Newcomer Fieldstone Capital Group, a broker dealer founded in 2001 by high yield veteran Jonathan Blatt, has spent the past year building up a CDO secondary trading effort. Last week the firm brought on Johnny Srivastava, who was most recently in the securitization origination group at RBC Capital Markets.

Over the past year or so, CDO pros have talked up the emergence of a true secondary market for a historically illiquid product - a hand-in-hand development with increased transparency demanded by noteholders (see related story, p. 10).

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