Processes spread amongst multiple spreadsheets resulting in

• Manual download of price and indicative information from third party sources

• Manual upload of data to internal systems

• Lack of effective error checking mechanism in shared spreadsheets

• Inadequate and inefficient reporting due to disparate nature of shared spreadsheets

• Limited capacity of spreadsheets to manage volume of data

• Lack of historical data archiving and calculations using generic calculations methods inherent in spreadsheets.

Lack of a centralized data server to compile aggregate statistics across product lines

Innovations to the program structure are curtailed due to various processes and number of systems and users required to support the program.

Regulatory and Compliance issues such as timely and adequate disclosure of long term contractual commitments, liabilities and exposure of the programs.

A centralized database and system for the trust programs providing robust and rapid access along with the ability to house all trust programs in a single system. Historical data can be stored allowing comparison to prior periods the cashflow generator handles all types of trust programs to produce all types of customized reports.

Support for a “Trust Structuring” editor to handle multiple underlying assets, lot entry, allocation methods for matching multiple floater and residual certificates with underlying assets, upfront and ongoing fees specifications, audit tracking of changes, amortization and accretion schedule generation, ticketing of settlement costs, automated links to third party sources for bond reference data.

Support for innovations in program structures with implied and specified waterfalls, defaults for third party participants and programs, fee definitions, accounting rules, calculation and display rules.

Support for events and activities for regular maintenance of active trusts along with regeneration of amortization and accretion schedules as necessary

Cashflow generation for various asset classes (VRDN, Fixed Rate, Zero Coupons, Step Up coupons etc.), along with daily flows aggregated by period or a range of dates, floater and residual interest computations and support for events.

Support for a number of reports targeting frequently requested operations, generic query reporting engine for ad hoc queries, cashflow reports, program management reports etc.

No delay in trades – The issue of delays due to errors or losses due to hardware or software errors is addressed through a database system that has duplication of data, failsafe recovery mode, and traceable, recorded audit logs of all changes to the data.

Improved Performance of trading operation through STP: With a centralized server servicing all requests along with special routines to address severely calculation intensive processes, and straight through processing of trades (STP), the performance of the entire trading operation has been significantly improved..

Upgradeability of the system: Innovations to the trust program are much easier by the implementation in a single, centralized system. Every user has an access to different parts of the same system. Specific innovations such as multiple Class A floater certificates, lease collaterals, and proprietary trusts based on the market value of underlying collateral have been successfully implemented through the system.

Efficiency of execution: Uniform rules implemented, tested, and checked in a single system eliminates the duplication of calculations required in a separate trust-per-spreadsheet based process and also eliminates the manual entry of same base information to various internal systems.

Links to other systems: The MuniManager application seamlessly links to all other internal systems used for the management of the Muni programs. With a single point of entry the information is supplied to all downstream systems. All feeds from third party sources, Securities Master Database, Trustees, floater rates are directly fed into the system.

Compliance: With MuniManager regulatory requirements are addressed through the implementation of a system that provides a single picture to all parties of the trust program. Contractual commitments, exposure, and liabilities are easily and quickly accessible; changes are audited throughout with reporting capabilities built-in.