flows produced by the underlying assets can be allocated to investors in different ways. Cash flows can be directly passed through to investors after administrative fees are subtracted, thus creating a “pass-through” security; alternatively, cash flows can be carved up according to specified rules and market demand, thus creating "structured" securities." This is an organized way of functioning of the credit markets at least in the Developed Primary non-tradable in the open market, company to company, bank to bank dealings to keep the markets running, afloat as well as operational and provision of the liquidity by the liquidity providers in the market, which is very well scrutinized for any "aberration, excessive instrument based hedging and market manipulation" or "outlier, volumes" based trades or any such "anomalies, block trades 'company treasury' based decision without proper and posterior/prior intimation", by the respective regulators as directed by the law and as spotted in the regular hours of trading in the pre-market/after-hours trading or in the event based specific stocks and corrected and scrutinized for insider trading in the form of cancellation of the trades, re-issuance of the amount of the cancelled trades or freezing of the markets (specific securities being taken off the trading list for the duration of time) in event of a pre-set, defined by the maximum and minimum fluctuation in the trading in the secondary market that is the over the counter markets. Generally the Primary markets are more scrutinized by the same commission but this market comes under the category of institutional and company related trades and underwritings, as well as guarantees and hence is governed by the broader set of rules as directed in the corporate and business law and reporting standards governing the business in the specific geography. Government bailouts The US government has provided relief to the ABS industry through Term Asset-Backed Securities Loan Facility (TALF) during the Great Recession of 2008 and the COVID-19 pandemic. See also Asset-backed commercial paper A notes Asset-based lending Asset-based loan Collateralized debt obligation Credit enhancement Mortgage-backed security Pooled investment Privatization Securitization transaction Securities Structured finance Term Asset-Backed Securities Loan Facility Tranche Thomson Financial League Tables References Further reading Jason H. P. Kravitt, Securitization of Financial Assets, Second Edition, Aspen Publishers, New York, New York, 2005. Steven L. Schwarcz, Structured Finance A Guide to the Fundamentals of Asset Securitization, November 1990, Second Printing, Practicing Law Institute. McLean, Bethany (2007). "Asset