Amsterdam-based structured credit provider TMF Group has signed on as a charter institution of DealVector, an electronic communication network for the fixed income and structured credit space.
TMF Group provides independent directors, accounting and compliance services to more than 2,000 securitization transactions, including the majority of European 2.0 collateralized loan obligations. It is directly involved in facilitating votes, restructurings, amendments and other governance actions involving structured credit instruments.
"We take our fiduciary responsibilities very seriously and we are keen to ensure that issuers, collateral managers and investors are able to collaborate effectively to execute the actions required for them to successfully resolve unexpected technical or structural problems relating to their interests in structured credit transactions," says Kieran Desmond, global head of structured finance services at TMF Group. "A major obstacle to doing this is the inability of issuers to quickly locate and communicate with the noteholders in each tranche. We are optimistic that DealVector's communication platform can successfully address this problem, dramatically improving the transparency, efficiency and flexibility of the asset class as a whole."
DealVector authenticates the identities of market players who join the network, and then assigns them a numeric identifier with which to communicate with other members. Members address queries to the network by specifying a particular bond and type of member role (i.e. investor, issuer, manager). They can then send messages under their anonymized numeric ID to only those members who meet the criteria they have specified. Dialogue takes place on DealVector's identity-protected platform until the parties mutually opt-in to share contact details. At that point, they can take the conversation offline.
"TMF Group's preeminent position in the market for structured credit fiduciary services makes us particularly proud to welcome them as a Charter Institution," says Mike Manning, DealVector's CEO and co-founder. "They are a very forward-looking company with a unique perspective on the governance issues faced by collateral managers and investors in this space, and we consider their endorsement of the DealVector platform to be a particularly meaningful validation of our approach."
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