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Trade Discovery ™
A Fixed Income Platform for Trading Less
Liquid Securities
Trade Discovery™ is a fixed-income trading platform that permits broker-dealers and institutions to trade directly
with each other. Traders can anonymously locate less liquid securities, notify potential counterparties, and transact in those
securities. The combination of features found on Trade Discovery creates a new dimension for fixed-income trading.
Trade Discovery supports specified fixed-rate and adjustable-rate MBS pool trading, as well as Agency CMOs. Agencies
and other Asset-Backed Securities will be available in future releases. Trade Discovery is compliant with FIX 4.4.
  New Electronic Trading
Trades can be initiated from multiple
screens on the system. Users can
anonymously contact other participants
based on desired specified attributes or
individual CUSIP numbers.
Live Negotiations
Create private trading sessions. Control
the terms of the trade: price, size,
benchmark and time limits. Counterparties
can bid on or offer securities and execute
or engage in further negotiations.
Search the Securities Database
Trade Discovery users can search for securities which match an investment strategy. Our Security Master database consists
of more than 1,100,000 securities including searchable attributes of specific pools. Results of a search
may be used to contact holders of securities to propose trades.
Respond to Orders
Trade Discovery enables participants to respond to orders initiated by buyers and sellers. Responders see the best bid/offer.
  Several Ways to Trade
Trade Discovery gives traders several ways to enter an
order, including indicative, executable, or bid wanted.
Users can trade on price or spread. In addition, a
“stipulated buy” allows users to trade securities that
match specific criteria such as: WAM, WAC, WALA and
geographic composition.
Execute on a Reliable Platform
Trade Discovery is designed to facilitate post-trade
processing. The Trade Discovery engine transmits
matched trades to a central counterparty for execution.
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