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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 88.5 * 88.3 80.8 94.2 - - *
Weighted Avg. Price 80.5 * 80.2 76.8 86.3 - - *
Avg. Price Bottom 5 Trades 70.4 * 76.8 70.4 80.1 - - *
2nd Quartile Price 80.3 * 82.5 76.6 94.6 - - *
3rd Quartile Price 87.3 * 86.8 79.1 96.9 - - *
4th Quartile Price 96.8 * 95.7 86.1 98.4 - - *
Avg. Price Top 5 Trades 100.7 * 99.4 95.9 100.7 - - *
Standard Deviation 8.8 * 7.4 7.6 6.7 - - *
VOLUME OF TRADES (000'S) 4,779,266.6 * 879,612.6 2,347,411.5 1,552,242.5 - - *
Customer Buy 383,626.9 * 20,677.0 39,825.9 323,123.9 - - *
Customer Sell 4,222,891.9 - 829,030.6 2,302,585.6 1,091,275.7 - - -
Dealer to Dealer 172,747.8 - 29,905.0 * 137,842.9 - - -
<= $1MM 11,133.1 - 3,006.2 2,775.9 5,350.9 - - -
<= $10MM 318,455.3 - 176,266.1 62,850.0 79,339.2 - - -
> $10MM 4,449,678.3 * 700,340.3 2,281,785.6 1,467,552.4 - - *
NUMBER OF TRADES 236 * 94 60 82 - - *
Customer Buy 45 * 11 9 25 - - *
Customer Sell 154 - 61 50 43 - - -
Dealer to Dealer 37 - 22 * 14 - - -
<= $1MM 82 - 40 6 36 - - -
<= $10MM 56 - 32 9 15 - - -
> $10MM 98 * 22 45 31 - - *

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 94.6 - 96.7 * * 94.9 97.2 100.8 - - - 91.4 - 80.8 - - - 74.1 - - - - -
Weighted Avg. Price 90.7 - 95.2 * * 92.1 90.5 101.4 - - - 90.0 - 80.1 - - - 27.6 - - - - -
Avg. Price Bottom 5 Trades 58.6 - 94.2 * * 90.8 96.1 99.0 - - - 88.0 - 78.3 - - - 74.1 - - - - -
2nd Quartile Price 94.0 - 94.9 * * 91.9 97.2 100.3 - - - 91.7 - 74.9 - - - * - - - - -
3rd Quartile Price 98.5 - 98.2 * * 97.7 101.0 100.9 - - - 95.4 - 86.6 - - - * - - - - -
4th Quartile Price 100.1 - 98.6 * * 99.2 102.5 101.7 - - - 95.5 - 86.9 - - - * - - - - -
Avg. Price Top 5 Trades 102.0 - 98.6 * * 98.3 98.6 101.8 - - - 94.6 - 84.3 - - - 74.1 - - - - -
Standard Deviation 10.8 - 2.3 * * 4.2 4.8 1.0 - - - 5.8 - 7.4 - - - 38.1 - - - - -
VOLUME OF TRADES (000'S) 933,720.4 - 20,382.1 * * 124,767.1 43,902.6 96,914.7 - - - 19,718.4 - 27,189.0 - - - 40,254.0 - - - - -
Customer Buy 452,947.3 - 20,077.3 * * 62,556.9 * 59,545.4 - - - 9,866.2 - * - - - * - - - - -
Customer Sell 462,673.0 - * * - 62,210.2 * 37,369.2 - - - * - * - - - * - - - - -
Dealer to Dealer * - - - - - - - - - - - - - - - - - - - - - -
<= $1MM 35,161.5 - 1,834.7 * * 3,239.0 * 5,152.7 - - - * - - - - - * - - - - -
<= $10MM 488,252.5 - 18,547.4 * * * * 23,806.0 - - - 19,160.0 - 27,189.0 - - - * - - - - -
> $10MM 410,306.4 - - - - * * * - - - - - - - - - * - - - - -
NUMBER OF TRADES 235 - 15 * * 11 6 28 - - - 9 - 7 - - - 5 - - - - -
Customer Buy 123 - 14 * * 5 * 19 - - - 5 - * - - - * - - - - -
Customer Sell 108 - * * - 6 * 9 - - - * - * - - - * - - - - -
Dealer to Dealer * - - - - - - - - - - - - - - - - - - - - - -
<= $1MM 100 - 10 * * 8 * 19 - - - * - - - - - * - - - - -
<= $10MM 117 - 5 * * * * 5 - - - 6 - 7 - - - * - - - - -
> $10MM 18 - - - - * * * - - - - - - - - - * - - - - -

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 - - - 92.1 98.0 99.2 - - - 84.5 93.7 98.6 - - - 88.0 78.7 99.8 - - -
Weighted Avg. Price - - - 94.3 99.7 98.9 - - - 80.8 94.0 99.0 - - - 78.6 77.0 99.8 - - -
Avg. Price Bottom 5 Trades - - - 91.3 97.5 97.6 - - - 78.2 87.4 95.1 - - - 83.3 67.0 98.3 - - -
2nd Quartile Price - - - 92.4 99.4 97.9 - - - 76.3 92.4 97.4 - - - 89.3 62.6 99.9 - - -
3rd Quartile Price - - - 96.1 100.2 99.8 - - - 86.8 98.1 99.5 - - - 94.0 68.9 100.1 - - -
4th Quartile Price - - - 96.5 100.4 100.1 - - - 94.4 99.5 100.3 - - - 96.5 100.0 100.5 - - -
Avg. Price Top 5 Trades - - - 93.8 98.9 100.4 - - - 91.3 99.2 100.5 - - - 93.9 100.0 100.7 - - -
Standard Deviation - - - 4.6 3.1 1.1 - - - 8.6 7.3 1.9 - - - 11.2 18.4 1.0 - - -
VOLUME OF TRADES (000'S) - - - 34,449.0 6,255.1 174,775.7 - - - 39,551.8 31,287.9 81,099.6 - - - 48,147.0 48,738.5 81,385.0 - - -
Customer Buy - - - * * 103,715.4 - - - 18,043.8 * 44,178.2 - - - 32,040.0 22,731.0 21,545.0 - - -
Customer Sell - - - * * 71,060.3 - - - * 21,591.5 18,821.4 - - - * 26,007.5 59,840.0 - - -
Dealer to Dealer - - - - - - - - - - - * - - - - - - - - -
<= $1MM - - - - 2,505.1 1,530.3 - - - * 2,900.0 6,885.8 - - - * 4,185.0 2,285.0 - - -
<= $10MM - - - 34,449.0 * 85,820.4 - - - 28,116.5 28,387.9 50,213.8 - - - 17,387.0 44,553.5 79,100.0 - - -
> $10MM - - - - - 87,425.0 - - - * - * - - - * - - - - -
NUMBER OF TRADES - - - 6 6 33 - - - 9 12 34 - - - 8 17 21 - - -
Customer Buy - - - * * 15 - - - 5 * 18 - - - 6 5 7 - - -
Customer Sell - - - * * 18 - - - * 10 12 - - - * 12 14 - - -
Dealer to Dealer - - - - - - - - - - - * - - - - - - - - -
<= $1MM - - - - 5 7 - - - * 5 17 - - - * 9 6 - - -
<= $10MM - - - 6 * 21 - - - 7 7 15 - - - 5 8 15 - - -
> $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.

Effective April 25th, 2026, the “Structured Trading Activity Report” and “Daily CMBS Pricing Tables” were revised for the as-of dates of February 23, 2026, through February 26, 2026. This revision was due to an issue with incorrect factors that primarily impacted the “OTHER CMBS HY (P&I)” bucket.

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