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FINRA-ICE Data Services Structured Trading Activity Reports

Structured Trading Activity Report TBA Pass-Thru Agency CMO Non-Agency CMO/ABS Daily CMBS Weekly CMBS CBO/CDO/CLO
Pricing Table: Agency CMBS by Deal Vintage
METRIC AGENCY CMBS (P&I) AGENCY CMBS (IO/PO) AGENCY CMBS (P&I) AGENCY CMBS (IO/PO)
PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026
AVERAGE PRICE 97.5 5.9 96.2 95.0 100.1 * - *
Weighted Avg. Price 97.7 5.2 95.5 95.1 101.0 * - *
Avg. Price Bottom 5 Trades 81.4 4.6 82.6 86.1 96.4 * - *
2nd Quartile Price 96.6 5.3 95.6 89.2 99.5 * - *
3rd Quartile Price 99.3 5.3 98.4 98.9 100.3 * - *
4th Quartile Price 100.2 9.5 99.4 100.9 101.1 * - *
Avg. Price Top 5 Trades 102.8 6.9 100.0 101.1 102.8 * - *
Standard Deviation 5.0 2.4 5.5 6.3 1.7 * - *
VOLUME OF TRADES (000'S) 535,518.6 370,742.9 173,453.0 135,471.1 226,594.5 * - *
Customer Buy 279,029.9 * 37,755.7 30,873.6 210,400.6 * - *
Customer Sell 235,481.1 * 116,987.0 104,573.1 13,921.0 * - *
Dealer to Dealer 21,007.5 - 18,710.3 * 2,272.9 - - -
<= $1MM 17,123.2 - 7,954.7 1,279.6 7,888.9 - - -
<= $10MM 247,904.3 - 124,153.3 83,441.5 40,309.5 - - -
> $10MM 270,491.1 370,742.9 * * * * - *
NUMBER OF TRADES 176 7 81 29 66 * - *
Customer Buy 53 * 20 9 24 * - *
Customer Sell 94 * 47 19 28 * - *
Dealer to Dealer 29 - 14 * 14 - - -
<= $1MM 88 - 30 6 52 - - -
<= $10MM 80 - 49 20 11 - - -
> $10MM 8 7 * * * * - *

Pricing Table: CMBS Conduit by Deal Vintage
METRIC NON-AGENCY CMBS (P&I) NON-AGENCY CMBS (IO/PO) CONDUIT AAA LCF (P&I) CONDUIT AAA (P&I) CONDUIT AAA (IO/PO) CONDUIT IG (P&I) CONDUIT IG (IO/PO) CONDUIT HY (P&I) CONDUIT HY (IO/PO)
PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026
AVERAGE PRICE 96.3 33.0 97.0 * * 97.9 * 102.0 * - 3.5 76.3 * 85.0 - - - 89.3 * - * * -
Weighted Avg. Price 96.9 5.8 96.4 * * 98.2 * 101.8 * - 3.5 71.7 * 84.6 - - - 88.8 * - * * -
Avg. Price Bottom 5 Trades 66.6 3.2 93.6 * * 96.5 * 100.4 * - 3.5 72.7 * 85.0 - - - 88.7 * - * * -
2nd Quartile Price 94.3 3.5 95.1 * * 97.5 * 101.5 * - * 73.4 * * - - - 88.3 * - * * -
3rd Quartile Price 99.0 4.3 98.6 * * 98.9 * 102.2 * - * 82.6 * * - - - 90.0 * - * * -
4th Quartile Price 100.1 100.5 99.1 * * 99.5 * 103.5 * - * 97.8 * * - - - 92.8 * - * * -
Avg. Price Top 5 Trades 104.5 100.5 99.2 * * 99.4 * 103.7 * - 3.5 82.8 * 85.0 - - - 90.3 * - * * -
Standard Deviation 7.2 45.0 2.5 * * 1.7 * 1.8 * - 0.6 13.8 * 5.5 - - - 3.2 * - * * -
VOLUME OF TRADES (000'S) 687,288.8 800,719.0 53,682.4 * * 20,159.7 * 82,839.2 * - 671,551.4 16,711.7 * 16,852.0 - - - 11,622.7 * - * * -
Customer Buy 311,462.3 262,841.3 7,115.0 - * 6,888.6 * 30,639.2 * - * * * * - - - * - - - - -
Customer Sell 368,018.4 509,829.0 46,567.4 * - 13,271.1 * 52,200.0 * - * 12,211.7 * * - - - 9,571.9 * - * * -
Dealer to Dealer 7,808.1 * - - * - - - * - - - - - - - - - - - - - -
<= $1MM 39,430.3 * 3,740.0 - * 3,092.8 * 2,062.2 - - - * * - - - - * * - - - -
<= $10MM 480,371.5 24,580.4 49,942.4 * - 17,066.9 * 27,777.0 - - - 15,616.9 * 16,852.0 - - - 11,022.7 * - - * -
> $10MM 167,487.0 775,138.6 - - - - - * * - 671,551.4 - - - - - - - - - * - -
NUMBER OF TRADES 214 17 21 * * 15 * 15 * - 7 7 * 5 - - - 7 * - * * -
Customer Buy 96 6 6 - * 8 * 8 * - * * * * - - - * - - - - -
Customer Sell 108 10 15 * - 7 * 7 * - * 6 * * - - - 5 * - * * -
Dealer to Dealer 10 * - - * - - - * - - - - - - - - - - - - - -
<= $1MM 82 * 9 - * 7 * 6 - - - * * - - - - * * - - - -
<= $10MM 122 5 12 * - 8 * 6 - - - 5 * 5 - - - 5 * - - * -
> $10MM 10 11 - - - - - * * - 7 - - - - - - - - - * - -

Pricing Table: CMBS Other by Deal Vintage
METRIC OTHER CMBS AAA LCF (P&I) OTHER CMBS AAA (P&I) OTHER CMBS AAA (IO/PO) OTHER CMBS IG (P&I) OTHER CMBS IG (IO/PO) OTHER CMBS HY (P&I) OTHER CMBS HY (IO/PO)
PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026
AVERAGE PRICE - - - * 100.3 100.4 - - - 91.6 96.4 99.9 - - - 91.8 * 98.7 - - 100.5
Weighted Avg. Price - - - * 99.6 100.2 - - - 93.0 98.6 100.9 - - - 92.2 * 99.3 - - 100.5
Avg. Price Bottom 5 Trades - - - * 100.3 99.3 - - - 85.5 90.9 98.2 - - - 85.5 * 95.4 - - 100.5
2nd Quartile Price - - - * * 100.0 - - - 89.8 99.0 99.4 - - - 93.0 * 98.9 - - *
3rd Quartile Price - - - * * 100.1 - - - 94.3 99.9 100.0 - - - 94.3 * 99.9 - - *
4th Quartile Price - - - * * 101.2 - - - 97.5 100.0 100.2 - - - 94.4 * 100.0 - - *
Avg. Price Top 5 Trades - - - * 100.3 102.1 - - - 96.9 100.0 101.7 - - - 95.4 * 100.4 - - 100.5
Standard Deviation - - - * 2.5 0.9 - - - 7.7 10.2 1.7 - - - 5.1 * 2.8 - - -
VOLUME OF TRADES (000'S) - - - * 2,408.8 108,520.7 - - - 29,428.8 23,402.8 66,090.0 - - - 60,310.8 * 136,770.0 - - 16,683.0
Customer Buy - - - * * 79,602.4 - - - * * 27,845.0 - - - 24,960.0 - 71,436.0 - - *
Customer Sell - - - * * 28,718.3 - - - 18,428.8 10,664.3 33,185.0 - - - 35,348.7 * 65,334.0 - - *
Dealer to Dealer - - - - - * - - - - * * - - - * - - - - -
<= $1MM - - - * 2,408.8 7,772.5 - - - * 4,364.4 1,890.0 - - - * - * - - *
<= $10MM - - - * - 78,098.2 - - - 26,738.8 * 50,013.0 - - - 60,308.7 * 56,288.0 - - *
> $10MM - - - - - * - - - - - * - - - - - * - - -
NUMBER OF TRADES - - - * 5 41 - - - 12 13 20 - - - 16 * 18 - - 5
Customer Buy - - - * * 25 - - - * * 9 - - - 7 - 9 - - *
Customer Sell - - - * * 14 - - - 8 6 9 - - - 8 * 9 - - *
Dealer to Dealer - - - - - * - - - - * * - - - * - - - - -
<= $1MM - - - * 5 18 - - - * 9 6 - - - * - * - - *
<= $10MM - - - * - 21 - - - 9 * 13 - - - 15 * 10 - - *
> $10MM - - - - - * - - - - - * - - - - - * - - -

* Indicates trade count is less than 5
† Includes Unrated Securities
Data updated with current day's trades at approximately 8PM New York time
Effective June 1st, 2015 ABS List or Fixed Offering Price and Takedown Transactions (as defined in FINRA Rule 6710), as well as CMO transactions in securities newly added to the system on the report day will be excluded from inclusion in the FINRA-ICE Data daily Securitized Product Report and Pricing Tables. Previously created reports will not be adjusted for the change.

Effective January 10th, 2026 the “Structured Trading Activity Report”, “CBO/CDO/CLO” row and the “CBO/CDO/CLO” Pricing Table was revised for the As Of Dates of December 1, 2025 through December 12, 2025. This was due to an issue where trades were not being classified into the CBO/CDO/CLO NON-AAA IG bucket when those reports were first published.

Should you have any questions, please call TRACE Data Services at 888-507-3665 or email [email protected].
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