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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-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE 97.5 28.7 98.6 91.5 99.4 - 28.7 -
Weighted Avg. Price 97.8 6.3 98.9 89.4 99.4 - 6.3 -
Avg. Price Bottom 5 Trades 82.0 28.7 93.2 83.6 89.1 - 28.7 -
2nd Quartile Price 96.8 * 98.3 89.0 99.1 - * -
3rd Quartile Price 99.1 * 99.0 92.2 100.5 - * -
4th Quartile Price 100.2 * 100.0 94.9 101.7 - * -
Avg. Price Top 5 Trades 103.2 28.7 100.4 97.8 103.2 - 28.7 -
Standard Deviation 4.7 44.3 2.0 5.5 4.0 - 44.3 -
VOLUME OF TRADES (000'S) 858,622.0 2,670,274.0 483,830.3 110,494.5 264,297.2 - 2,670,274.0 -
Customer Buy 212,366.0 * 79,280.2 52,342.1 80,743.7 - * -
Customer Sell 380,730.4 * 249,875.8 * 110,669.2 - * -
Dealer to Dealer 265,525.6 - 154,674.3 37,967.0 72,884.3 - - -
<= $1MM 23,251.2 - 8,135.8 5,522.7 9,592.7 - - -
<= $10MM 305,610.2 - 161,210.5 44,144.4 100,255.3 - - -
> $10MM 529,760.7 2,670,274.0 314,484.0 60,827.3 154,449.3 - 2,670,274.0 -
NUMBER OF TRADES 154 6 68 31 55 - 6 -
Customer Buy 56 * 24 14 18 - * -
Customer Sell 45 * 26 * 15 - * -
Dealer to Dealer 53 - 18 13 22 - - -
<= $1MM 64 - 31 8 25 - - -
<= $10MM 68 - 27 18 23 - - -
> $10MM 22 6 10 5 7 - 6 -

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-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE 97.1 84.2 98.5 91.8 106.0 98.6 92.3 104.0 - - * 92.7 82.7 * - - - 81.6 - * - - -
Weighted Avg. Price 98.1 18.1 97.9 90.6 106.0 98.7 94.3 104.7 - - * 95.2 79.5 * - - - 73.7 - * - - -
Avg. Price Bottom 5 Trades 70.6 84.2 96.7 89.8 105.8 97.4 90.3 101.9 - - * 84.1 78.1 * - - - 74.6 - * - - -
2nd Quartile Price 95.6 * 98.6 89.8 106.0 98.0 90.9 103.1 - - * 92.6 84.2 * - - - 82.0 - * - - -
3rd Quartile Price 99.3 * 98.8 91.6 106.5 99.1 91.4 104.2 - - * 94.8 84.5 * - - - 83.5 - * - - -
4th Quartile Price 100.5 * 99.0 93.7 106.8 99.3 97.1 105.2 - - * 98.4 87.5 * - - - 92.6 - * - - -
Avg. Price Top 5 Trades 106.4 84.2 99.5 93.7 106.3 99.4 93.5 105.7 - - * 98.9 87.0 * - - - 88.8 - * - - -
Standard Deviation 6.7 38.9 1.2 3.0 0.9 1.0 3.4 1.4 - - * 7.0 6.0 * - - - 10.1 - * - - -
VOLUME OF TRADES (000'S) 959,123.2 92,813.3 44,407.3 7,270.0 32,972.4 41,773.8 40,788.3 100,257.0 - - * 52,741.6 22,195.0 * - - - 35,027.7 - * - - -
Customer Buy 513,831.3 * 23,090.3 * * 17,489.2 * 33,327.0 - - - 25,596.8 * * - - - * - - - - -
Customer Sell 396,728.1 * 21,317.0 2,895.0 * 24,284.6 * 66,725.0 - - * 27,144.8 17,845.0 * - - - * - * - - -
Dealer to Dealer 48,563.7 - - - - - - 205.0 - - - - - - - - - * - - - - -
<= $1MM 44,160.3 * 6,895.5 3,155.0 * * * 3,192.0 - - - 2,290.6 2,858.0 * - - - * - - - - -
<= $10MM 560,537.7 * 37,511.7 * * 40,051.2 * 29,205.0 - - - 50,451.0 * - - - - 34,949.0 - * - - -
> $10MM 354,425.1 * - - * - * * - - * - - - - - - - - - - - -
NUMBER OF TRADES 272 6 26 9 6 14 7 24 - - * 23 11 * - - - 9 - * - - -
Customer Buy 136 * 15 * * 6 * 8 - - - 10 * * - - - * - - - - -
Customer Sell 123 * 11 5 * 8 * 11 - - * 13 8 * - - - * - * - - -
Dealer to Dealer 13 - - - - - - 5 - - - - - - - - - * - - - - -
<= $1MM 114 * 15 7 * * * 15 - - - 6 7 * - - - * - - - - -
<= $10MM 142 * 11 * * 10 * 6 - - - 17 * - - - - 6 - * - - -
> $10MM 16 * - - * - * * - - * - - - - - - - - - - - -

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-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE - - - * 97.8 99.8 - - - 92.5 97.4 100.0 - - - 88.1 96.9 100.1 - - 100.1
Weighted Avg. Price - - - * 97.3 99.4 - - - 95.1 98.0 100.5 - - - 86.3 98.6 100.3 - - 100.2
Avg. Price Bottom 5 Trades - - - * 96.0 97.5 - - - 92.5 95.2 96.0 - - - 84.4 94.1 97.6 - - 100.1
2nd Quartile Price - - - * 97.7 100.0 - - - * 96.5 99.8 - - - 83.7 99.3 100.0 - - *
3rd Quartile Price - - - * 99.9 100.4 - - - * 99.6 100.4 - - - 96.3 99.3 100.1 - - *
4th Quartile Price - - - * 100.1 101.6 - - - * 100.1 101.1 - - - 98.3 100.3 100.7 - - *
Avg. Price Top 5 Trades - - - * 99.7 101.7 - - - 92.5 99.7 102.1 - - - 91.8 99.7 102.3 - - 100.1
Standard Deviation - - - * 2.9 2.2 - - - 3.6 3.3 1.7 - - - 8.6 5.2 1.9 - - 0.1
VOLUME OF TRADES (000'S) - - - * 7,635.4 37,329.4 - - - 9,200.0 28,345.0 257,270.3 - - - 25,180.0 88,891.9 116,563.9 - - 13,000.0
Customer Buy - - - * * 32,485.8 - - - * 20,845.0 152,589.3 - - - * * 76,100.9 - - *
Customer Sell - - - * 5,092.0 1,470.0 - - - * 7,500.0 94,081.0 - - - * * 40,463.0 - - *
Dealer to Dealer - - - - - * - - - - - * - - - - * - - - -
<= $1MM - - - * 1,878.7 2,919.7 - - - * * 4,944.5 - - - - * 4,426.0 - - *
<= $10MM - - - - * 18,823.0 - - - * 27,140.0 101,430.8 - - - 25,180.0 27,773.7 101,837.9 - - *
> $10MM - - - - - * - - - - - 150,895.0 - - - - * * - - -
NUMBER OF TRADES - - - * 9 15 - - - 5 10 45 - - - 7 10 31 - - 5
Customer Buy - - - * * 9 - - - * 5 28 - - - * * 20 - - *
Customer Sell - - - * 6 5 - - - * 5 15 - - - * * 11 - - *
Dealer to Dealer - - - - - * - - - - - * - - - - * - - - -
<= $1MM - - - * 6 8 - - - * * 13 - - - - * 8 - - *
<= $10MM - - - - * 6 - - - * 6 27 - - - 7 5 22 - - *
> $10MM - - - - - * - - - - - 5 - - - - * * - - -

* 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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