Alpha Financial Software, LLC

	Alpha Financial Software LLC, founded in 2003, is a privately held software development firm that provides solutions to the financial services industry with a primary focus in the fixed income and OTC markets.

	Our Motivation... To reduce the counterparty and settlement risks associated with trading and settling U.S. mortgages. As the financial industry emerges from this downturn a new central counterparty model is taking form that both removes counterparty risk while at the same time significantly decreases the margin costs associated with trading TBA’s. TBA's have proven to be the primary driver of liquidity and price support for mortgages. Read a whitepaper that discusses why....issued by the NY-Federal Reserve Bank in August 2010. The Fixed Income Clearing Corporation (FICC) is set to bring forth a central counterparty model in 2010-2011 timeframe. Read more about the CCP initiative at the FICC. In an offering through the New York Portfolio Clearing (NYPC), a 50/50 joint venture between NYSE Euronext and DTCC, once a trade is confirmed between the buy and sell-side firms, the FICC/NYPC will step into the middle of the TBA trade and face-off against both counterparties, thus guaranteeing trade settlement. Allocations processing will continue to employ EPN with other risk mitigation techniques like pool-netting and cross-margining Read more about the NYPC and FICC Central CounterParty roll out expected in Q'2 2011

	Our Product... TBA Mortgage Master is a fixed income trading and processing platform that provides full life cycle processing for TBA mortgages, including real-time EPN connectivity. With regards to the FICC pool netting initiative, TBA Mortgage Master also provides connectivity to the Real-time Trade Matching (RTTM) engine for final settlement communications. Specific TBA Mortgage Master processing includes: trade capture, TBA rolls, pair-offs, tradelinks / match-turns, pool substitutions and sell optimization. In addition, users can create and save projects and store up to 24 months of trade and EPN allocation information via the projct and archiving features. With an initial goal of TBA processing, the platform is extensible to additional asset classes in the future.

	Our History... June 2011 - 3rd client "go-live." Alliance Bernstein moves to Alpha Financial Software from a competing product. December 2010 - 2nd client "go-live." Alpha Financial Software finalizes implementation that employs Alpha's fully-hosted ASP environment leveraging eMBS.com for comprehensive security master and indicative data. June 2009 - Alpha Financial Software's first client, Ellington Management Group, "goes live" on TBA Mortgage Master, successfully processing over $1B of mortgage pool allocations. May 2009 - Alpha FSW signs their first TBA Mortgage Master client. June 2008 - Alpha FSW successfully completes testing of new protocol messages, including cancel/corrects, across EPN. The new CC message provides for decreased message flow and associated messaging costs. February 2008 - Alpha FSW finishes initial development of ASP offering for TBA Mortgage Master. Clients can now offer TBA Mortgage Master in a "Software As A Service" (SaaS) environment. October 2007 - Alpha FSW releases new version (v2.0) of TBA Mortgage Master which includes specified pool trading and further enhancements to Sell Optimization processing. March 2007 - Alpha FSW becomes an approved EPN vendor with the FICC. Alpha successfully completed electronic pool notification (EPN) testing with the Fixed Income Clearing Corporation (FICC). August 2006 - Alpha FSW releases its first version (v1.0) of TBA Mortgage Master, providing full life cycle processing of U.S. mortgages. April 2004 - Alpha Financial Software LLC was formed with a goal of bringing fixed income straight-through-processing (STP) to the investment industry. April 2003 - Alpha Financial Services Group LLC forms a strategic relationship to build out a software tool to automate U.S. mortgage pool allocation processing across the Electronic Pool Notification (EPN) network. March 2002 - Alpha Financial Services Group LLC is formed, providing consulting and staffing services to the Financial Services Industry.