Speakers
Chair
Christian Noyer
Honorary Governor, Banque de France - Banque de France
Public Authorities
Fausto Parente
Executive Director - European Insurance and Occupational Pensions Authority (EIOPA)
Fernando Navarrete Rojas
MEP - Committee on Economic and Monetary Affairs, European Parliament
George Theocharides
Chairman - Cyprus Securities and Exchange Commission
Industry Representatives
Alexander Batchvarov
Managing Director and Head of International Structured Finance Research - Bank of America
Edwin Wilches
Managing Director, Co-Head of Securitized Products - PGIM Fixed Income
Philippe Bordenave
Senior Executive Advisor to General Management and the Chair of the Board - BNP Paribas
Vince Marriott
Financial Regulation - Apollo Global Management
Objectives
Securitisation is an important instrument for transferring risk, diversifying funding, and supporting long-term investment. Post-2008 reforms improved asset quality, investor protection, and systemic resilience, but also constrained market growth. Despite these safeguards, the EU securitisation market has not recovered its full potential. The Commission’s June 2025 proposal seeks to recalibrate capital charges, streamline due diligence, and restore viability, particularly for senior STS tranches.This session will assess whether these adjustments address real systemic risks while avoiding undue conservatism, and whether securitisation can more effectively support financing of the EU economy under current conditions.
Points of discussion
- How can securitisation regulation best target core financial stability risks—such as asset correlation, origination standards, and agency issues—without creating regulatory overlaps or excessive conservatism that suppress sound transactions?
- Do the Commission’s proposed reforms provide the right balance of risk sensitivity, market confidence, and supervisory clarity to revitalise the EU market, and what further refinements may be needed to strengthen its role in financing the real economy?