NEW YORK, June 20 /PRNewswire/ -- TheMuniCenter LLC (TMC) formally announced today its Mortgage Backed Securities (MBS) initiative. The initial launch will offer the industry's first live, two-sided, anonymous and executable platform for Agency CMOs and Whole Loans. Currently, the market is voice brokered or supported by static bulletin boards only. Commingled inventory from numerous dealers, wholesalers, and buy-side firms will be available. Clients' position data will be fed directly into TMC or via seamless links from leading inventory management systems. TMC platform participants will be supported by cutting-edge analytics, prepayment models and indicative data filters.
To spearhead its MBS initiative, TMC hired Stephen Jencks a leading industry expert. Mr. Jencks brings over 25 years of experience previously holding positions as VP-MBS Trading (Piper Jaffray), Mortgage Desk Head (Seattle Northwest Securities), SVP-Proprietary Trading (Ragen MacKenzie), and SVP-Head of Mortgage Trading (US Bancorp). Mr. Jencks was also the founder and CEO of Bondweb.com, one of the first electronic trading platforms focusing on the MBS markets.
TMC also hired several seasoned industry professionals bringing its voice brokerage desk to nearly 20 traders including:
-- Adam Newman (VP -- Taxable Desk), formerly of Bank of America
-- James Newman (VP -- Tax Exempt Desk), previously with Chapdelaine
-- Jeremy Katzeff (MBS Desk), formerly with Lehman Brothers.
TMC continues to be the industry's only alternative trading system (ATS) serving both the odd-lot and round-lot markets with a fully staffed voice brokerage desk to complement its electronic business model. To maintain its leadership in the tax-exempt electronic arena, TMC announced the phased roll out of several new money market offerings -- e.g., auction rate floaters, index floaters, and VRDNs.
Finally, the firm launched a new informative website in conjunction with the annual SIFMA Technology Management Conference event held June 19-21 in New York City.
According to Thomas Vales, CEO -- "I am proud of TMC's growth from a single product platform to a multi-asset fixed income marketplace. Our unique combination of technology and voice support has enabled us to offer our clients the ability to execute various size trades across the type of medium they choose. The second half of this year promises to be an opportune time for TMC clients as our new product offerings-CMOs, Whole Loans, and Auction Rate Municipals-come online. TMC will continue to be a market leader with the support of our talented group of employees who truly understand the needs of market professionals and who know how to convert those needs to an electronic marketplace our clients can profit from."
About TMC
TMC is a leading fixed income ATS founded in May 2000. The firm averages over 30,000 daily line items exceeding $17 billion par value. Tradeable inventory includes Agencies, Auction Rates, CDs, Corporates, Municipals, MTNs, Structured Products and Treasuries. For the first quarter of 2007, executions on TMC's platform exceeded 15% of all reported MSRB interdealer transactions(1). For municipal bonds, the firm has 50% more unique inventory than other competitor platforms(2). TMC is majority owned by leading Wall Street firms including Citi Global Markets, FSA, Lehman Brothers, Merrill Lynch, and Morgan Stanley. For more information, please visit http://www.themunicenter.com/.
(1) Calculated from MSRB statistics; January-March 2007
(2) MMA-industry benchmark data based on par value (1Q'07)
TheMuniCenter LLC
CONTACT: Jim Wangsness, COO of TheMuniCenter LLC, +1-646-375-1152,
j.wangsness@themunicenter.com
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Web site: http://www.themunicenter.com/
