The Securities Industry and Financial Markets Association, together with its affiliate the European Securitisation Forum, have welcomed HM Treasury’s announcement of the UK Government’s
The Securities Industry and Financial Markets Association, together with its affiliate the European Securitisation Forum, have welcomed HM Treasury’s announcement of the UK Government’s 2009 Asset-backed Securities Guarantee Scheme for residential mortgage-backed securities.
"Sifma welcomes this initiative which is an important additional step in helping to restore investor confidence. The credit and liquidity guarantees are designed to help restart the UK RMBS market, which will in turn help improve the housing market,’ says Karsten Moller, executive vice president, Sifma -Europe and Asia. ‘With this scheme, the UK’s leadership is wisely utilising securitisation as an important solution to increase funding for potential homeowners. We encourage other EU governments to work together with market participants to develop similar guarantees, as appropriate.’
‘The criteria for tapping into the guarantee scheme draw on the industry RMBS Issuer Principles for Transparency and Disclosure, Version 1 issued in February 2009. Importantly, this plan will improve transparency and consistency for pre- and post-issuance disclosure,’ adds Rick Watson, managing director of Sifma and ESF.
Sifma brings together the shared interests of more than 650 securities firms, banks and asset managers. Its mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public’s trust and confidence in the markets and the industry. It has offices in New York, Washington DC, and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.
The European Securitisation Forum, an affiliate of Sifma, is the voice of the securitisation market place in Europe, with the purpose of promoting efficient growth and continued development of securitisation throughout Europe. Its membership is comprised of over 140 institutions involved with all aspects of the securitisation and CDO business, including issuers, investors, arrangers, rating agencies, legal and accounting advisors, stock exchanges, trustees, IT service providers and others.
