Despite the recent surge on the secondary front, European trading levels have a long way to go before they reach U.S. secondary volume.

In fact, some market participants believe that it is unfair to compare the two markets given the marked discrepancies that are intrinsic to European countries, as opposed to the more uniformly regulated U.S. "I think Europe is a harder market in that there are different regulatory differences per country in terms of securitization," said one trader. "There are intrinsic differences that Europe will have relative to the U.S. and it's unfair for investors to expect the same type of liquidity out of the European product relative to the U.S. ABS market, which is all under a single country."

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