Securitization

Securitize partners with Zero Hash to leverage fiat and USDC funding rails for tokenized assets

Retrieved on: 
목요일, 4월 25, 2024
USD, ACH, ATS, SDK, API, Entrepreneurship, Alternative trading system, Securitization, USDC, Hash, Philosophy, Cryptocurrency

Securitize has leveraged Zero Hash’s fiat and USDC rails to enable investors to seamlessly on and off-ramp into tokenized assets in Securitize’s primary and secondary market.

Key Points: 
  • Securitize has leveraged Zero Hash’s fiat and USDC rails to enable investors to seamlessly on and off-ramp into tokenized assets in Securitize’s primary and secondary market.
  • USDC on and off ramping provides the real-time and 24/7/365 funding mechanism to interact with tokenized assets.
  • “Zero Hash provides the turnkey funding and withdrawal payment mechanisms for our customers to invest in tokenized assets.
  • Tokenization is an example of this technology's disruptive potential, and we are pleased to provide the bridge to fiat and stablecoin payments."

IMN Structured Finance and Euromoney Conferences are now, Invisso

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화요일, 3월 26, 2024
Conference, Partnership, CEE, IMN, Motion, Securitization, ELFA, Bouverie Street, Bank

LONDON, March 26, 2024 /PRNewswire/ -- IMN's structured finance events portfolio and the banking and finance arm of Euromoney Conferences have come together today to form a new business, Invisso.

Key Points: 
  • LONDON, March 26, 2024 /PRNewswire/ -- IMN's structured finance events portfolio and the banking and finance arm of Euromoney Conferences have come together today to form a new business, Invisso.
  • Dedicated to creating highly efficient capital market conferences, Invisso is now the largest and most experienced events business in the fixed income space covering key areas including structured finance, private credit and bond markets.
  • This is already in motion with the introduction of our CEE Securitization Summit in January which brought together Euromoney Conferences' regional CEE reach with IMN's structured finance expertise.
  • Invisso is the newly formed business comprising of IMN's structured finance portfolio and Euromoney Conferences.

IMN Structured Finance and Euromoney Conferences are now, Invisso

Retrieved on: 
화요일, 3월 26, 2024
Conference, Partnership, CEE, IMN, Motion, Securitization, ELFA, Bouverie Street, Bank

LONDON, March 26, 2024 /PRNewswire/ -- IMN's structured finance events portfolio and the banking and finance arm of Euromoney Conferences have come together today to form a new business, Invisso.

Key Points: 
  • LONDON, March 26, 2024 /PRNewswire/ -- IMN's structured finance events portfolio and the banking and finance arm of Euromoney Conferences have come together today to form a new business, Invisso.
  • Dedicated to creating highly efficient capital market conferences, Invisso is now the largest and most experienced events business in the fixed income space covering key areas including structured finance, private credit and bond markets.
  • This is already in motion with the introduction of our CEE Securitization Summit in January which brought together Euromoney Conferences' regional CEE reach with IMN's structured finance expertise.
  • Invisso is the newly formed business comprising of IMN's structured finance portfolio and Euromoney Conferences.

The impact of regulatory changes on rating behaviour

Retrieved on: 
화요일, 4월 2, 2024
Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

Key Points: 
    • Abstract
      We examine rating behaviour after the introduction of new regulations regarding Credit Rating
      Agencies (CRAs) in the European securitisation market.
    • There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
      2012; Efing and Hau, 2015).
    • Competition among
      CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
      issuers resulting in rating inflation (Bolton et al., 2012).
    • This paper investigates the impact of the post-GFC regulatory changes in the European
      securitisation market.
    • In 2011, in addition to the creation of
      European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
      introduced.
    • We examine how rating behaviours have changed in the European securitisation market after the
      introduction of these new regulations.
    • We utilise the existence of multiple ratings and rating agreements between
      CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
      et al., 2012; 2016).
    • We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
      and CRAs in the structured finance market.
    • Rating catering, which is a direct consequence of issuer and
      CRA collusion, seems to have disappeared after the introduction of these regulations.
    • There is empirical evidence of rating catering in the securitisation market in
      the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
    • Competition among CRAs could diminish ratings quality (Golan, Parlour,
      and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
      al., 2012).
    • This paper investigates the impact of the post-GFC regulatory changes in the European
      securitisation market.
    • In 2011, in addition
      to the creation of European Securities and Markets Authority (ESMA), a regulatory and
      supervisory body for CRAs was introduced.
    • We find that the regulatory changes have been effective in tackling conflicts of interest
      between issuers and CRAs in the structured finance market.
    • Rating catering, which is a direct
      consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
      these regulations.
    • Investors who previously demanded higher spreads for rating agreements for a
      multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
      period.
    • Regarding rating shopping, we find that the effectiveness of the changes has been limited,
      potentially for two reasons.
    • Additionally, we also find that rating over-reliance might still be an issue, especially
      Rating catering is a broad term and it can involve rating shopping.
    • They re-examine the rating shopping and rating
      catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
    • Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
      of the rating catering.
    • Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
      rating inflation and rating over-reliance.
    • To the best of our knowledge, this paper is the first to
      examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
      rating inflation in the European ABS market.
    • Hence, the coverage and quality of our dataset constitutes significant addition
      to the literature and allows us to test the rating shopping and rating catering more authoritatively.
    • The following section reviews the literature
      on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
      introduced in the post-GFC period.
    • Firstly, ratings became ever more important as the Securities and
      Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
      (i.e.
    • the investment mandates that highlight rating agencies as the main benchmark for investment
      eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
    • issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
      et al., 2012; Efing and Hau, 2015).
    • Bolton et al., (2012) demonstrate that competition
      promotes rating shopping by issuers, leading to rating inflation.
    • The last phase, CRA III, was implemented in mid-2013 and involves an additional
      set of measures on reducing transparency and rating over-reliance.
    • As mentioned above, rating inflation can be caused by rating shopping
      In order to be eligible to use the STS classification, main parties (i.e.
    • The higher the difference in the number of ratings for a
      given ABS tranche, the greater the risk of rating shopping.
    • Alternatively, the impact of the new
      regulations could be limited when it comes to reducing rating shopping.
    • This is because, firstly,
      the conflict of interest between securitisation parties is not necessarily the sole cause for the
      occurrence of rating shopping.
    • L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
      we utilise interchangeably to capture the rating shopping and rating catering behaviour.
    • Hence, issuers are incentivised to report the highest possible rating and
      ensure each additional rating matches the desired level.
    • All in all, our results suggest that
      the new stricter regulatory measures have been effective in tackling conflicts of interest and
      reducing rating inflation caused by rating catering.
    • Self-selection might be a concern in analysing the impact of the
      new measures and investors? response with regard to the rating inflation.
    • This
      result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
      suspicion of rating inflation and increased trust of CRAs.
    • Conclusion
      Several regulatory changes were introduced in Europe following the GFC aimed at tackling
      conflicts of interest between issuers and CRAs in the ABS market.
    • Utilising a sample of 12,469
      ABS issued between 1998 and 2018 in the European market, this paper examined whether these
      changes have had any impact on rating inflations caused by rating shopping and rating catering
      phenomena.
    • We find that the
      effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
    • Tranche Credit Rating is the rating reported for a tranche at launch.

Voxtur Announces the Issuance of Shares in Connection with the Acquisition of MTE

Retrieved on: 
금요일, 2월 2, 2024
Consultant, Indian stock exchange, Securitization, Ecosystem, TSX Venture Exchange, Acquisition, Commercial property

TORONTO and Tampa, Fla., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that pursuant to the prior press release dated July 5, 2022 , the Company intends to issue (the “Issuance”) an aggregate of 5,500,000 common shares in the capital of the Company (the “Common Shares”) at a deemed price of $0.094 per share in lieu of cash payable for the aggregate amount of $500,000 (being the outstanding cash balance of the remaining purchase price for the acquisition of Municipal Tax Equity Consultants Inc. and MTE Paralegal Professional Corporation (collectively, “MTE”)), held in escrow for 18 months pursuant to an escrow agreement between the Company, the escrow agent, the seller and the guarantor (the “Escrow Amount”).

Key Points: 
  • TORONTO and Tampa, Fla., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that pursuant to the prior press release dated July 5, 2022 , the Company intends to issue (the “Issuance”) an aggregate of 5,500,000 common shares in the capital of the Company (the “Common Shares”) at a deemed price of $0.094 per share in lieu of cash payable for the aggregate amount of $500,000 (being the outstanding cash balance of the remaining purchase price for the acquisition of Municipal Tax Equity Consultants Inc. and MTE Paralegal Professional Corporation (collectively, “MTE”)), held in escrow for 18 months pursuant to an escrow agreement between the Company, the escrow agent, the seller and the guarantor (the “Escrow Amount”).
  • Pursuant to an amended and restated escrow agreement, the escrow agent will return in cash, the Escrow Amount (together with all interest, dividends, income, capital gains and other amounts earned thereon or derived therefrom) to the Company and the Company will issue 5,500,000 Common Shares to the seller in lieu of cash payable for the Escrow Amount.
  • The Issuance is considered to be a shares for debt transaction pursuant to the policies of the TSX Venture Exchange (the "TSXV") and remains subject to TSXV approval.

Tokenized Asset Coalition Unveils State of Tokenization Report; Announces 15 New Members

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화요일, 1월 16, 2024
Professional Services, Other Professional Services, Blockchain, Technology, Cryptocurrency, Finance, Fintech, Decentralized finance, Securitization, Coalition, Ecosystem, Organization, RWA, Annual report, Elis James, Maple, Growth

Today the Tokenized Asset Coalition (TAC) announced its inaugural State of Tokenization Report , a comprehensive look at the industry with data and insights from a variety of TAC members.

Key Points: 
  • Today the Tokenized Asset Coalition (TAC) announced its inaugural State of Tokenization Report , a comprehensive look at the industry with data and insights from a variety of TAC members.
  • In addition, the TAC announced it has welcomed 15 new members into its ranks, a first cohort selected from more than 300 applicants.
  • The Tokenized Asset Coalition champions the adoption of public blockchains, asset tokenization and institutional DeFi to dramatically alter the way capital is formed, invested and managed onchain, paving the way for a more open, fair and transparent system for investors.
  • This year's State of Asset Tokenization report provides a range of insights into the state of RWAs and tokenization, innovation happening to business models and products, the emergence of institutional investors, large market trends, and more.

Exodus Announces End of ATS Trading in Preparation for OTCQB Listing

Retrieved on: 
화요일, 12월 5, 2023
Securitization, ATS, Martin Eberhard, Security (finance)

OMAHA, Neb., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (tZERO Securities ATS and Securitize Markets ATS:EXOD), (“the Company”), the leading self-custodial cryptocurrency software platform, announces that trading of its Class A shares on the tZERO Securities ATS and the Securitize Markets ATS will cease after the close of trading on Monday, December 11, 2023.

Key Points: 
  • OMAHA, Neb., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Exodus Movement, Inc. (tZERO Securities ATS and Securitize Markets ATS:EXOD), (“the Company”), the leading self-custodial cryptocurrency software platform, announces that trading of its Class A shares on the tZERO Securities ATS and the Securitize Markets ATS will cease after the close of trading on Monday, December 11, 2023.
  • This is being done to allow shareholders time to arrange the transfer of their shares to a brokerage account for participation in Exodus’ planned OTC Markets OTCQB listing.
  • Shareholders with Class A shares in a tZERO brokerage account will, following completion of the customary transfer process, become direct record holders on the shareholder register of Exodus’ transfer agent, Securitize, in preparation for upcoming OTC Markets trading.
  • Additionally, shareholders with Class A shares in a Securitize Markets brokerage account are already direct record holders on the shareholder register of Securitize.

Adams Street Partners Names Michael Kurlander as Partner and Chief Financial Officer

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화요일, 11월 28, 2023
Asset Management, Professional Services, Finance, Executive Committee, Multimedia, Culture, Goldman Sachs, Partner, Citadel Securities, Controller, University, CPA, Growth, Columbia University, Kurlander, Treasury, Securitization, Environment, Investment, Citadel

Adams Street Partners , LLC, a private markets investment firm with more than $58 billion in assets under management (“Adams Street”), today announced that Michael Kurlander has been named Partner and Chief Financial Officer.

Key Points: 
  • Adams Street Partners , LLC, a private markets investment firm with more than $58 billion in assets under management (“Adams Street”), today announced that Michael Kurlander has been named Partner and Chief Financial Officer.
  • Effective January 3, 2024, Kurlander will sit on the firm’s Executive Committee and report to Jeff Diehl , Managing Partner and Head of Investments.
  • View the full release here: https://www.businesswire.com/news/home/20231128701375/en/
    “Michael’s experience at both private and public companies will be enormously valuable as Adams Street’s business and products scale,” said Diehl.
  • Mike then served as Chief Financial Officer and Chief Operating Officer of Global Operations.

KBRA Assigns Preliminary Ratings to Santander Drive Auto Receivables Trust 2023-S1

Retrieved on: 
화요일, 11월 21, 2023
Professional Services, Finance, Sale, FCA US LLC, KBRA, Securitization, R2, Banco Santander, RR, NER Class R1, Certificate, FCA US, Security (finance), Telescopic sight

SDART 2020-4 is collateralized by a pool of subprime auto receivables originated and serviced by Santander Consumer USA (“SC”), which as of October 31, 2023, had an outstanding principal balance of approximately $359.9 million.

Key Points: 
  • SDART 2020-4 is collateralized by a pool of subprime auto receivables originated and serviced by Santander Consumer USA (“SC”), which as of October 31, 2023, had an outstanding principal balance of approximately $359.9 million.
  • SDART 2023-1 will issue three classes of notes: Class R1, Class R2 and Class RR.
  • KBRA has assigned preliminary ratings to Class R1 and Class R2.
  • Class RR, which represents the 5% vertical risk retention share of both the Class R1 and R2 notes, is not rated by KBRA.

Qianhai's Intensive Digital Industrial Layout to Facilitate the Development of the GBA

Retrieved on: 
수요일, 12월 6, 2023
Research, Construction, Authority, Kong, Digital, Interview, EY, Securitization, Tony Thear, Economic development, Film industry, Qianhai, Shenzhen

Theare has a solid foundation in the fields of the information industry and digitalization.

Key Points: 
  • Theare has a solid foundation in the fields of the information industry and digitalization.
  • Meanwhile, Qianhai's well-developed information industry and various digitalization applications also have a strong demand for new infrastructures such as clouds and networks.
  • Qianhai has been at the forefront of building intelligent industries and digitizing industrial parks.
  • The import and export value of cross-border e-commerce from January to June this year reached 20.51 billion yuan, a year-on-year increase of nearly five times.