-- Daniel O’Leary
Bank of New York Mellon plans to launch an internet-based asset-backed securities auction platform for U.S. and European sellers and investors, according to a spokesman.
He said the system, called Structured Credit Connect, will initially launch in the U.S. with services in Europe starting after the Web site is established in the American market. It will be the first web-based trading platform for the asset class, he said.
“One of the selling points will be confidentiality,” the spokesman noted. “The identity of the sellers will be protected, but the site will also force them to list a large amount of information about the deals before the auction process begins.” Sellers will have to upload to the site’s loan-by-loan data on....