Better Barking for ABS: Reform Proposals for the Asset-Backed Securities Market
AbstractThe market for asset-backed securities (ABS) – financial instruments backed by underlying assets such as mortgages – suffered a major setback in 2007, as a cascade of downgrades and defaults brought turmoil to credit markets and the world economy. Authorities in the United States have since proposed sweeping changes to the ABS market. The Canadian Securities Administrators, representing provincial securities commissions, recently released a discussion paper proposing similar reforms, which would require: (i) sharply enhanced transparency in ABS structures, (ii) CEO certification of the adequacy of such structures, and (iii) disclosure of previous asset repurchases by the securities’ sponsor.
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Bibliographic InfoPaper provided by C.D. Howe Institute in its series e-briefs with number 123.
Length: 4 pages
Date of creation: Sep 2011
Date of revision:
Publication status: Published on the C.D. Howe Institute website, September 2011
Financial Services; asset-backed securities (ABS); credit markets;
Find related papers by JEL classification:
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
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- David C. Allan & Philippe Bergevin, 2010. "The Canadian ABS Market: Where Do We Go From Here?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 315, November.
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