When it comes to New Year's resolutions, Standard & Poor's commissioned a mighty goal for itself. The rating agency announced it is in the process of rolling out a benchmark for ABS CDOs, a collateral class exploding in terms of issuance volume.

In the world of securitization, few other instruments have seen the level of disagreement over performance and, subsequently, pricing in the secondary market as the ABS CDO sector. While a benchmark won't solve every debate, it would provide a much larger window through which to view a sector rapidly growing in market dominance.

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