Comparison of Alternatives for Providing Transparency
|
Feature |
TYI, LLC |
Issuer provides data over Internet |
Current Competitors |
Industry Task Forces (ASF and ESF) |
Regulators |
|
Solution Availability
|
Today |
Today |
Today |
Late in 2008 |
2009 or later |
|
Benefits:
|
|
|
|
|
|
|
Restores trust in pricing and liquidity because market participants can use their choice of analytic and pricing models
|
Yes |
Maybe |
No |
Unknown |
Unknown |
|
Creates Primary market demand for Issuer’s securities
|
Yes |
Maybe |
No |
Unknown |
Unknown |
|
Saves Issuer the opacity premium
|
Yes |
Maybe |
No |
Unknown |
Unknown |
|
Minimizes significant technology issues and costs in providing transparency to market participants
|
Yes |
No |
No |
Unknown |
Unknown |
|
Improves market participants’ Monitoring capabilities
|
Yes |
Maybe |
No |
Unknown |
Unknown |
|
Capabilities:
|
|
|
|
|
|
|
Data Capture:
|
|
|
|
|
|
|
On a daily basis
|
Yes, as of close of business. |
Yes, as of close of business. |
No. Lags of up to 45 days between payment and reporting. |
Unknown |
Unknown |
|
From audited accounting systems
|
Yes |
Yes |
Yes. From servicer reports. |
Probably |
Probably |
|
Protects Borrower’s Privacy
|
Yes, complies with HIPPA |
Maybe |
Maybe |
Probably |
Probably |
|
Data Standardization:
|
|
|
|
|
|
|
Provides standardized data
|
Yes |
No |
No |
Maybe. If all Issuers of an asset type can’t agree, then No. |
Maybe. If follows Regulation AB, then No. |
|
Between Issuers of same asset type
|
Yes |
No |
No |
Probably |
Probably |
|
Shows adjustments to standardize data
|
Yes |
No |
No |
Unknown |
Unknown |
|
Data Analysis:
|
|
|
|
|
|
|
Links collateral performance to individual securities
|
Yes |
Yes |
Yes |
Yes |
Yes |
|
Links collateral performance to individual security tranches
|
Yes |
Maybe |
Yes |
Maybe |
Maybe |
|
Links collateral performance to portfolio
|
Yes |
No |
Yes |
Maybe |
Unknown |
|
Allows performance data to be rolled up to analyze CDO performance
|
Yes |
No |
Maybe |
Unknown |
Unknown |
|
Expanded performance reports
|
Yes |
No |
Yes |
Maybe |
Maybe |
|
Data Dissemination:
|
|
|
|
|
|
|
Through major investor information systems
|
Yes |
No |
Yes |
Unknown |
Unknown |
|
Cost
|
Free |
Free |
Subscription |
Unknown |
Unknown |