Apollo Says Private Credit Hits TRACE Moment as Post-2002 Transparency Compresses Trading Frictions
Updated
Updated · Apollo Global Management · May 30
Apollo Says Private Credit Hits TRACE Moment as Post-2002 Transparency Compresses Trading Frictions
2 articles · Updated · Apollo Global Management · May 30
Private credit is entering a "TRACE moment," Apollo said, with trading frictions now compressing as market transparency infrastructure matures.
July 2002 is the benchmark in Apollo's comparison: FINRA's TRACE reporting in public credit helped unlock liquidity, and Apollo says similar forces are now emerging in private credit.
Apollo said its chart tracks transaction-cost compression rather than volume growth, framing the shift as improved market functioning instead of a surge in trading activity.
The view points to a broader evolution in private credit toward more transparent, easier secondary trading as market infrastructure catches up with public debt markets.