Capital Markets Engineering and Trading (CMET) expects to close its second transaction this week, a $200 million CLO-like hybrid called South Street Securities, which establishes a $15 billion repo trading desk for the benefit of Daiwa Securities.

CMET's structures combine characteristics of market value CDOs and SIVs. Unlike typical CDOs, the resulting vehicle is an operating company owned by CMET Financial Holdings. In this case, SSS will be an actively run the trading activities under head trader Jason Schuit.

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