Global Joint Initiative to Restore Confidence in the Securitization Markets
Mission and Goals
The Securities Industry and Financial Markets Association (SIFMA) and the European Securitsation Forum (ESF) 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. 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.
It is essential to ensure well-functioning securitization markets. Both securitization and structured finance fund a wide range of consumer and business activity, which in turn, generates economic prosperity and social benefits. The senior-level and diverse members of the working group are uniquely positioned to offer deep insight and to look at the issues impacting the markets from many angles. Qualitative and quantitative research will be conducted to be used to identify key gaps and deficiencies in the markets and prioritize the issues to be examined. This Securitization Markets Working Group will create a substantive report of recommendations that has a global impact, including an implementation roadmap.
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.
The following co-chairs will lead the working group:
Sanjeev Handa
Head of Global Public Markets
TIAA-CREF
Jeff Perlowitz
Managing Director and Co-Head of Global Securitized Markets
Citi