Agile RFQ Platform

All MBS market participants can now participate on an electronic platform that expedites the exchange of To-Be-Announced Mortgage-Backed Securities (TBAs). Despite the rise of electronic trading and digitization of financial services, MBS trading has largely been conducted over the phone. Per the MCT Implementation Study, phone-based trading is slow and impractical in generating numerous competitive bids. Agile has launched a new, electronic way to quote MBS through a browser-based platform that digitizes the process of buying and selling TBAs. We’re democratizing electronic trading to the broker-dealers. We’ve replaced the phone process. You can now select and request your best bid with one click. Studies have shown the industry will benefit from a migration from the phone-based process to an online program. Clients have shared this is a superior way to trade.

Key Stats:

Agile has already received strong participation from the broker-dealer community, thanks to new opportunities for growth and operational improvement. Agile’s initial rollout began January 1, 2021 and demonstrated rapid adoption across the mortgage secondary market. Agile has supported 300+ financial institutions who have exchanged 95.6 thousand quotes.

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Average spread on broker-dealer quotes
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Average savings
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Reduction in transactional phone calls
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Increase in trading productivity

From Agile CEO, Curtis Richins

“Our mission is to bring the mortgage capital markets into a new digital era.”

“We’re democratizing the TBA Market for lenders and dealers both big and small. We created Agile because we believe that a transparent market is a better market and because every counterparty deserves access to a fair, efficient and transparent marketplace.”

Benefits:

Agile enables the user to efficiently generate more competitive bids compared to legacy phone-based processes. This powerful platform integrates smoothly with existing processes. Lenders can request trades from any device, anywhere. 

  • Agile’s three step process for digital TBA trading communication can help lenders improve efficiency, while expanding the number of quotes they receive and their network of counterparties. 
  • For the first time, all mortgage lenders can trade with regional and primary dealers electronically. 

This functionality...

  • provides access to an ever-growing network of lenders and dealers
  • facilitates increased quote requests from approved counterparties
  • delivers the efficiencies of a digital trade desk. Broker-dealers also have the benefit of straight-through processing with leading trade order management systems
  • provides eight quotes requested
  • has under a one-minute turnaround
  • selects the best execution on every trade

Potential Benefits for Lenders

  • Better execution, efficient trading
  • The most competitors per trade, compared to any other provider
  • Significantly simpler trade reconciliation 
  • Compatible with leading hedge advisory platforms
  • Browser-based for trading any time, anywhere 

Potential Benefits for Dealers

  • Access to a growing pool for lenders
  • Significantly increased volume of trade requests
  • Efficiency and speed of an eRFQ platform 
  • Straight-through processing (STP) with trade order management systems
  • Insightful analytics on performance at global and client level

Brent Giese,
Executive Director of Fixed Income
Daiwa Capital Markets America

“Working with Agile has been very productive and beneficial to Daiwa’s growing mortgage banking sales franchise. With access to many qualified mortgage originators, the platform provides an efficient means to reach significant volumes. The technology is advanced and allows for effective performance feedback while their straight though processing capability eliminates costly trade errors. Simply put, I have been very impressed and am thankful to have this valued partnership.”

Brent Giese is an Executive Director with Daiwa Capital Markets. He has over 35 years of professional experience working in capital markets and fixed income.

Brent Giese,
Executive Director of Fixed Income
Daiwa Capital Markets America

“Working with Agile has been very productive and beneficial to Daiwa’s growing mortgage banking sales franchise. With access to many qualified mortgage originators, the platform provides an efficient means to reach significant volumes. The technology is advanced and allows for effective performance feedback while their straight though processing capability eliminates costly trade errors. Simply put, I have been very impressed and am thankful to have this valued partnership.”

Brent Giese is an Executive Director with Daiwa Capital Markets. He has over 35 years of professional experience working in capital markets and fixed income.