAs are the biggest and most liquid sector of the MBS market.

Global institutional investors can now simultaneously access all of TradeWeb’s MBS dealers including :

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  • Credit Suisse First Boston
  • Deutsche Bank
  • Goldman Sachs
  • Lehman Brothers
  • Merrill Lynch
  • Morgan Stanley
  • Salomon Smith Barney

The launch follows a two-month trial, during which approximately 40 institutional investors and dealers traded 30-year and 15-year fixed-rate TBA-MBS.

Trading volume during the trial was more than $45 billion, with an average trade size of over $25 million.

Subscribers will have access to live two-sided pricing for the TBA coupon curve directly from the dealers. TradeWeb displays the best bid and offer price for each security on pricing screens.