TBA Fixings™

Accurate TBA Market Pricing

MIAC’s TBA Fixings is a transparent, rules‐based, IOSCO-compliant pricing product for the TBA market offering actionable price discovery.

TBA Market Pricing

MIAC’s TBA Pricing Methodology, in accordance with IOSCO guidelines, is built upon the premise of providing objective, fair and robust transaction-based prices, which are derived from thoroughly vetted and clear rules. All OTC TBA market trades are reported to FINRA’s TRACE data feed and used in the fixings rule book.

Why Transparency Matters

  • GAAP requires industry best practices for marking-to-market securities such as TBA’s
  • A fixing price is a more accurate price indication of the actual TBA market than a price derived using a request for quote (RFQ) system

Every other TBA pricing service does not publish the underlying security transactions that are used to derive their COB prices.

TBA Fixings Waterfall

MIAC’s TBA Fixings Waterfall derives a fixing price by volume weighting the earlier trades to derive a market price fixing. Off market trades are excluded as well. It employs common conventions utilized in other IOSCO compliant financial indexes.

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