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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 91.4 29.5 96.8 83.2 93.2 * * 49.1
Weighted Avg. Price 96.1 3.8 99.5 94.8 99.2 * * 37.0
Avg. Price Bottom 5 Trades 44.0 11.2 83.0 44.9 72.6 * * 49.1
2nd Quartile Price 86.5 7.5 98.4 85.8 84.2 * * *
3rd Quartile Price 98.5 36.0 99.0 91.4 99.0 * * *
4th Quartile Price 99.6 36.0 99.4 98.3 100.0 * * *
Avg. Price Top 5 Trades 102.1 49.1 100.1 100.0 102.1 * * 49.1
Standard Deviation 14.5 31.2 7.9 20.9 10.2 * * 29.2
VOLUME OF TRADES (000'S) 649,768.0 732,337.3 33,548.0 459,911.1 156,308.9 * * 31,459.1
Customer Buy 111,232.6 136,289.4 18,296.6 37,057.4 55,878.7 * - *
Customer Sell 119,300.2 * 14,804.3 59,133.0 45,362.9 - * *
Dealer to Dealer 419,235.2 * 447.2 363,720.7 55,067.3 - - *
<= $1MM 17,008.3 * 6,447.4 6,723.4 3,837.5 - - *
<= $10MM 120,789.4 * 17,050.6 24,959.2 78,779.6 - - *
> $10MM 511,970.3 726,837.3 * 428,228.5 73,691.8 * * *
NUMBER OF TRADES 125 9 36 35 54 * * 5
Customer Buy 49 5 16 11 22 * - *
Customer Sell 46 * 15 13 18 - * *
Dealer to Dealer 30 * 5 11 14 - - *
<= $1MM 90 * 29 25 36 - - *
<= $10MM 24 * 6 5 13 - - *
> $10MM 11 6 * 5 5 * * *

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 97.9 * 98.9 * 106.2 98.4 * 105.2 * - - * * * - - - 96.2 * 103.2 - - -
Weighted Avg. Price 98.5 * 99.1 * 105.8 98.6 * 104.7 * - - * * * - - - 96.1 * 103.3 - - -
Avg. Price Bottom 5 Trades 62.8 * 98.7 * 106.2 96.9 * 103.7 * - - * * * - - - 94.7 * 103.2 - - -
2nd Quartile Price 97.0 * 98.9 * * 98.5 * 104.8 * - - * * * - - - 95.6 * * - - -
3rd Quartile Price 99.4 * 99.1 * * 99.0 * 105.1 * - - * * * - - - 96.5 * * - - -
4th Quartile Price 101.2 * 99.2 * * 99.5 * 105.9 * - - * * * - - - 98.4 * * - - -
Avg. Price Top 5 Trades 107.9 * 99.2 * 106.2 99.6 * 107.0 * - - * * * - - - 97.8 * 103.2 - - -
Standard Deviation 8.3 * 0.3 * 0.3 2.1 * 1.4 * - - * * * - - - 1.8 * 1.6 - - -
VOLUME OF TRADES (000'S) 996,994.3 * 31,042.5 * 10,163.0 162,971.2 * 66,740.0 * - - * * * - - - 27,621.9 * 27,250.0 - - -
Customer Buy 448,191.2 * 16,777.8 * - 68,654.9 - 27,031.0 * - - * * * - - - 14,719.3 - * - - -
Customer Sell 521,310.1 * 14,264.6 - * 94,316.3 * 39,709.0 * - - * * * - - - * * * - - -
Dealer to Dealer 27,493.0 - - - * - - - - - - - - - - - - - - - - - -
<= $1MM 31,075.5 * 2,409.3 * * * * 4,067.0 - - - * * - - - - * - * - - -
<= $10MM 506,248.9 * 28,633.1 * * * - 31,643.0 * - - * * * - - - 27,550.2 * * - - -
> $10MM 459,669.9 - - - - 142,311.9 - * - - - - - - - - - - - * - - -
NUMBER OF TRADES 222 * 12 * 5 13 * 19 * - - * * * - - - 11 * 5 - - -
Customer Buy 110 * 7 * - 8 - 12 * - - * * * - - - 7 - * - - -
Customer Sell 105 * 5 - * 5 * 7 * - - * * * - - - * * * - - -
Dealer to Dealer 7 - - - * - - - - - - - - - - - - - - - - - -
<= $1MM 72 * 5 * * * * 10 - - - * * - - - - * - * - - -
<= $10MM 125 * 7 * * * - 6 * - - * * * - - - 10 * * - - -
> $10MM 25 - - - - 5 - * - - - - - - - - - - - * - - -

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 - - - * 97.3 101.6 - - - 96.2 93.8 100.3 - - - 89.1 89.5 100.1 - - *
Weighted Avg. Price - - - * 98.0 101.9 - - - 98.1 99.2 101.1 - - - 85.2 85.5 99.5 - - *
Avg. Price Bottom 5 Trades - - - * 92.6 99.9 - - - 92.2 86.8 98.5 - - - 75.0 68.5 97.6 - - *
2nd Quartile Price - - - * 98.4 100.1 - - - 97.6 90.5 100.1 - - - 77.2 88.9 99.4 - - *
3rd Quartile Price - - - * 98.5 102.0 - - - 98.4 98.5 100.5 - - - 97.0 98.7 100.4 - - *
4th Quartile Price - - - * 99.8 102.9 - - - 99.1 101.3 101.6 - - - 97.0 100.2 101.0 - - *
Avg. Price Top 5 Trades - - - * 100.8 104.5 - - - 98.9 100.2 101.9 - - - 96.9 101.6 102.3 - - *
Standard Deviation - - - * 4.6 2.0 - - - 5.0 8.0 1.6 - - - 11.1 20.1 1.7 - - *
VOLUME OF TRADES (000'S) - - - * 138,290.0 76,990.6 - - - 81,254.2 46,836.8 44,611.1 - - - 45,134.7 38,869.7 151,605.5 - - *
Customer Buy - - - * 87,485.5 45,590.5 - - - 36,627.1 * 23,381.7 - - - 15,082.5 13,600.0 58,276.0 - - -
Customer Sell - - - - 50,804.4 31,400.1 - - - 44,627.1 28,972.9 17,929.4 - - - 21,487.2 22,695.7 93,329.5 - - *
Dealer to Dealer - - - - - - - - - - * * - - - * * - - - -
<= $1MM - - - - - 3,639.4 - - - * * 2,800.0 - - - 2,747.4 5,744.7 2,444.5 - - *
<= $10MM - - - * 38,756.9 57,832.5 - - - 45,370.0 36,440.0 28,024.8 - - - 42,387.3 22,525.0 63,285.0 - - -
> $10MM - - - - 99,533.0 * - - - * * * - - - - * * - - -
NUMBER OF TRADES - - - * 15 21 - - - 13 11 17 - - - 17 16 28 - - *
Customer Buy - - - * 8 13 - - - 5 * 8 - - - 5 7 14 - - -
Customer Sell - - - - 7 8 - - - 8 7 8 - - - 11 8 14 - - *
Dealer to Dealer - - - - - - - - - - * * - - - * * - - - -
<= $1MM - - - - - 7 - - - * * 6 - - - 6 8 7 - - *
<= $10MM - - - * 10 13 - - - 8 6 10 - - - 11 7 17 - - -
> $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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