Events Calendar
News and Information for and by the Securitization Industry
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Restoring Confidence in the Securitization Markets: A Global Initiative
Wednesday, December 3, 2008
8 AM - 11 AM (ET)
ASF/SIFMA Headquarters
360 Madison Avenue, 18th Floor
(Entrance on 45th Street)
New York, NY 10017-7111
1 PM - 4 PM (GMT)
ESF Headquarters
St. Michael's House, 1 George Yard
London, UK EC3V 9DH
December 4, 2008
12 AM - 3 AM (EDT - Sydney, Australia)
Seminar Overview
The global securitization and structured credit markets are critically important to the global capital markets, and thereby also to the world economy. The absence of well-functioning securitization markets adversely impacts consumers, financial institutions, issuers and investors. Unless securitization markets recover, the price of credit for consumers and businesses will be higher and availability increasingly limited. Financial institutions will no longer have this tool to reduce risk and to diversify financing sources in order to free up capital for other activities. Investors will encounter rising difficulty in gaining exposure to an asset class that has become a significant part of their portfolios.
Given the magnitude of the stakes, the current crisis in the securitization markets merits an immediate, coordinated response to restore the confidence of investors and all market participants.
On Wednesday, December 3, 2008, the American Securitization Forum, the Securities Industry and Financial Markets Association, the European Securitisation Forum and the Australian Securitisation Forum jointly hosted a seminar highlighting the industry's efforts to address this crisis.
Topics and questions addressed included:
- A diagnosis of securitization market problems, dislocations and their causes - what went wrong and why?
- The benefits of securitization and its role in providing funding and liquidity to consumers and businesses
- Consequences - what's at stake if securitization markets do not recover? What will happen to U.S. and global economic growth?
- Global industry recommendations and actions to restore confidence - what are they? Why are they important? How/when are they being implemented? How will they help?
- How should practices be improved in the near term?
- How can we guard against future systemic shocks?
- What else is needed to restore confidence and functionality to the market?
Additionally, the organizations released a joint report identifying the multiple factors which contributed to the current market crisis, presented the near- and medium-term market outlook and outlined the significant threat to global economic growth if the securitization sector does not recover. The report prioritized the areas of focus for the industry response which are likely to have the greatest near-term impact, and offered recommendations to enhance industry practices in the securitization and structured credit markets. Please click here for the report and here for more information.
Agenda and Speakers
8:15 - 8:30 AM: Introductions/Opening Remarks
- T. Timothy Ryan, Jr., President & CEO, Securities Industry and Financial Markets Association
8:30 - 9:30 AM: Presentation of Joint Report and Recommendations
Speakers:
- Greg Medcraft, CEO & Executive Director, Australian Securitisation Forum
- George P. Miller, Executive Director, American Securitization Forum
- Rick Watson, Managing Director, European Securitisation Forum
A. Project Goals, Scope, Participants, Process
B. Benefits of Securitization; Its Role in Providing Funding and Liquidity to Consumers and Businesses; Consequences if Securitization Markets do not Recover--What's at Stake?
C. Presentation of Research Findings and Recommendations
9:30 - 10:30 AM: Panel Discussion/Critique of Joint Report Analysis and Recommendations
Speakers:
- Robert Camilleri, Senior Manager, Credit, Aviva Investors Australia
- Sanjeev Handa, Head of Global Public Markets, TIAA-CREF
- Jason H.P. Kravitt, Senior Partner, Mayer Brown, LLP
- Jeffrey A. Perlowitz, Managing Director and Co-Head of Global Securitized Markets, Citi
- Cecilia Tarrant, Managing Director, Morgan Stanley & Co. International plc
- Steven L. Schwarcz, Stanley A. Star Professor of Law & Business, Duke University School of Law; Founding/Co-Academic Director, Global Capital Markets Center
A. Diagnosis of Securitization Market Dislocations--What Went Wrong and Why?
B. Discussion/Critique of the Role and Benefits of Securitization--Is the "Originate to Distribute" Model a Virtue or Vice?
C. Discussion/Critique of the Joint Project's Recommendations--Why Are They Important? How/When are They Being Implemented? What Else is Needed to Restore Confidence and Functionality to the Market?
10:30 - 11:00 AM: Concluding Remarks; Q&A
Presentation Materials
Please note that the webinar of this event is no longer available. Please click here for the presentation materials.