2 www.bloomberg.com/news/articles/2018-07-27/mortgage-trade-volume-may-increase-regardless-of-fhfa-reform However, the process remains manual, labour-intensive and prone to errors, since a large part of them are done through e-mail and pdf contracts or online tools that do not reach all participants in the process. There are different workflows and communication formats between buy-side companies and initiators. Large brokers can process between 3,000 and 5,000 trading orders per month, with two or three full-time employees having to process them, at the expense of risk management and the underused exception. The sale of trade (AOT) is a tripartite agreement on the trading of mortgage securities (MBS) under which a party, in the initial agreement, abdicates its obligation to a third party. A divested transaction occurs when a counterparty, in the case of a contract or forward contract, makes a separate transaction with a third party to transfer its obligations to it. Trade assignment (AOT) can also occur in other trades where the seller who has an agreement with the buyer contacts an intermediary or broker to carry out this transaction. As soon as an agreement has been concluded between the transferor and the zessiona, the assignee holds the loan, benefits from the interest rates and profits of the loan, but is also exposed to the risk of default of this loan. The transferee is also responsible for the delivery of the MBS to the broker at a later date. The TBA market facilitates the forward trading of mortgage securities (MBS) issued by state-subsidized companies (GSEs) such as Fannie Mae and Freddie Mac and Ginnie Mae.