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How are Muni Clients Benefitting From the Enhancements to SOLVE Platform?


How are muni clients benefitting from the enhancements to SOLVE Platform?

First off, what I want to do is is start very quickly with an overview with what SOLVE Quotes is. Think of it as the ability to automate the conversion of messages into easily accessible pre-trade information: accurate bid and offer quotes with related color. Part of this process, we’re de-duping so you’re not getting a false sense of liquidity.

Related to our parsing capability — As part of our parsing capability is something we call market data. Market data is (the best way to think about it) the quotes that you are not otherwise seeing. If we’re parsing for you, there’s a whole universe potentially of data that you’re not seeing, our market data can help cover that for you. And then within [SOLVE] Quotes, there are tools to visualize your historical trade price trends as well as receive price and activity alerts and things of that nature.

One of the things that we have done, and this was in response to client feedback, is take our muni trade Ticker (and I’ll explain what that is in a moment) and be able to integrate into the Ticker, not just the trade activity that we have historically had, but also for clients who are [SOLVE] Quotes clients be able to bring that in.

So what is Ticker? Ticker is where it gives you the ability to create custom real time and historical trade tickers to track, what I like to say is, the markets that you care about. Whether it’s by sector, geography, ratings and or using those filters, would be a good way to think about them. Specific bonds, specific obligor, specific issuers, and really anything that you care about. You have the ability to run multiple Tickers at the same time. And what we’re doing in there is we’re giving you the ability to access trade prints with accurate spreads within seconds of those trades being reported to the MSRB. Now we’re also giving you the ability to access bids and offers, your messages, and or market data, again within seconds of those being parsed by our system. The data is completely configurable to reflect what is important to you. So it’s the data that you want to see in the order that you prefer. So that’s really what the Ticker is. That’s the integration of [SOLVE] Quotes there.

Related to the Ticker, it’s kind of almost an adjunct product that we have. It’s something called the Secondary Market Pricing tool and we’ve also integrated [SOLVE] Quotes in there as well. So what the Secondary Market Pricing tool is allowing you to do is based on a specific bond. So you can either launch from the Ticker on a specific bond or you can go ahead and enter a CUSIP and you’ll get trade data and quotes for your target bond, for any bonds trading from that issue from which the bond came from, and also for comparables. So we’ll take the structural and credit characteristics of that target bond and identify comps for you in the marketplace as well. Again, spread based pricing with summary metrics and you also have trend visualization. And again, you can identify alternative bonds that are actively trading or actively being quoted in the market. And again, essentially real time, within seconds of both the trades and the quotes being reported to the MSRB and in the case of quotes, when those are reported to us and run through our parser and pretty much in real time. So that’s how we’ve integrated [SOLVE] Quotes within the Ticker and the Secondary Market Pricing tools.

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