The U.S. financial industry’s internal regulator began a new data-tracking program designed to bring more transparency to a corner of the bond market known for opacity, but Wall Street isn’t sold.
Dealers are now required to report within 45 minutes of executing trades of asset-backed bonds. Those securities bundle pools of debt on almost anything with a cash stream, including money owed on car loans, credit cards, student debt, heavy equipment and transportation equipment leases. Similar securities backed by mortgages were blamed for contributing to the financial crisis.
