What is Fourth Month?
Agile is a fintech company that focuses on efficiency and liquidity in the MBS market. Watch the video below to learn more about Agile from its president, Greg Vacura.
Agile Trading Technologies Explained
Agile is a fintech company that focuses on efficiency and liquidity in the MBS market. Watch the video below to learn more about Agile from its president, Greg Vacura.
Fourth Month: A Revolution in Off Screen Trading
Traditionally, major TBA trading technologies have provided screen pricing for three settlement months: the front, mid, and back months. Transactions outside of these standard months, such as the fourth month, have been infrequent by comparison. The absence of a ticker for fourth month trades has led to a lack of definitive price transparency. Traders have had to rely on a combination of roll cost calculations in standard settlements and alternative methods to determine whether the prices they are receiving are equitable.
To improve transparency for fourth-month securities, Agile has introduced competitive electronic bidding for the fourth month. While the fourth month still lacks a ticker, traders can now access pricing on these securities from multiple dealers simultaneously. This development promotes a better understanding of where fourth month securities are trading and enables more informed decisions on whether they are priced attractively relative to standard TBA security settlements.
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Agile Selected as 2022 HousingWire Tech100 Winner
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