FINRA’s plan, announced in July,  to disseminate pricing on after-market transactions in securities backed by credit card receivables, automobile and student loans and other assets through TRACE should transform this market as we know it.  

The “inexorable force,” as it was described in 2003 by former Securities and Exchange Commision chief Mary Schapiro has proven its strength.  TRACE, the transaction and reporting compliance engine, started in 2002, four years after then-SEC Chairman Arthur Levitt called for price transparency in all markets.  But it began initially only for corporate bonds. 

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