Just over 18 months have passed since Citibank unveiled its "Block & Trap" de-linked credit card issuance vehicle, and it has proven to be one of the more innovative technological advances the asset-backed market has seen to date.

The original Block & Trap technology has spread to two of the larger issuers in the sector, MBNA and most recently, Bank One. Additionally, there are expectations that the de-linking of subordinated notes and the seniors they enhance will eventually be adopted by all of the major credit card issuers as well as applied to other collateral types.

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