OVERVIEW

A TRACE-reported trade shows where a security traded, but the price alone rarely tells the full story. TRACE Activity Feed brings official TRACE trade activity into the SOLVE | MBS Source workflow, allowing traders to evaluate each trade alongside the security and market information that provides important pricing context. 

Review TRACE-reported trades together with agency and Intex reference data, pool characteristics, historical offers, BWIC results, and market color. By bringing these data sources together in one workflow, TRACE Activity Feed provides a more complete view of a security's trading history to support structured products price discovery—without altering the official TRACE record. 

SOLVE | TRACE Activity Feed Fact Sheet

View TRACE-reported trades in the full security-level context.

View SOLVE | TRACE Activity Fact Sheet

Markets Covered

TRACE Activity Feed supports a broad range of structured products within the SOLVE | MBS Source workflow, helping traders evaluate TRACE-reported trades across the markets they cover.

Agency MBS

Evaluate TRACE-reported trades for specified pools and other agency mortgage-backed securities alongside collateral characteristics and market context. 

Non-Agency MBS and CMOs 

Analyze TRACE trade history for non-agency mortgage-backed securities and CMOs together with security-level market data and pricing context. 

ABS and CMBS

Review TRACE-reported trades for ABS and CMBS alongside market color, historical offers, and other pricing signals to support more informed trading decisions.

Other eligible structured products 

Additional eligible structured products, including SPDS and SPDS-144A securities, subject to product coverage and applicable permissions. 

Benefits

  • Understand the Trade, Not Just the Print 

    See TRACE-reported trades alongside collateral characteristics, historical offers, BWIC results, and market observations to better understand the context behind every trade. 

  • Accelerate Structured Products Price Discovery 

    Reduce the manual work required to join trade prints with agency, Intex, reference, and market-color data. Reduce the manual effort of combining TRACE trade data with agency, Intex, reference, and market-color data within a single workflow. 

  •  Support More Informed Pricing Decisions 

    Use TRACE-reported trades together with market evidence to support valuation, bid and offer levels, and post-trade analysis. 

  • Keep Market Context in One Workflow

    Access TRACE activity, structured-products inventory, bid lists, and historical market color from a single workflow, reducing the need to switch between multiple data sources.

Use Cases

  • Pre-Trade Price Discovery 

    Review TRACE-reported trades, BWIC results, comparable offers, and collateral characteristics before bidding on or offering a structured product. 

  • Post-Trade Validation 

    Compare executed prices with TRACE-reported trade history, historical offers, and SOLVE | MBS Source market observations to validate trading decisions.

  • Market History Analysis 

    Determine whether a reported trade appears connected to a BWIC, dealer offer, or broader pattern of market activity. Compare executed prices with TRACE-reported trade history, historical offers, and SOLVE | MBS Source market observations to validate trading decisions. 

  • Enterprise Data Integration

    Deliver TRACE-linked security history into internal pricing, analytics, surveillance, or execution workflows, subject to licensing and permissions. Determine whether a TRACE-reported trade is connected to BWIC activity, dealer offers, or broader structured products market activity. 

  • Trading & Portfolio Analysis

    Analyze TRACE-reported trades alongside collateral details, BWIC results, and historical market color to identify pricing trends and support investment decisions. 

Features

  • CUSIP-Level TRACE Trade History 

     View TRACE-reported trades within the broader security price and market history to better understand historical trading activity. 

  • Reference and Collateral Context 

    View agency, Intex, contributor, and security-level reference data alongside TRACE-reported trades for additional pricing context. 

  • Pool Characteristics 

    Access key collateral attributes—including coupon, age, FICO, LTV, geography, and other available pool characteristics—to support structured products analysis.

  • BWIC and Cover Linkage

    Connect TRACE-reported trades with BWIC activity, observed bid lists, cover levels, and available market color to better interpret market activity. 

  • Offer and Market-Color History

    Review TRACE-reported trades alongside historical offers, market color, and other pricing signals to better understand market conditions.

  • Flexible Delivery

    Access TRACE Activity Feed through the SOLVE platform or integrate TRACE trade data into existing pricing, analytics, and execution workflows via API, FIX, or controlled spreadsheet delivery, subject to applicable agreements.

FAQs

  • What is SOLVE's TRACE Activity Feed?

    TRACE Activity Feed is a feature within SOLVE | MBS Source that combines official TRACE-reported trades with collateral details, BWIC results, historical offers, and market color. It provides the additional context needed to interpret structured-products trade activity and support more informed pricing decisions. 

  • How is TRACE Activity Feed different from standard TRACE data? 

    TRACE provides official reported trade information. TRACE Activity Feed enhances that information by presenting TRACE-reported trades alongside security-level reference data, collateral characteristics, BWIC activity, historical offers, and other market observations—all within a single workflow. 

  • How does TRACE Activity Feed support price discovery?

    TRACE Activity Feed helps improve structured products price discovery by allowing users to evaluate reported trades alongside market context, including collateral details, BWIC results, historical offers, and market color. This reduces manual research and supports more informed trading and valuation decisions. 

  • What types of securities does TRACE Activity Feed support? 

    TRACE Activity Feed supports Agency MBS, Specified Pools, Non-Agency MBS, CMOs, ABS, CMBS, and other eligible structured products available through the SOLVE | MBS Source workflow, subject to product coverage and applicable permissions. 

  • Does TRACE Activity Feed modify TRACE-reported trades? 

    No. TRACE Activity Feed displays official TRACE-reported trade activity exactly as reported. It enriches those trades with additional context but does not alter or replace the official TRACE record. 

  • Can TRACE Activity Feed integrate with existing trading workflows? 

    Yes. TRACE Activity Feed is available within SOLVE | MBS Source and, subject to applicable agreements, supports delivery through API, FIX, and controlled spreadsheet workflows, making it easy to incorporate into existing trading, pricing, and analytics processes. 

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SOLVE | TRACE Activity Feed™