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DealVector launches BWIC marketplace

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DealVector has launched BWIC Board, a marketplace for bids wanted in competition (BWICs) where investors can view bid requests from across the market, set alerts for specific bonds or bond criteria, and respond directly to the broker of their choice. 

Over USD20 billion in structured credit products are offered for sale every month over email blasts and IM—an antiquated approach resulting in duplicative bid requests, cluttered in-boxes, inconsistent formatting, and unstructured data. 
 
DealVector’s BWIC Board streamlines this process for both brokers and investors.
 
The free service:
·         Scrapes over USD20 billion in BWICs per month from participating brokers
·         Adds key metrics, such as historical pricing data
·         De-dupes bid requests by bond, but shows investors each submitting broker and source BWIC
·         Compares the bid requests against each DealVector member’s Deal Center
·         Proactively notifies members when bonds they hold or watch come out for bid.
 
Instead of picking through multiple, frequently redundant email blasts, they access BWICs from multiple brokers in one location, view bonds in a consistent format with consistent data fields, filter the data based on personalised criteria, and set relevant notification alerts.
 
When a BWIC is posted to the BWIC Board, DealVector notifies holders of the securities and then gets out of the way: investors respond directly to the posting broker. 
 
“Think of it as Priceline for BWICs,” says Mike Manning, DealVector’s CEO and co-founder. “A specialised application that brings the same online convenience to trading structured assets that we all expect in other facets of our lives.  For comparison, imagine if you made plane reservations the way we trade RMBS and CLOs.  You’d email all the airlines asking for quotes to get you to Boston by 11:00 AM on Friday. They’d email bids back; you’d choose the best price and fly that carrier. It would be tremendously less efficient than going to a central booking site.”
 
“We are big believers in using technology to analyse business opportunities,” says Rick Caplan, co- founder of CapRok Capital. “Technology platforms like DealVector allow us to better serve our clients. That is why we are excited to be one of the pioneer brokers on the BWIC Board.”

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