Similar to CDOs except that they are backed exclusively by mortgages rather than diversified loans. The cash inflows of the SPV are also divided into layers or tranches, each of which has a different payback period and seniority profile based on security.

Governs cross-border European road carriage and was enacted in the UK by the Carriage of Goods by Road Act 1965. CMR applies to the carriage of goods by road when the place of taking over the goods and the delivery place are in two different countries at least one of which is a contracting party. Any road journey for hire or reward (not own goods carriage) that starts or ends in the UK is subject to CMR unless an exception (e.g. furniture removal, postal despatch) applies. The carrier is liable for loss or damage from taking charge of the goods until delivery subject to a compensation limit based on a rate per kilo. There is no liability if a defence (e.g. wrongful act or neglect of the claimant) applies.