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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 96.3 2.6 95.1 93.6 100.1 2.6 * -
Weighted Avg. Price 98.0 2.5 97.9 94.9 98.7 2.5 * -
Avg. Price Bottom 5 Trades 81.0 0.9 83.1 83.2 97.4 0.9 * -
2nd Quartile Price 96.0 1.9 95.0 91.5 99.9 1.8 * -
3rd Quartile Price 98.6 2.3 97.8 94.4 100.3 2.3 * -
4th Quartile Price 100.0 3.4 98.8 100.9 100.9 3.4 * -
Avg. Price Top 5 Trades 101.9 4.1 99.7 101.2 101.9 4.1 * -
Standard Deviation 5.9 1.4 6.0 7.3 1.3 1.4 * -
VOLUME OF TRADES (000'S) 642,448.1 111,978.9 354,143.2 43,349.8 244,955.1 108,212.8 * -
Customer Buy 195,492.9 14,065.2 62,671.2 13,303.2 119,518.5 10,299.1 * -
Customer Sell 350,906.5 95,863.7 196,694.9 28,775.0 125,436.6 95,863.7 - -
Dealer to Dealer 96,048.7 * 94,777.1 * - * - -
<= $1MM 9,876.7 * 6,358.2 1,218.6 2,299.9 * - -
<= $10MM 148,101.2 75,768.2 74,616.9 42,131.3 31,353.0 72,002.1 * -
> $10MM 484,470.3 * 273,168.1 - 211,302.2 * - -
NUMBER OF TRADES 127 21 69 21 37 20 * -
Customer Buy 46 7 18 9 19 6 * -
Customer Sell 61 12 33 10 18 12 - -
Dealer to Dealer 20 * 18 * - * - -
<= $1MM 69 * 40 7 22 * - -
<= $10MM 37 15 16 14 7 14 * -
> $10MM 21 * 13 - 8 * - -

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 97.8 - 97.0 * 104.2 98.1 99.9 102.7 - - - 92.3 - * - - - 84.2 - - - - -
Weighted Avg. Price 98.3 - 97.1 * 104.2 98.2 99.1 103.1 - - - 96.3 - * - - - 80.7 - - - - -
Avg. Price Bottom 5 Trades 70.2 - 92.6 * 104.0 95.5 97.1 101.4 - - - 92.3 - * - - - 73.0 - - - - -
2nd Quartile Price 97.3 - 96.4 * 104.2 97.4 95.1 101.7 - - - * - * - - - 84.5 - - - - -
3rd Quartile Price 99.6 - 98.4 * 104.2 99.3 104.6 103.0 - - - * - * - - - 85.3 - - - - -
4th Quartile Price 100.2 - 99.2 * 105.6 99.5 104.7 103.6 - - - * - * - - - 91.9 - - - - -
Avg. Price Top 5 Trades 105.4 - 99.4 * 104.5 99.6 104.5 104.2 - - - 92.3 - * - - - 92.7 - - - - -
Standard Deviation 6.0 - 2.8 * 0.9 1.9 6.8 1.1 - - - 4.3 - * - - - 13.5 - - - - -
VOLUME OF TRADES (000'S) 1,039,272.7 - 50,394.7 * 38,605.0 133,785.8 46,723.7 94,680.5 - - - 12,501.0 - * - - - 38,873.1 - - - - -
Customer Buy 469,797.7 - 19,141.7 * - 65,881.2 * 60,495.0 - - - * - * - - - 22,571.1 - - - - -
Customer Sell 500,528.6 - 31,253.0 * 38,605.0 21,079.3 35,568.7 34,185.5 - - - * - * - - - 16,272.0 - - - - -
Dealer to Dealer 68,946.4 - - - - * - - - - - * - - - - - * - - - - -
<= $1MM 53,933.1 - 6,749.3 * * 2,711.2 * 3,166.5 - - - 381.0 - - - - - 2,758.1 - - - - -
<= $10MM 661,376.1 - 43,645.4 * * 37,423.8 * 58,094.0 - - - * - * - - - 36,115.0 - - - - -
> $10MM 323,963.5 - - - * * * * - - - - - - - - - - - - - - -
NUMBER OF TRADES 341 - 22 * 7 19 8 29 - - - 8 - * - - - 17 - - - - -
Customer Buy 131 - 5 * - 7 * 15 - - - * - * - - - 9 - - - - -
Customer Sell 201 - 17 * 7 11 5 14 - - - * - * - - - 6 - - - - -
Dealer to Dealer 9 - - - - * - - - - - * - - - - - * - - - - -
<= $1MM 162 - 13 * * 5 * 6 - - - 5 - - - - - 9 - - - - -
<= $10MM 163 - 9 * * 12 * 21 - - - * - * - - - 8 - - - - -
> $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-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 - - - 97.4 96.9 99.9 - - - 92.0 94.0 99.7 - - - 94.6 94.8 99.6 - - -
Weighted Avg. Price - - - 98.8 92.8 99.9 - - - 92.3 93.4 99.6 - - - 94.0 97.3 98.9 - - -
Avg. Price Bottom 5 Trades - - - 95.3 87.5 97.4 - - - 88.4 87.3 98.1 - - - 93.9 89.6 97.3 - - -
2nd Quartile Price - - - 96.3 98.5 99.8 - - - 91.8 94.0 99.6 - - - 94.5 96.9 99.6 - - -
3rd Quartile Price - - - 98.3 99.5 100.0 - - - 92.9 97.3 99.9 - - - 94.7 99.3 100.0 - - -
4th Quartile Price - - - 99.5 101.6 100.1 - - - 94.6 98.9 100.0 - - - 98.9 99.8 100.3 - - -
Avg. Price Top 5 Trades - - - 99.5 102.7 101.8 - - - 95.3 99.0 101.1 - - - 95.8 100.8 100.6 - - -
Standard Deviation - - - 2.7 6.0 1.0 - - - 3.4 6.4 1.0 - - - 4.0 10.0 1.2 - - -
VOLUME OF TRADES (000'S) - - - 16,174.4 31,899.8 340,467.1 - - - 18,059.0 13,876.1 49,217.6 - - - 36,331.0 42,636.0 67,973.9 - - -
Customer Buy - - - * 14,052.1 157,427.9 - - - 9,029.5 * 18,000.5 - - - * * 40,659.6 - - -
Customer Sell - - - 11,607.3 7,647.7 183,039.2 - - - 7,329.5 11,737.1 21,037.1 - - - * 19,336.0 27,314.3 - - -
Dealer to Dealer - - - - * - - - - * - * - - - - - - - - -
<= $1MM - - - 1,557.0 3,572.2 13,712.8 - - - 2,620.0 1,442.0 6,362.6 - - - * * 3,515.4 - - -
<= $10MM - - - * 28,327.5 199,988.3 - - - 15,439.0 * 42,855.0 - - - 34,331.0 * 64,458.5 - - -
> $10MM - - - - - 126,766.0 - - - - - - - - - - * - - - -
NUMBER OF TRADES - - - 10 21 87 - - - 13 14 34 - - - 8 9 30 - - -
Customer Buy - - - * 5 33 - - - 6 * 12 - - - * * 17 - - -
Customer Sell - - - 7 14 54 - - - 6 11 20 - - - * 5 13 - - -
Dealer to Dealer - - - - * - - - - * - * - - - - - - - - -
<= $1MM - - - 6 13 43 - - - 5 10 25 - - - * * 9 - - -
<= $10MM - - - * 8 37 - - - 8 * 9 - - - 6 * 21 - - -
> $10MM - - - - - 7 - - - - - - - - - - * - - - -

* 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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