The Williams Capital Group L.P., a boutique shop more frequently seen as a co-manager on new issue corporates and ABS, aims to increase transparency in the underserved niches of the market by focusing its new secondary trading desk on the most illiquid bonds available. As co-heads of structured products for Williams, ABS veterans Armand Pastine and Bradley Young plan to make Williams a shop that can provide bids on the most credit-sensitive of assets.

Anyone can put a level on five-year credit card floaters, but Enterprise Mortgage Acceptance Corp. 2000-1 A2 paper is a more difficult assessment. Additionally, removing EMAC from a portfolio - even at a loss - may be the trade of the year for the manager. For investors willing to take the risk, this also may be a positive move.

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