ICE aims to get a bigger pie of the electronic Mortgage Backed Securities (MBS) trading market and introduces a new anonymous Request-for-Quote (RFQ) protocol.
Intercontinental Exchange’s ICE Bonds has rolled out a new anonymous RFQ protocol on its ICE TMC platform, in a sign of further electronification of trading in the US MBS market. Designed to address longstanding inefficiencies in a market where up to 70% of non-TBA trades are still executed over the phone or via chat, this new functionality on ICE allows market participants to electronically request and receive competitive quotes from a broad range of dealers.
By enabling anonymous RFQs, ICE aims to reduce the friction and operational delays associated with counterparty onboarding and “know your customer” requirements while also enhancing price discovery. As part of its ongoing commitment to improve the entire mortgage securitization workflow, ICE Bonds plans to soon integrate advanced pricing and analytics from ICE Mortgage Technology.
A similar functionality already exists on Tradeweb the market leader in MBS electronic trading, according to coalition Greenwich.
Read more: Coalition Greenwich predicts electronic revolution for the MBS market
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