U.S. AND EUROPEAN SECURITIES INDUSTRY ASSOCIATIONS FORM JOINT SECURITIZATION WORKING GROUP

Posted July 7, 2008

NEW YORK – The Securities Industry and Financial Markets Association (SIFMA), the American Securitization Forum (ASF) and the European Securitization 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.

“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,” says Tim Ryan, President and Chief Executive Officer of SIFMA.

The Joint Securitization Markets Working Group will 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.

“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,” says Ryan.

The group 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 group’s goals also include improving the operation and function of securitization 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.