| 摘要 |
Computer systems and methods for providing a mortgage exchange with attributes of the NYSE, NASDAQ, CBOT, CME, NYMEX and other derivatives exchanges are disclosed. In one aspect, the resulting marketplace supports standardization, centralizes liquidity and provides price visibility of such assets. Further, the resulting marketplace provides the following benefits: being a lower-cost alternative to proprietary conduits; electronically linking separate pools of liquidity; enhancing transparency for buyers and investors; allowing the market to better price individual mortgage assets; and supporting technology advancements to better and more efficiently manage risks of investing in individual mortgages. |
| 主权项 |
1. A secure computer system for facilitating the exchange of mortgage assets between a plurality of members, wherein a first member posts at least one bid to purchase one or more mortgage assets, a second member posts at least one offer to sell one or more mortgage assets, making available the at least one offer to sell and the at least one offer to buy to one or more of the remaining members, clearing the transaction when the system identifies agreement between the members on price, said clearing to include notification to the members, selection of a proposed settlement date depending on selected contract, and ability to oversee put-backs according to exchange rules, the system comprising:
a. a communications interface operable to send and receive mortgage data, offers to buy or sell, and responses to HTTP requests; b. at least one processor, associated communications infrastructure operable to execute program instructions that facilitate the exchange of mortgage assets; c. at least one first memory means operably connected to said processors; d. at least one secondary memory means having a database for storing data relating to mortgage assets; and e. a display interface to forward text, graphics and data from said communications infrastructure to one or more display units, wherein the members comprise an Introducing Member, the Introducing Member being a Federal Home Loan Bank, the Federal Home Loan Bank ensuring counterparty performance, before, during, and after the transaction and overseeing standards. |
