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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 67.7 96.1 94.8 99.6 - - 67.7
Weighted Avg. Price 95.0 18.2 91.3 94.5 99.0 - - 18.2
Avg. Price Bottom 5 Trades 79.8 61.1 84.1 80.8 95.1 - - 61.1
2nd Quartile Price 97.0 100.4 95.1 91.3 98.8 - - 100.4
3rd Quartile Price 99.3 100.5 98.7 99.4 100.1 - - 100.5
4th Quartile Price 100.3 100.5 99.3 99.8 100.6 - - 100.5
Avg. Price Top 5 Trades 103.7 80.8 100.0 101.7 103.5 - - 80.8
Standard Deviation 5.2 50.8 5.2 8.0 2.3 - - 50.8
VOLUME OF TRADES (000'S) 572,914.3 423,084.7 216,567.8 142,327.5 214,019.1 - - 423,084.7
Customer Buy 282,078.4 * 156,962.1 67,007.7 58,108.6 - - *
Customer Sell 150,317.1 * 7,848.3 42,889.4 99,579.4 - - *
Dealer to Dealer 140,518.8 * 51,757.4 32,430.3 56,331.0 - - *
<= $1MM 15,244.8 * 7,054.1 3,890.2 4,300.6 - - *
<= $10MM 124,693.9 - 74,077.9 28,675.5 21,940.4 - - -
> $10MM 432,975.6 * * * 187,778.1 - - *
NUMBER OF TRADES 144 6 49 27 68 - - 6
Customer Buy 50 * 24 10 16 - - *
Customer Sell 42 * 13 5 24 - - *
Dealer to Dealer 52 * 12 12 28 - - *
<= $1MM 90 * 29 10 51 - - *
<= $10MM 37 - 16 13 8 - - -
> $10MM 17 * * * 9 - - *

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 95.6 24.8 98.2 96.2 105.2 98.3 * 104.5 2.6 - - 86.6 * 92.1 * - - 73.9 - 102.5 - - *
Weighted Avg. Price 96.4 20.1 99.0 93.3 105.2 98.5 * 104.5 2.5 - - 89.8 * 90.6 * - - 75.3 - 102.5 - - *
Avg. Price Bottom 5 Trades 29.4 0.9 94.5 89.4 104.1 97.2 * 103.3 1.3 - - 76.7 * 85.5 * - - 45.0 - 102.0 - - *
2nd Quartile Price 94.0 2.2 98.4 89.7 104.4 98.7 * 104.1 2.2 - - 85.8 * 86.1 * - - 70.8 - 102.0 - - *
3rd Quartile Price 99.9 2.8 99.2 93.4 105.3 99.0 * 104.6 2.4 - - 90.4 * 90.0 * - - 78.3 - 103.3 - - *
4th Quartile Price 101.5 100.1 99.6 104.2 106.1 99.4 * 105.2 3.8 - - 94.0 * 103.0 * - - 98.0 - 103.4 - - *
Avg. Price Top 5 Trades 107.3 73.6 99.9 105.9 106.2 99.3 * 105.5 4.1 - - 95.3 * 100.7 * - - 95.3 - 103.3 - - *
Standard Deviation 12.5 42.2 2.3 7.6 1.2 1.8 * 0.9 1.6 - - 11.5 * 7.9 * - - 25.1 - 1.2 - - *
VOLUME OF TRADES (000'S) 1,105,465.7 289,004.3 55,324.4 20,614.0 64,722.5 22,763.3 * 19,355.0 224,673.3 - - 14,600.0 * 62,205.0 * - - 66,104.7 - 28,695.8 - - *
Customer Buy 590,251.3 51,750.0 40,246.4 16,354.0 * * * 16,160.0 - - - 12,944.0 * 23,122.0 - - - 31,973.6 - * - - *
Customer Sell 487,127.8 237,254.3 15,068.0 1,560.0 42,927.5 11,322.9 * 3,195.0 224,673.3 - - * * 39,083.0 * - - 33,156.6 - 16,785.5 - - -
Dealer to Dealer 28,086.6 - * * - * - - - - - - - - - - - * - - - - -
<= $1MM 41,409.0 4,167.2 2,341.0 2,214.0 335.0 1,274.4 * 1,425.0 * - - 1,780.0 * * - - - 2,224.6 - * - - -
<= $10MM 731,751.4 57,585.5 52,983.4 18,400.0 * * - * 25,004.6 - - 12,820.0 * 61,205.0 * - - 63,880.0 - 27,119.5 - - -
> $10MM 332,305.3 * - - * - - * * - - - - - - - - - - - - - *
NUMBER OF TRADES 315 22 23 16 12 10 * 20 13 - - 12 * 13 * - - 26 - 8 - - *
Customer Buy 165 5 12 6 * * * 5 - - - 10 * 5 - - - 10 - * - - *
Customer Sell 138 17 10 8 9 5 * 15 13 - - * * 8 * - - 13 - 5 - - -
Dealer to Dealer 12 - * * - * - - - - - - - - - - - * - - - - -
<= $1MM 118 5 10 11 5 6 * 17 * - - 5 * * - - - 6 - * - - -
<= $10MM 177 13 13 5 * * - * 7 - - 7 * 12 * - - 20 - 5 - - -
> $10MM 20 * - - * - - * * - - - - - - - - - - - - - *

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 - - - 95.4 98.5 100.6 - - - 85.5 88.1 100.9 - - - 87.6 99.4 100.9 - - *
Weighted Avg. Price - - - 95.3 98.0 100.6 - - - 82.8 92.4 101.2 - - - 92.6 99.6 101.7 - - *
Avg. Price Bottom 5 Trades - - - 93.9 96.1 98.0 - - - 74.5 70.9 98.4 - - - 79.2 99.4 95.0 - - *
2nd Quartile Price - - - 95.1 98.4 100.2 - - - 88.2 84.4 100.2 - - - 83.5 * 100.1 - - *
3rd Quartile Price - - - 96.4 99.8 100.6 - - - 90.3 97.0 100.8 - - - 85.3 * 100.9 - - *
4th Quartile Price - - - 98.0 102.9 101.1 - - - 97.8 99.1 102.3 - - - 99.0 * 103.3 - - *
Avg. Price Top 5 Trades - - - 96.9 100.8 103.0 - - - 95.5 98.5 103.4 - - - 97.0 99.4 106.3 - - *
Standard Deviation - - - 2.4 3.9 1.4 - - - 15.3 14.4 1.9 - - - 9.7 0.7 4.0 - - *
VOLUME OF TRADES (000'S) - - - 116,014.0 18,285.1 190,226.8 - - - 49,962.4 62,565.7 80,897.7 - - - 40,277.6 19,155.2 163,336.5 - - *
Customer Buy - - - 65,669.0 8,186.3 133,612.4 - - - 19,909.7 19,234.1 30,119.4 - - - 23,082.3 * 88,240.5 - - *
Customer Sell - - - * * 56,614.4 - - - 30,052.8 43,331.6 43,920.0 - - - * * 75,096.0 - - -
Dealer to Dealer - - - * * - - - - - - * - - - - - - - - -
<= $1MM - - - * 1,829.3 6,556.4 - - - * * 3,898.6 - - - * * 6,179.5 - - *
<= $10MM - - - * * 100,810.4 - - - 37,917.1 45,252.3 35,682.1 - - - 27,416.3 * 135,050.0 - - *
> $10MM - - - * - 82,860.0 - - - * * * - - - * - * - - *
NUMBER OF TRADES - - - 10 9 46 - - - 11 15 24 - - - 12 5 38 - - *
Customer Buy - - - 6 6 29 - - - 6 7 15 - - - 8 * 25 - - *
Customer Sell - - - * * 17 - - - 5 8 7 - - - * * 13 - - -
Dealer to Dealer - - - * * - - - - - - * - - - - - - - - -
<= $1MM - - - * 5 14 - - - * * 9 - - - * * 9 - - *
<= $10MM - - - * * 27 - - - 7 10 12 - - - 9 * 27 - - *
> $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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