Correlated Real-Time EDGAR Data

Aug. 21, 2019

Empirasign is pleased to announce that we now index ABS-15GA1 and 15GA2 filings from the US Securities and Exchange Commission's EDGAR database on a real-time basis. ABS-15GA1 filings are announcements of repurchase events (or lack thereof) for Asset-Backed securities. ABS-15GA2 filings are third-party due diligence reports. These have the nice side effect of serving as a new issue canary.

While publicly available, these filings are largely devoid of commonly used identifiers such as CUSIPs, ISINs, or tickers. Instead, they contain the SEC's preferred identifier of Central Index Key (CIK). The two CIKs of interest to those in Structured Products are Issuer and Depositor. These largely correlate to what the market generally considers a deal series and issuer. The trick, other than the real-time indexing of such useful reports, is to be able to cross-reference these CIKs to identifiers more commonly used in the marketplace. Once you have access to real-time filings and commonly used identifiers, you can then link them to secondary market activity and create useful and valuable market surveillance tools.

Our spidering efforts of publicly available documents on EDGAR and other investor relations pages have made great headway in this cross-referencing effort (with more to come). When viewing a bond quote or BWIC on Empirasign, our users are alerted to possible regulatory events driving the sale such as the seller rolling into a new issue, or a spike in repurchase requests versus the last quarter.

Where You'll See This Data

CUSIP, ISIN, and Bloomberg Ticker Search Results

If there are recent ABS-15GA1 or 15GA2 filings for the bond you queried, drop-down menu(s) will appear at the top of the results page with the dates they were filed and links to each filing on the SEC website.

CUSIP/ISIN Viewer

Individual BWIC Pages

If at least one bond on a bid list can be linked to a recent ABS-15GA1 or 15GA2 filing, drop-down menu(s) will appear at the top of the BWIC page with the dates they were filed and links to each filing on the SEC website.

BWIC Page

New EDGAR Filings Search Page

This page allows you to view all the bonds that saw market activity mentioned in ABS-15GA1/GA2 filings around the date you queried. For each line item, we list:

  • Bloomberg Ticker - linked to the bond's search results page on Empirasign
  • CUSIP - linked to the bond's search results page on Empirasign
  • List ID - linked to BWIC page on Empirasign
  • Form - linked to ABS-15GA1/GA2 filing on EDGAR website
  • Issuer CIK - linked to all CIK filings for that Issuer on EDGAR website
  • Depositor CIK - linked to all CIK filings for that Depositor on EDGAR website
  • Depositor Name
  • Filing Date

EDGAR Filings Search Page

You'll find this page under Market Intel - EDGAR Filings Search in the top navigation bar.

Cross Reference All the Things

Empirasign clients now get SQL access to the same database table we use to correlate secondary market activity to SEC Edgar Filings. Using sqlite in the background, you can slice and dice however you sit fit and export results to Excel. More linked fields, such as LEI, to come in the near future.

EDGAR SQL Explorer



View BWIC Feeds at the Bond Level

Aug. 2, 2019

The live market feed defaults to a BWIC-level view. With the new Bond-Level view options, you can view a drill-down of individual bid list items for an instant granular look at current secondary market actvity.

To navigate to this new view, simply click on the toggle as indicated in the screenshot below.

CLO BWIC Bond-Level View

One caveat: Bond-Level views are currently only available at the market sub-sector level. (For example, it is available on the CLO page, but not on the BWIC Home page.)



Always Fresh Never-Frozen BWIC Watcher Alerts

Feb. 5, 2019

Your inbox may be full of messages alerting you to market activity that were up to date and complete when originally received, but there's no guarantee they will still be relevant by the time you actually get the chance to read them. With Empirasign BWIC Watcher Alerts, you don't have to worry about missing the most recent activity or refreshing your inbox because their content automatically refreshes to reflect the latest Price Talk and Trade Color available from our real-time database.

In every BWIC Watcher alert, you'll find a timestamp in the Trade Color/Price Talk table or dot plot image indicating when the data was last refreshed. (Price Talk dot plots are automatically generated for BWICs with Price Talk from five or more dealers.)

190103BA on demand ts1
190103BA on demand ts2

These images are also clickable, and take you to the BWIC's page on the Empirasign website where you can view a dynamic version of the chart.

Tool Tip

Interactive Plot

It's our way of keeping you up to date with the data that helps you get ahead--no matter how far behind your inbox may be.

Eligible BWIC Alerts for My Portfolio now also include Never-Frozen Market Data.

In addition to BWIC Watcher Alerts which are Bid List-based, our standard BWIC Alerts, which are Cusip- or ISIN-based, are also eligible for the Always Fresh, Never Frozen treatment. Whenever you receive a BWIC Alert for a bond with Price Talk from five or more dealers, the alert will include a dot plot image generated on demand.

You can adjust your BWIC/Offers Alerts settings at the top of the My Portfolio page.

How Does this Work?

Inline images in emails are handled via an img tag. This tag usually points to a file sitting on disk on a remote server. In our case, this file never actually exists as a static asset. It is always generated on the fly at the moment the email client requests to load the image.

Try it for yourself (keep an eye on the timestamp): Live Demo Link for BWIC #190117AB.

Enabling Your Never-Frozen Alert Images

Because BWIC Watcher Alert data loads as an image, you'll need to complete the following steps to ensure the images are always displayed in your inbox:

Bloomberg Users

Step 1 Open the message and select "Show in Rich Text."
Bloomberg Show in Rich Text

Step 2 Once the message reloads, select "Display Images."
Bloomberg Display Images

Step 3 Once the images are displayed, select "Always display images from Sender."
Bloomberg Always display images

Outlook Users

If your BWIC Watcher Alert images are blocked by Outlook, you can prevent this from happening to future alerts by right-clicking the blocked image then selecting "Add Sender to Safe Senders List" or "Add the Domain @empirasign-alerts.com to Safe Senders List."
More information on Outlook's automatic picture download settings can be found here.

Not currently receiving alerts via the Empirasign BWIC Watcher?

Just go to any BWIC's page and click on the HAL 9000-looking button at the top of the page. You will then begin receiving automatic updates to your Bloomberg or email inbox whenever new Price Talk or Trade Color is added to any bond on the selected BWIC. If you wish to stop receiving Watcher alerts for a BWIC simply go back to the BWIC page and click again on the same button.



Collaborative Search

Oct. 9, 2018

Utilizing an item-based recommendation system similar to those employed by Amazon and Netflix, Empirasign now suggests other bonds that you may be interested in based on BWIC contents, proprietary aggregated search history, and site traffic from our worldwide user base. These search recommendations are self-organizing and don't depend on any outside reference data, market levels, computed or theoretical cash-flows. The only input is Empirasign users' collective actions. Such recommendations, when available, display on all single bond search results pages. Example screenshot below.

collab search

How does it work?

The algorithm is relatively simple (albeit computationally intensive) and largely based on a retrospective of Amazon's recommendation system techniques published in the IEEE Internet Computing journal. That being said, the secret sauce is really the data. Very few players in the market have the collective and real-time aggregated bond search history to calculate such metrics and recommendations. Even so, these algorithms are such data hogs and the number of Structured Product bonds is so high (about 3,000,000) relative to the number fixed income market participants, a collaborative algorithm can only generate recommendations on about one-half of all searches.



Price Talk Plots

May 30, 2018

Attack the Data Deluge with Price Talk Visualizations

Often times, there's just too much data to digest in tabular form and a plot would better elucidate what's actually going on in the market.

To these ends, for any BWIC with price talk from five or more dealers, box plots and dot plots can be generated. Icons for these plots will be displayed on any applicable BWIC page (as shown in screen shot below).

BWIC 180529A

Click on the dot plot icon, and you'll be taken to a chart page (as seen below).

Dot Plot for 180529A

Or click on the box plot icon, to see the price talk data rendered in box plot form (as seen below).

Box Plot for 180529A

Tips & Tricks:

Box and Dot plots can be generated at the single bond level as well. Just click on the Box Plot or Dot Plot icon that appears on the Price Talk table pop up (example screenshot below).

Price Talk for AWPT 2016-5A E

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