Loan traders at investment banks have much greater knowledge of recent trades than buy-side counterparts, especially if the bank is also the administrative agent and thus executes a high percentage of trades. This dynamic does not exist is the bond market, where FINRA requires member firms to report trades that it in turn publishes on TRACE. There is significant demand for loan trade-history data similar to a product that MarketAxess offers for European bonds, a market similar to US leverage loans without a self-regulator like FINRA.  The loan product would require collection of EOD trade blotters from a consortium of loan managers.  Once the contributing managers reach critical mass (perhaps aggregate AUM represents 25% of loan market outstanding), trades would be published that meet a predetermined frequency criteria (perhaps 3 trades within that day).  This would be a "give-to-get" service where managers would have to contribute to subscribe.