FINRA Launches New Securitized Product Tables

The Financial Industry Regulatory Authority (FINRA) says that it has teamed with Interactive Data Corp. to create market activity and pricing-related tables for securitized products. The new securitized-product tables provide market participants insight into asset- and mortgage-backed securities transaction data reported to the Trade Reporting and Compliance Engine (TRACE), FINRA's over-the-counter (OTC) fixed-income real-time transaction reporting and dissemination service.

The tables, which are available on FINRA's website and in the Market Data Center, will be updated every trading day after market close.

"For the first time, securitized products data, including pricing tables and a market activity table – based on actual, consolidated transaction information – will be available to the public," says Steven Joachim, FINRA's executive vice president of transparency services. "Dissemination of these tables is the first step FINRA plans to take toward increased transparency in the securitized product market."

The tables offer an aggregate summary of daily transactions in the U.S. securitized products market by asset class. The U.S. Structured Trading Activity Report includes the volume of transactions, number of trades and number of unique securities transacted, FINRA says, while the U.S. Structured Trading Pricing Tables offer more detailed categories by asset class and include average price, volume by trade size, and buy or sell information.

The five pricing tables show aggregated price levels and volume of the following products: MBS pass-through securities and TBAs, agency and non-agency collateralized mortgage obligations, commercial mortgage-backed securitizations, asset-backed securitizations and collateralized debt obligations.

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