SOLVE Enhances Fixed Income Trading with New TRACE Data Suite and BWIC Workflow

Quick Summary

SOLVE has launched a suite of product enhancements designed to streamline fixed income data workflows for structured products. By introducing the TRACE Data Product Suite and an upgraded BWIC Monitor, SOLVE provides traders with real-time transparency and actionable signals, reducing the time between data acquisition and trade execution.

How Does the TRACE Data Product Suite Improve Fixed Income Trading?

The TRACE Data Product Suite represents a significant leap in how firms consume fixed income data for complex securitized products. By integrating official TRACE-reported activity directly into the SOLVE | MBS Source workflow, traders no longer have to view trade prints in isolation. Instead, they gain immediate security-level context, including collateral characteristics and historical market color. This holistic view is essential for interpreting Agency and Non-Agency MBS, CMOs, ABS, and CMBS markets where liquidity can be fragmented.

• TRACE Activity Feed: Delivers official trade activity alongside historical offers and BWIC results.
• Derived TRACE & TBA Monitor: Provides deeper insights into pricing trends and forward-looking market indicators.
• Comprehensive Asset Coverage: Supports a wide range of structured products to ensure maximum market transparency.

By placing these tools within the existing workflow, SOLVE ensures that predictive pricing signals are always visible. This reduces the cognitive load on traders who previously had to manually cross-reference multiple data sources to validate a single trade print.

What Are the Benefits of the Enhanced BWIC Monitor for Credit Desks?

Managing Bids Wanted in Competition (BWIC) is a high-pressure task that requires seamless team coordination. SOLVE’s enhanced BWIC Monitor addresses this by introducing a shared, real-time view of the live bidding process. Features like Pin and Hide allow users to prioritize active lists, while security-level status updates (Pass, Bid, Won, or Lost) ensure that every member of the desk is aligned. This prevents duplication of effort and allows senior traders to see exactly who is working on specific securities at any given moment.

• Real-Time Change Tracking: Automatically flags updates to size, due time, or security removals.
• Integrated Inline Notes: Allows traders to retain institutional knowledge directly on individual securities.
• Unified Pricing View: Combines dealer inventory, historical quotes, and SOLVE Px predictive levels in one interface.

This centralized workflow is designed to keep structured credit desks inside a single system during the critical window between list arrival and the bid deadline. By reducing the need to toggle between spreadsheets and terminals, firms can respond to market-moving opportunities with greater speed and accuracy.

How Does SOLVE Streamline Relative Value Analysis for Portfolio Managers?

Relative Value (RV) analysis is often relegated to periodic reporting, but SOLVE’s new updates turn it into a daily trading tool. The new Analyses Panel provides persistent access to both SOLVE-generated and user-created cohort analyses. This means portfolio managers can monitor Bond vs. Cohort frameworks in real-time, identifying when a security is trading rich or cheap relative to its peers. The enhanced Constituents Widget further refines this by allowing users to filter dealer axe indications by side and timeframe.

"What ties these product enhancements together is the connection between data, signal and workflow," said Michael Pellerito, Managing Director, Head of Product at SOLVE. "TRACE Activity Feed gives structured products desks the context behind a print. The BWIC Monitor gives structured credit desks a shared, real-time view of a live bid process. And the Analyses Panel makes relative value analysis something a trader lives in every day, not a report they pull up occasionally. In every case, we're reducing the distance between having information and being able to act on it."

FF NEWS TAKE:

SOLVE is effectively tackling the "last mile" problem in capital markets. The ability to synthesize fixed income data into immediate action is what separates top-tier desks from the rest of the street. By embedding TRACE context and BWIC collaboration tools directly into the workflow, SOLVE is moving beyond being a mere data provider to becoming a critical execution partner. This update significantly moves the needle for firms trading illiquid securitized products.