The Securities Industry and Financial Markets Association (Sifma), the American Securitization Forum (ASF) and the European Securitsation Forum (ESF) today announced that they have formed a global, joint working group that will create and publish actionable, industry-developed recommendations designed to help revitalize the securitization and structured credit markets, and bolster investor and broader public confidence in those markets.
"Examining a full range of issues related to these markets, but with a view toward specific, practical solutions that will make a long-term impact, is something that the working group is uniquely positioned to do," said Tim Ryan, president and CEO of SIFMA.
"We owe thanks to individual members and securitization industry groups for stepping up collectively to lead an initiative that will serve as a catalyst for change in the securitization space," according to SIFMA's Ryan. This initiative will be co-led by Sanjeev Handa, Head of Global Public Markets, TIAA-CREF and Jeffrey Perlowitz, Managing Director & Co-Head of Global Securitized Markets at Citi. Other senior-level working group members represent a cross-section of these markets globally, and include investors, issuers, financial intermediaries and other stakeholders.
The goals of this initiative include improving the operation and function of these markets in ways that enhance market discipline and transparency, while preserving the essential role that securitization plays in funding consumer and business credit needs. In developing its recommendations, the joint working group will consult closely with industry participants and interface with regulators, legislators and policymakers worldwide.
The Joint Securitization Markets Working Group will also leverage extensive research and industry dialogue in order to arrive at substantive recommendations that have a global impact, including an implementation roadmap. This group will conduct in-depth interviews of senior business leaders and a survey of securitization market participants worldwide.
Additionally, this working group is responsive to the President's Working Group on Financial Markets' recommendation regarding the establishment of a private- sector group through which vital industry best practices, including those related to disclosure, can be formulated.