DealVector Launches a Big, Simple Idea: a BWIC Marketplace
CapRok, StormHarbour among the half dozen brokers embracing effort to improve convenience and relevance for structured credit investors Email is inefficient: a $20 Billion+/month market warrants a purpose-built application
DealVector, provider of the only secure electronic communication network to allow fixed income professionals to directly connect with authenticated participants in specific bonds, today announced the launch of their BWIC Board, a marketplace for 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 $20B 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 $20B 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.
Investors save time. 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 personalized criteria, and set relevant notification alerts.
Brokers generate leads. 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. With members from 25% of the top 50 hedge funds, 50% of the top RMBS investors and 40% of all CLO managers on the platform, DealVector offers access to a high quality audience in a highly targeted way.
“Think of it as Priceline for BWICs,” says Mike Manning, DealVector’s CEO and co-founder, “a specialized 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 analyze business opportunities,” says Rick Caplan,co- founder of CapRok Capital. “Techonology 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.”
Participation is open to all brokers. They simply email@example.com to their existing distribution lists to get published to the BWIC board and included in members’ real time watch list alerts.
Investors can join DealVector at www.DealVector.com, and record the assets in which they are interested. This also gains them access to DealVector’s award winning messaging service, enabling them to send identity-protected messages to authenticated holders of specific bonds.