2018 Edition. Organizing Disorganized Markets. Product Overview

Transcription

1 2018 Edition Organizing Disorganized Markets Product Overview

2 Organizing Disorganized Markets: The ABS/MBS Trade Database Market Professionals worldwide rely on Empirasign s trade color, price talk and dealer market runs. We are the largest real time database of all ABS/MBS market activity. Empirasign collects US & EU Structured Product Bid List Data (Trade Color & Price Talk) & Dealer Benchmark Runs (Bids, Offers, & Markets) in the ABS/MBS/CMBS sectors. We receive this data in unstructured form. Empirasign then cleans & normalizes this raw data to create a real-time database where you can find all the market data you need in an easily searchable, online database. Main Page: Flow Summary, News Feed & Recent Bid Lists Product Features Real-Time Market Updates never miss a trade Extensive Historical Trade Database Catalogue of all active Bwics, Dealer Price talk, and Color Dealer inventories and Bid/Offer Market Runs Independent, Third-party market Data Online Service No installation Seamless integration with workflow: excels, s, bloomberg terminal, etc.

3 High-Level Market Views News Feed Window Instantly view live BWICs. BWICs with yellow circles have price talk available & BWICs with green circles have trade color. The News Feed keeps you updated in real-time, displaying any new trade data that is added to the database. Sample Screenshot of a Bid List: Click a BWIC on the home screen to see full details of a Bid List, including price talk, trade color, and market history. Dealer Level Price Talk When we have price talk from more than one dealer, you can see the average on the BWIC page (above left) and clicking the link will lead to a pop-up window of more detailed pricing (above right).

4 Find Bonds Quickly Find bonds quickly by sector, CUSIP, ISIN, or BBG Ticker search. Sort through offer runs by dealer, day, or sector. Empirasign also provides advanced search features, allowing you to find all the trade data you need. Instant Search Wildcard Search Quickly search for any Ticker or CUSIP in our database right from the Home Page (detail above). Start typing into the search box, and the most popular results, as measured by trading frequency, will populate below as you type. Search via wildcard characters? and *. Use? to match a single character and * to match single or multiple characters. For example: To find data on all AJ tranches in 2007 BACM deals, enter: BACM 2007-? AJ (Example Search Above). Comprehensive Trade and Offering Data Any bond search will return all historical trade data for that bond, including BWIC and inventory history. BWICs will show all price talk, trade color, and any dates the bond has traded. Inventories will show bids, offers, and two-way markets for that bond s trading history.

5 Empirasign Portfolio It's easy to keep track of the bonds you and your clients care about with the Empirasign Portfolio function. Once bonds have been added to your Portfolio, they will be displayed in a tabular format with links to recent trade history. All columns are sortable. User portfolios can easily be exported to a CSV by clicking on the Excel icon at the top of the page. All Portfolio bonds automatically link to the Empirasign Alert System, updating you in real-time via Bloomberg/ and SMS alerts. You will also receive Daily and Excel Recaps, and Monthly Excel Recaps, so that you never miss a trade. Multiple User Portfolios Each user can store an unlimited number of positions in their portfolio. To keep all these line items organized, each bond can be assigned to any number of sub-portfolios. A new portfolio is designated upon upload or by tagging an existing bond. To add a new tag, or edit an existing tag, click on the tag link next to the bond in question (circled in red above). The number of trades and last trade date for each portfolio bond appear with links to recent BWIC and offering activity. In any alert you receive, the sub-portfolios a bond belongs to are also displayed.

6 BWIC Alerts Any time a bond stored in a user s portfolio appears on a BWIC or Dealer Run, you will receive an alert advising you to this impending market activity. Have Empirasign monitor the market for you without even logging in. See example below: SMS Alerts BWIC Watcher Never miss a trade, even when you are off the desk. Enable SMS BWIC Alerts to receive a text message anytime your Portfolio bonds see market activity. Excel Daily Recaps You can track individual BWICs by clicking the BWIC Watcher icon (circled in red). You will be alerted whenever new or additional Price Talk or Trade Color is added. We also send out Daily Recap s and Excel reports. These encompass a summary of all the BWIC and Offer Alerts on bonds in your Portfolio for that day. For many of our users involved in valuation work, daily recaps are essential to effectively conducting their job processes.

7 Total Market Awareness We have expanded our dataset to include market reactions to market data with our Total Market Awareness initiative. You can quickly see where other firms are focusing their efforts in the marketplace and use this additional data to your advantage. Popular BWICs Trending Bonds Quickly know which BWICs are most active with our Popular BWICs page. The most often viewed BWIC is set to a Pop Score of 100 and all other BWIC page activity levels are a fraction thereof. We have expanded the Popular Bonds feature to the individual bond level. The most searched for bonds over the last few business days are displayed on the Trending Bonds page. Evaluated pricing Requests Probable Sellers This page measures the TR and IDC Evaluated Pricing Requests for the day. Using this report, our users can get a sense of which securities the market currently considers tricky to evaluate. Our Probable Sellers feature uses the Ipreo Holdings Database to probabilistically deduce the seller of a BWIC using publicly available holdings data filed by mutual funds and insurance companies.

8 Empirasign CRM Better information, displayed at the right place and the right time, represents one of Empirasign's core tenets. Our latest product enhancements, detailed below, are illustrative of this. And with added data sharing capabilities, Empirasign's Total Market Awareness program has entered the CRM arena. Bid Collector On any current BWIC page you can now request a bid from your counterparty contacts or record one on their behalf. To record bids, you or your client will be directed to a web form. Your counterparty contacts do not need to be Empirasign clients to record data via these forms. A screenshot of the results of such data entries is shown below. Empirasign never forgets and now neither will you. Any data collected via the Bid Collector feature will populate with normal search results, alongside our BWIC and Dealer Runs. All the data you or your colleagues collect via Bid Collector or Empirasign MyData (more on the following page) can be shared at your discretion among your colleagues. Data sharing allows a whole team to amortize or allocate the tedious process of recording market observations.

9 Empirasign MyData With Empirasign MyData we bring Excel data integration functionality to every one of our web clients. Many of us use Excel as an ad hoc database. With MyData, Empirasign will auto-parse your spreadsheets to grab the relevant information and display it alongside any bond query you run on the Empirasign website. This feature empowers every Empirasign web user to acquire and use data to drive more business. A Short Example from Valuation Work: Below is a screenshot of an example spreadsheet being used by a fictional client for internal valuation purposes. The example shows some data being maintained about a particular bond: valuation date, some benchmark rates, quotes from pricing vendors, and an internal mark. After uploading this spreadsheet via the MyData page, every time a client searches for a bond on Empirasign, the search results will encompass both Empirasign data and any matching bond from client uploaded spreadsheets. Sample Search Results (MyData section in red, below) How To Think about Empirasign MyData: One way to think about Empirasign MyData is API access in reverse. Instead of downloading Empirasign Market Data into Excel for one unified view of the market, you upload your data into Empirasign to see everything you need on one web page.

10 ABS/MBS Data Available via API Empirasign s API covers the entire ABS/MBS Trade Database. The API allows clients to seamlessly embed Empirasign s unique market data into in-house systems via simple http requests. Authorization methodology and example access scripts are available upon request. Data is returned in CSV or JSON format. These human-readable formats allow for easy implementation and debugging on the client side. API requests are CUSIP, ISIN, or Bloomberg ticker based. Three data sets are returned for each request price talk, trade color, and dealer runs (bids, offers, and two-way markets). In addition, you are able to download all of the current day s activity right into Excel. Example Spreadsheet: Python Sample Code: Screenshot of Excel downloader (above) and sample JSON payload (left)

11 Other Services Axe System The Empirasign Axe System allows all Empirasign subscribers to upload their Axes (indications of buy or sell interest) to an anonymous bulletin board. This bulletin board then links to our anonymous chat and system. If you are interested in a posted bond, you can click to chat or . Compliance Note: All chats and postings are sent to your corporate to satisfy compliance archiving requirements. Cross Finder Our customers often upload client portfolios to their watch lists to find some easy trades off of BWIC matchers or offer sheet matchers. Now you can cross-link sub-portfolios to one another to find trade opportunities among your client base with the Cross Finder feature. Many institutions have such matching tools at the group level, and some enterprise vendors charge large fees to install such products, but Empirasign now puts this power in your hands at the click of a mouse. Group Alerts Manager Group Alerts Manager allows everyone in your organization to stay ahead of client flows. One person can manage the entire organization's watch lists via an easy to use web frontend. Quite simply, it is an enterprise level product at a seat level price. Group Alerts Manager allows you to bring our most popular product feature, BWIC and Offer Alerts, to your entire organization for a fraction of the cost of procuring user licenses for everyone. Set up your contacts and bond watch lists, and the group will receive BWIC and Offer alerts on all relevant market activity. I Am Direct Button A list of dealers who have announced they are direct on a BWIC is now displayed on every BWIC page. With a simple click of the mouse, you can alert your clients or prospective clients that you are directly participating on any BWIC. Sell-side clients benefit from smoother and more seamless communication with their customers. You can let your clients know you are direct on a list with a simple click of the mouse, and save your phone calls and Bloomberg messages for more substantive communications. Buy-side clients benefit by having an easy to locate alternative avenue to participate on a BWIC if their regular dealers are not direct on a BWIC.

12 Other Services Empirasign Enterprise The Empirasign Enterprise service seamlessly links the Empirasign web product and its unique real-time dataset with our clients own disparate data sources. Empirasign Enterprise works regardless of whether a client's data is housed in internal databases, CRM systems, or even something as plain and simple as an Excel spreadsheet. Empirasign will auto-parse your spreadsheets to grab the relevant data and link it to any bond query you run on the Empirasign website. With Empirasign Enterprise, every Empirasign user can be their own data hunter-gatherer. We handle all the data integration and present one unified view for the client on the Empirasign website. Parsing Services The entire Empirasign ABS/MBS Database consists of user-contributed data. Sometimes a client is collecting market data that is not being captured by our system, and would like to embed it into our user-friendly front end. To this end, we offer the option to superset your data with ours. Client-sourced data is kept separate and accessible only by users at the client site. Our proprietary parsers will clean and upload all the market data you receive throughout the day, leaving no need to install any new hardware or software on your site. Expensive resources allocated to organizing proprietary market data can now be redeployed to higher value activities. About Empirasign Strategies Empirasign Strategies LLC was founded in 2009 by Adam Murphy to provide trading models and risk analytics to institutional clients and active traders. In early 2010 we extended our product line to include a database of MBS trade data captured via Natural Language Processing techniques from s containing Bid List information and Dealer Offerings. In 2016 alone, we indexed over 17,500 Bid Lists, and over 2.1 million unique dealer bids, offers, and two-way markets. The company s headquarters is located in midtown Manhattan. NYC Empirasign Strategies LLC 1350 Ave. of the Americas 2nd Floor New York, NY, London Empirasign Ltd 1 Fore Street London, England, UK EC2Y 9DT Contact Us: Web: info@empirasign.com Phone:

13 Empirasign In the News Cited by Bloomberg News: 06/29/17 - Big Data can Tell Mortgage Traders an Amazing Amount about You 05/17/16 - Prosper Said to Meet Fortress, Others About Capital Injections 03/17/15 - Investors Seeking Liquidity Get Craigslist for MBS From Vendor 01/14/15 - Mortgage Bonds in Worst Start Against Treasuries in 18 Years Cited by Reuters News: 09/08/17 - Investors Dump Property Bonds Linked to Hurricane Harvey 07/18/17 - NCSLT Bonds Could Leave Holders With Losses: Moody s 01/24/17 - Investors Eye SFR Bond Exit Due to Blackstone IPO 08/31/16 - Premium Point Sells $6.2 Billion Mortgage Bond Portfolio 06/24/16 - Bargain Hunters Step Into ABS Post Brexit Vote Cited by The New York Times: 03/16/15 - Many Buyers for Santander s Subprime Loan Bundle Cited by Asset Backed Alert: 07/14/17 - Wells Ruins Call-Option Pay 01/13/17 - CLO Trading Back on Track 09/23/16 - CLO Refis Cloud Issuance Forecasts 01/22/16 - Wobbly CLO Prices Attract Bidders Cited by Global Capital: 07/20/15 - Legacy non-agency RMBS widens on big sales 03/31/15 - Investors sell SDART following disclosure Read more on our Press Page: /press Contact Us for a free trial or demo: Get All the Market Data You Need & More with Empirasign. You may reach us via: info@empirasign.com Phone: