Opening of YieldAuction Website
September 12, 2001Pittsburgh, PA (September 12, 2001)— In an effort to help money market participants recover from the impact of Tuesday’s tragedy, Grant Street Group is offering the use of its YieldAuction website — free of charge — to institutional CD and TD players. Our staff will be available by phone to assist you and your counterparties with website demonstrations and training.
YieldAuction ( www.yieldauction.com ) is designed to facilitate: 1) direct purchase and sale of CDs between issuing banks and institutional investors, and 2) placement of time deposits. During the past few weeks we have made (and we will continue to make) numerous enhancements to the website at the suggestion of market participants, including the addition of a bulletin board for banks to post rates and of a feature that allows buyers to control how bids are solicited.
We hope that making the site available at no charge through the end of September will help money market participants fill the void left as a result of the destruction, disruption, and tragic losses suffered by broker-dealers and other market players.
The site will be available beginning Monday, September 17. Those wishing to use it, or wishing to learn more about how using it can help them, need to contact us, to register and to be trained in its use.
Contact Robert Miller by phone at 412-391-5555 ext. 339 or by email at Miller.Robert@grantstreet.com.