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European quality kitemark for securitisation

European securitisation bodies are launching a new kite-mark system for high-quality asset-backed securities to help improve investor and regulator confidence.

The project, called the Prime Collateralised Securities initiative, is being spearheaded by wholesale markets trade body the Association for Financial Markets in Europe and the European Financial Services Roundtable, a collection of senior European bankers.

They are aiming to raise around £2.6m for technology systems and staffing costs and aim to launch the kitemark system in early January.

An AFME spokesman says: “Continuing to rebuild the confidence of investors and regulators in the securitisation market is critical not just for the recovery of our market but also for Europe’s economic recovery. The PCS initiative is expected to bring added quality, transparency and standardisation to the market, with a goal of improving overall liquidity.”

London & Country associate director of communications David Hollingworth says: “Any efforts to free things up in the securitisation markets has got to be welcomed.”

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