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That means one of MCT’s traders, or one of its TTS clients, instead of calling up a broker dealer, would enter a trade request, and the broker dealer then updated the level in the company’s system.

The basic platform was built in 2018 and by 2019 its principals moved to use it in a competitive bidding structure, where MCT would send out one trade request to many broker dealers, rather than just one.

“Initially we were a little bit concerned that this would cause an uproar in the… regional broker dealer community,” Rasori said. The opposite happened, he noted, with many asking to join the competitive auction process rather than going it alone. They wanted to move as far away as they could from the telephone.

With phone transactions, broker dealers traditionally had a good relationship with a given lender that could shut others out of a trade. A trading platform helped democratize the process, Rasori explained. “It’s unique [for] a live trading MBS RFQ platform to be browser based.”