Podcasts about securitisation

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Rehanna Sameja, Senior Vice President and Sector Lead of European RMBS & Covered Bond Ratings, and Sakeeb Zaman, CEO and founder of StrideUp Homes Limited, to discuss Islamic home finance.Islamic home finance has existed in the UK for more than two decades, providing an alternative pathway to home ownership for customers seeking financing that aligns with Islamic principles. While these products are economically similar to conventional mortgages, they are structured through different contractual frameworks, creating unique considerations for lenders, investors, and credit rating analysts alike. As the market develops and more transactions reach the capital markets, understanding these differences is becoming increasingly important.Our panel discuss the current market landscape, how Islamic home finance differs from conventional mortgages, what happens when these assets are securitised, and whether this niche segment could become a more meaningful part of the European RMBS market in the years ahead.Related Content:“Demystifying Credit: "Islamic Mortgages" and Sharia-Aligned Securitisations” https://dbrs.morningstar.com/insights/commentary/489142 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

G'day friends and welcome to the second official meeting of the Brisbane NOlympics Committee! In this episode, Anna and Nat are continuing the conversation from our first NOlympics show to consider why exactly the Olympics is such a bad proposition for host cities (and what we could still be doing about it!) We pick up on John Rennie Short's theory of "event capture" to express the many and varied ways that these kinds of mega events work to reorganise the city around the needs and interests of global capital rather than local people, focusing in particular on the idea of "legal capture", and the way that the ordinary "checks and balances", accountability mechanisms and development approval processes get waved during mega events because of the manufactured urgency of the event deadline. Towards the end of the show, we also introduce the idea of "narrative capture" to consider how mega events work by reinvigorating and operationalizing repressive forms of nationalism; and how this goes hand in hand with rising fascism and new forms of colonialism and colonial violence. If you're interested in this concept, stick around for the next episode of the podcast where we share a talk we gave at a protest action at Barrambin, so-called victoria park, which digs further into the way that the Olympics functions to foreclose more radical possibilities for the city and to stoke the flames of fascism in the here and now.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, ICMA, discusses the joint industry response to the FCA and PRA consultations on reforming the UK's securitisation framework and the opportunity to enhance the market's competitiveness and international appeal. Read the full 2026 Q3 Quarterly Report here.

Sabah Anjum, Associate, Market Practice and Regulatory Policy, ICMA and Natalie Westerbarkey, Managing Director and Co-Head, Market Practice and Regulatory Policy, ICMA, explores the future of securitisation, examining how regulatory reform, market innovation and industry collaboration can support sustainable market growth. Read the full 2026 Q3 Quarterly Report here.

In this episode, we speak with Dr Eline Wærp about the increasing digitalisation of EU borders. How is digital technology reshaping migration governance? What are the implications for human rights, and how does this relate to what scholars describe as the “securitisation of mobility”? Dr Wærp guides us through these complex issues, exploring the intersection of technology, politics, and border governance and introducing the concept of “banal securitisation”.   Dr Wærp is a postdoctoral researcher at the FAU Center for Human Rights Erlangen-Nuremberg (CHREN), focusing on the digitalisation of EU air border controls and its human rights implications. She has a PhD in migration studies from the Department of Global Political Studies at Malmö University, where she wrote her dissertation on the European Border and Coast Guard Agency's (Frontex) production of a securitised border knowledge. Her research interests include irregularized migration, securitisation, and EU border controls. Through her research, she strives to have a positive societal impact by challenging dominating discourses and practices and questioning the taken-for-granted. Sources: https://www.youtube.com/watch?v=a4ZcImVVsa0 https://migrationnetwork.un.org/hub/migration-digitalization https://books.google.de/books/about/Eichmann_in_Jerusalem.html?id=jsDtAAAAMAAJ&redir_esc=y https://www.bmi.bund.de/SharedDocs/pressemitteilungen/EN/2024/09/binnengrenzkontrollen_en.html https://www.bmi.bund.de/SharedDocs/pressemitteilungen/EN/2024/09/binnengrenzkontrollen_en.html https://english.marechaussee.nl/topics/t/temporary-reintroduction-of-border-control https://www.bmi.bund.de/EN/topics/migration/common-european-asylum-system/common-european-asylum-system-node.html https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/story-von-der-leyen-commission/managing-migration-responsibly_en https://www.eid.hr/en/mobile-identitity/dtc/about-project https://home-affairs.ec.europa.eu/proposal-regulation-establishing-application-electronic-submission-data-eu-digital-travel_en https://faculty.cc.gatech.edu/~beki/cs4001/Winner.pdf

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, collated the thoughts from the following Morningstar DBRS analysts featured at this year's Global ABS conference in Barcelona: Mirco Iacobucci, Associate Managing Director of European Commercial Real Estate Ratings, spoke on the Day One “Beyond the Clouds: Financing Digital Infrastructure” panel Kevin Stephenson, Managing Director and Head of APAC Credit Ratings, spoke on the Day Two “Deals Down Under: Opportunities in Aussie ABS” panel Stephan Rompf, Vice President of European Structured Credit Ratings, Funds, spoke on the Day Two “Big Capital, Small Business: Outlook for SME Lending” panel Mudasar Chaudhry, Senior Vice President and Lead of European Structured Finance Research, moderated the Day Two “The Bear and the Bull: Investors' Roundtable” panel Related research is available at the following link: https://go-dbrs.morningstar.com/FT-AFME-GlobalABS2026 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Miklos Halasz, Vice President, European ABS Ratings, Auto, and Andrew Lynch, Vice President, Sector Lead, European Structured Finance Ratings, Surveillance, to discuss the UK securitisation framework and the Financial Conduct Authority's (FCA) Consultation Paper CP 26/6 (CP 26/6 or the Consultation). CP 26/6, published on 17 February 2026 and closed on 18 May, outlined proposals to simplify and streamline the rules governing UK securitisations. The Consultation was broad in scope, touching on investor due diligence, risk retention, cost savings, the public/private transparency divide, and loan-level reporting templates.  In this episode, our analysts discuss what the proposed changes mean for credit analysis—across residential mortgage-backed securities, auto asset backed-securities, and collateralised loan obligations—and where we see improved transparency, as well as areas where it may be reduced. Related Content:  “UK Auto ABS and FCA CP 26/6: Reporting, Reloaded”, https://dbrs.morningstar.com/research/481271 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Kevin Stephenson, Managing Director, Head of APAC Credit Ratings, and Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss Australian and UK residential mortgage guarantee schemes. Our analysts dive into a topic that sits at the intersection of housing policy, property markets, and credit risk. In Australia, the government's expanded 5% deposit scheme is making it easier for first-time buyers to enter the market, but also raising important questions about affordability, house prices, and the risks embedded in high loan-to-value ratio lending. In the UK, the government is taking a more modest approach to its mortgage guarantee framework with a far less visible impact on the housing market. This episode addresses a key question: how do these differing government policy choices shape housing demand, market dynamics, and ultimately the credit risk to which investors are exposed? Related Content: “Australia's 5% Deposit Scheme: Balancing Affordability, Home Ownership, and Credit Risk”, https://dbrs.morningstar.com/research/478698 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Guglielmo Panizza, Senior Vice President and Sector Lead of European ABS Ratings, and Xiaoxi Sun, Assistant Vice President of European ABS Ratings, Auto, to discuss Chinese electric vehicles (EVs) through an ABS lens. Our analysts dive into a topic that sits right at the intersection of what people see on the road and what investors see in their portfolios. Chinese car brands, especially EVs, are becoming more visible across Europe. At the same time, we're hearing about cheaper EVs coming from traditional manufacturers in 2026 and renewed concerns about petrol prices due to conflicts in the Middle East. So, the key question is: does this change the risk behind the car loans and leases packaged into auto ABS? Related Content:  “European Auto ABS: The Strategic Drive of Chinese Automakers Westward”, https://dbrs.morningstar.com/research/468742 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Natalie Westerbarkey, Managing Director and Co-Head, Market Practice and Regulatory Policy, reports on ICMA Brussels' roundtable on “Demystifying securitisation” . The event brought together policymakers and market participants to highlight its evolution into a robust, transparent funding tool that supports real-economy lending and investment, while identifying regulatory, operational and market barriers to scaling a stronger European securitisation market.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andre Soutinho, Assistant Vice President, European RMBS & Covered Bond Ratings, and Nicola De Caro, Senior Vice President, Sector Lead, European Financial Institution Ratings, to discuss Significant Risk Transfer (SRT) transactions--and, in particular, the rapid growth of synthetic securitisations in Europe.   Over the last few years, SRTs have become a core part of how European banks think about capital, risk management, and balance‑sheet efficiency. These deals allow banks to transfer credit risk to investors, often without selling the underlying assets, freeing up capital and supporting new lending.   In this discussion, our analysts unpack how SRT transactions work, why synthetic deals have become so popular, what trends we're seeing in the market, and how we analyse the key risks in structured finance and financial institutions. We also touch on recent and upcoming regulatory developments, including capital rules, supervisory expectations, and their implications for issuance going forward.   RELATED CONTENT “Synthetic SRTs: A Structured Finance Perspective”, https://dbrs.morningstar.com/research/472913 “The Expanding Role of Synthetic SRTs in European Bank Capital Planning”, https://dbrs.morningstar.com/research/473091     By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Mirco Iacobucci, Associate Managing Director, European Commercial Real Estate Ratings, to discuss data centres.Our analysts discuss how data centres are being financed and how securitisation is becoming a central part of the conversation, especially as investors search for stable, long‑term cash flows and varied sources of funding. They examine how securitising data centre assets actually works, the key differences between the asset-backed securities and commercial mortgage-backed securities approaches, and why the U.S. market is still far ahead of Europe. They also explore whether hyperscalers will remain the only type of data centres backing European securitisations or if we might see broader participation. Finally, they touch on the major risks facing the sector, from regulatory and grid‑capacity pressures to the threat of rapid technological obsolescence, and what all this means for issuance expectations in 2026.Related Content: “European CMBS 2026 Outlook: On the Upswing”, https://dbrs.morningstar.com/research/471388 “Demystifying Credit: Data Centres”, https://dbrs.morningstar.com/research/453420By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Kevin Stephenson, Managing Director, Head of APAC Credit Ratings, to discuss Australia's securitisation market.Australia's securitisation market is heading into 2026 with real momentum, supported by a AAA-rated sovereign, resilient borrowers, and a well-regulated financial system, even as global macro and geopolitical risks continue to dominate headlines. In this episode, our analysts unpack why issuance is on track to push toward AUD 100 billion next year and what a cautious Reserve Bank of Australia easing cycle and still-healthy labour market mean for credit performance. Our experts analyse how housing shortages, data-centre build-out, and new asset classes like solar asset-backed security and equity-release residential mortgage-backed securities are reshaping deal flow. The discussion also explores whether global headwinds--from U.S.-China tensions and tariffs to Al-driven data-centre risk and private credit growth--pose a genuine threat to Australian structured finance or whether the country's diversification, modest public debt, and investor demand from super funds and offshore buyers will keep spreads supported and volumes robust.RELATED CONTENT“Australian Structured Finance Outlook 2026: On Track for AUD 100 Billion in Issuance Despite Global Market Uncertainty?”, https://dbrs.morningstar.com/research/467639/.By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this episode of the Grow Your Wealth podcast, host Travis Miller sits down with Gary Sly, a banking and capital markets veteran with more than 40 years of experience across Australia, the US, the UK, and New Zealand. Gary shares his unconventional path into finance- from aspiring Navy pilot to landing his first role with the local bank manager - and how that evolved into a distinguished career in securitisation. He reflects on market cycles from the late 90s through the GFC to today's highly liquid environment, explaining how structures, investor behaviour, and regulation have changed across decades. Gary also opens up about the mentors who shaped him, the importance of trust in client relationships, pivotal career moments, long-term investing lessons, and life outside the markets. This episode is packed with insights for anyone interested in banking, structured finance, or building a resilient career in financial markets. [00:00:00] – Introduction: Meet Gary Sly and His Four-Decade Career in Banking and Capital Markets [00:05:06] – From Gunnedah to Global Markets: Early Career, Part-Time Study, and Discovering Securitisation [00:12:30] – Market Evolution: Pre-GFC Structures, the Crisis, and the Rebuild of Australia's ABS Market [00:18:00] – Tranching, Regulation, and the Rise of New Investor Segments Across the Capital Stack [00:23:13] – Private Credit, Warehouses, and How Securitisation Logic Now Powers the Broader Market [00:28:18] – Mentors, Leadership, and Lessons from Working with Top Treasury and Banking Executives [00:33:01] – Career Advice: Education, Patience, Asking Better Questions, and Navigating Opportunity [00:37:15] – Life Beyond Banking: Photography, Surfing, Family, and Finding Balance [00:38:23] – Final Thoughts and Connecting with Gary Sly on LinkedIn iPartners Website: https://www.ipartners.com.au Register Here: https://ipartners.iplatforms.com.au/register/register-as-wholesale/ iPartners LinkedIn: https://www.linkedin.com/company/ipartners-pty-ltd

In this episode of the Grow Your Wealth podcast, host Travis Miller sits down with Gary Sly, a banking and capital markets veteran with more than 40 years of experience across Australia, the US, the UK, and New Zealand. Gary shares his unconventional path into finance- from aspiring Navy pilot to landing his first role with the local bank manager - and how that evolved into a distinguished career in securitisation. He reflects on market cycles from the late 90s through the GFC to today's highly liquid environment, explaining how structures, investor behaviour, and regulation have changed across decades. Gary also opens up about the mentors who shaped him, the importance of trust in client relationships, pivotal career moments, long-term investing lessons, and life outside the markets. This episode is packed with insights for anyone interested in banking, structured finance, or building a resilient career in financial markets. [00:00:00] – Introduction: Meet Gary Sly and His Four-Decade Career in Banking and Capital Markets [00:05:06] – From Gunnedah to Global Markets: Early Career, Part-Time Study, and Discovering Securitisation [00:12:30] – Market Evolution: Pre-GFC Structures, the Crisis, and the Rebuild of Australia's ABS Market [00:18:00] – Tranching, Regulation, and the Rise of New Investor Segments Across the Capital Stack [00:23:13] – Private Credit, Warehouses, and How Securitisation Logic Now Powers the Broader Market [00:28:18] – Mentors, Leadership, and Lessons from Working with Top Treasury and Banking Executives [00:33:01] – Career Advice: Education, Patience, Asking Better Questions, and Navigating Opportunity [00:37:15] – Life Beyond Banking: Photography, Surfing, Family, and Finding Balance [00:38:23] – Final Thoughts and Connecting with Gary Sly on LinkedIn iPartners Website: https://www.ipartners.com.au Register Here: https://ipartners.iplatforms.com.au/register/register-as-wholesale/ iPartners LinkedIn: https://www.linkedin.com/company/ipartners-pty-ltd

Episode 14 - Barry Gros is joined by Ashley Thomas, Head of Structured Finance (UK) at ARC Ratings, to discuss the fundamentals of securitisation, focusing on its growing relevance in the data centre industry due to increasing capital requirements and the limitations of traditional bank financing.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Tomas Rodriguez-Vigil Junco, Senior Vice President, Sector Lead, European RMBS & Covered Bond Ratings to discuss the world of covered bonds.In this episode, Chaudry and Rodriguez-Vigil Junco discussed the background of covered bonds, how they differ from typical securitisations, and why they remain such an important funding tool in European markets. They took a closer look at our “Global Methodology for Rating and Monitoring Covered Bonds”, which is out for Request for Comment, highlighting some key changes under consideration and the reasons behind them. Additionally, they touched on some of the broader trends we're observing across the covered bond landscape.Related Content:“Global Methodology for Rating and Monitoring Covered Bonds--Request for Comment”https://dbrs.morningstar.com/research/462239By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Jorge Aranda Rodriguez, Senior Analyst, European Nonperforming & Reperforming Loan Ratings, to discuss Spain's foreclosure and bankruptcy landscape.Chaudhry and Aranda Rodriguez dived into the latest statistics around foreclosures and bankruptcies in Spain. At first glance, the numbers appear stable as foreclosure filings are at historic lows and the banking system's nonperforming loan ratio is just 3.2%. However, our analysts noted that these positive indicators may mask a series of underlying vulnerabilities.Related Content:“Spain's Foreclosure and Bankruptcy Landscape: Stability on the Surface, Pressure Beneath” (14 July 2025) https://dbrs.morningstar.com/research/458132By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Welcome to the final episode of this season of The Firm Analyst! Today, we discuss the following stories:

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Andrew Lynch, Vice President of European Structured Finance Ratings, Surveillance, and Petter Wettestad, Vice President of European Structured Finance Ratings, Surveillance, to discuss the Irish buy-to-let (BTL) sector.In this episode, the panellists summarised their observations across BTL in Ireland, including the key drivers and challenges facing the industry. Our experts delved into details of Irish BTL residential mortgage-backed securities (RMBS) transactions and how they are performing amidst the recent macroeconomic environment as well as stricter local rent reforms. They also shared their thoughts and expectations on the asset performance of RMBS transactions based on our analysis.For our thoughts on recent trends in Irish house prices and the mortgage market, please check out episode 30 on Irish prime and nonprime RMBS.Related Content:“Irish Buy-to-Let Performance Report: Q1 2025”,https://dbrs.morningstar.com/research/456754By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Miriam Patterson, Senior Director, Market Practice and Regulatory Policy, discusses ICMA's engagement with the EU Savings and Investment Union: securitisation aspects.

A Future of Finance interview with Milo Guastamacchia, Founder and CEO or Yooro.Technology-driven securitisation platform Yooro aims to simplify investor access to private markets, focusing on investors in the European Union, UK, Switzerland and the UAE. The company's Founder and Chief Executive Milo Guastamacchia speaks to Bob Currie about how this is reshaping approaches to fundraising in unlisted markets, while attracting new and wider categories of investor that may not have been attracted previously to private capital issues or structured products.The result, says Guastamacchia, is a more “democratic” pathway for private markets investment, delivering better access to the market, greater transparency and improved ‘voice' for the investor.The sweet spot for Yooro is to apply securitisation and tokenisation in tandem, bringing real-world assets into a digital DLT-based environment and building secondary market liquidity in those instruments. Assets are typically held by a special purpose vehicle wrapper under Luxembourg law.More broadly, the discussion reflects on Yooro's formation and ambitions, delivery of its Securitisation-as-a-Service methodology, and what the future holds as it expands its product set and solutions coverage. Hosted on Acast. See acast.com/privacy for more information.

In the latest episode of Morningstar DBRS' “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings at Morningstar DBRS and Simon Webb, Managing Director, Finance and Capital Markets at LiveMore Capital, to discuss lending into retirement.With a focus on the UK, the panellists explored the lending solutions available to borrowers over 50, the current market dynamics that are shaping this niche market segment, and how the market has evolved over time with the products on offer. They also shared their thoughts on the credit considerations of residential mortgage-backed securities (RMBS) deals that are either entirely or partially composed of later-life loans and discussed the credit rating angle, key considerations, and whether servicers are equipped to manage such a distinct asset class.Related Content: Rating European Structured Finance Transactions Methodology (19 November 2024)https://dbrs.morningstar.com/research/443199By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS' “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Lorenzo Simonte, Assistant Vice President, European NPL Ratings and Norman Pepe, Partner at iLS London-Milan to discuss a unique development in the Italian securitisation market: a proposal to securitise unpaid tax bills due to the Italian national tax system.The panellists explored how this can be made possible and how current Italian securitisation law makes provisions for such transactions. They also explored the credit rating angle, key considerations, and whether servicers are ready to manage such a unique asset class.Related Content: “Italian Unpaid Fiscal Claims: A Potential New NPL Subcategory”https://dbrs.morningstar.com/research/449419By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Securitised credit is emerging as a key driver in financing the green transition, offering investors opportunities to support ESG initiatives without sacrificing return. This episode of Fixed on ESG navigates how securitisation helps fund green assets, the challenges of measuring financed emissions, and the evolving regulatory landscape in the U.S. and Europe. We break down the mechanics of green securitisation and discuss how investors can navigate this space. PGIM Fixed Income's Taylor Chatlos, ESG Specialist, hosts this discussion with David Klausner, ESG Specialist, and Edwin Wilches, CFA, Co-Head of Securitised Products. Recorded on March 12, 2025.

In the latest episode of Morningstar DBRS' “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Ketan Thaker, Managing Director, European Real Estate & NPL Ratings, to discuss bridging loans.In recent years the market has seen expansion in the use of bridging loans due to their less onerous lending criteria and expedience in availability of credit to the borrower. Due to the market expansion, originators now have a track record of origination and monitoring these portfolios, and the expectation is to see a first public European securitisation backed by the pool of bridging loans.Related Content: Methodology “European RMBS Insight Methodology” https://dbrs.morningstar.com/research/449129By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In the latest episode of Morningstar DBRS' “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, was joined by Dinesh Thapar, Vice President, European Commercial Real Estate Ratings, to discuss key trends affecting the European office sector.Our analysts discussed how the definition of so-called "prime" office space is evolving and how, as interest rates come down, overall European commercial real estate investments seem to be turning a corner. They also examined whether, in light of this, the office sector is moving in line with the broader market or some of the issues more entrenched.To wrap it up, they highlighted the impact the aforementioned trends had on Morningstar DBRS-rated commercial mortgage-backed securities (CMBS) transactions with large office exposure and also provided our 2025 outlook for the European office sector.Related Content: Commentary – “European CMBS: Office Sector in Focus”  https://dbrs.morningstar.com/research/444135/european-cmbs-office-sector-in-focusBy downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Nicolette Moser, Senior Director, Market Practice and Regulatory Policy, ICMA, provides an update on ICMA's response to the recent EU Commission's Targeted Consultation on the functioning of the EU Securitisation Framework.

In the latest episode of our “European Securitisation Insights” podcast, Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Erin Stafford, Managing Director of North American Real Estate Ratings, and Mirco Iacobucci, Senior Vice President and Sector Lead of European Commercial Real Estate Ratings, to discuss the current state of the commercial real estate (CRE) sector and commercial mortgage-backed security (CMBS) markets both in Europe and the U.S. Our analysts discussed the CMBS subsectors that continue to face headwinds, others that are either evolving and surviving, as well as others that are emerging as a new subasset classes. Our analysts reflected on the performance of CMBS credit ratings and the challenges that must be addressed in an environment of higher interest rates for a longer period. They also shared their credit outlooks as well as views on issuance in the CMBS market.By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

Securitization is the financial alchemy of taking not easily or non tradable assets, pooling them together, and selling tradable shares or securities in that pool to investors. Many people blame securitisation for the financial crisis of 2007 as many worthless mortgages had been included and given a much higher value by the ratings agencies. Now there are moves afoot to restart the use of securitisation in Europe in order to create a capital market union and boost private sector investment. Needless to say there are detractors. Joe spoke to Julia Symon is Head of Research and Advocacy with Finance Watch.

Welcome back to the Firm Analyst! We have a range of stories to cover this week, including: the Labour government's autumn budget and what this means for SMEs, the PE industry and the economy at large; Zilch's use of a securitisation facility to fund its Buy Now Pay Later operations and why this funding technique remains popular in the financial markets; and what BlackRock's approach to HPS - an alternative lending giant - tells us about the growing importance of private credit in the global economy. I hope you enjoy the episode! Link to access on all platforms: https://linktr.ee/thefirmanalyst

In this episode of Morningstar DBRS' “European Securitisation Insights” podcast, host Mudasar Chaudhry, who leads our European Structured Finance Research team, is joined by Adriana Alvarado, Senior Vice President, Sector Lead of Global Sovereign Ratings and Ketan Thaker, Managing Director of European RMBS & Covered Bond Ratings to discuss the impact of the new Labour government on the UK's housing market. The episode explored the shift to the newly elected Labour Party-led government after 14 years of Conservative Party-led rule, the election result's impact on the UK economy, and the key takeaways from this change. As always, house prices and housing availability are important to UK voters. The panel discussed the views presented in the pre-election Labour Party manifesto, particularly those around housing plans for the next parliament. Past governments have repeatedly failed to meet housebuilding targets, and the speakers examined whether the problem lies in the number of houses built or other factors at play. The panel also delved into our credit view on how the new government's proposed policies could affect the performance of UK residential mortgage-backed security (RMBS) transactions.By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this episode, Mudasar Chaudhry, who leads European Structured Finance Research at Morningstar DBRS, is joined by Mirco Iacobucci, Senior Vice President, Sector Lead, European Real Estate Ratings, and Patrizia Catanese, Assistant Vice President, European Real Estate Ratings, to discuss how disclosures on energy efficiency and their implementation are addressed within the European commercial mortgage-backed securities (CMBS) sector.We delve into details on how Morningstar DBRS' environmental, social, and governance (ESG) criteria framework incorporates ESG considerations in the credit rating process with reference to commercial real estate and how real estate assets contribute to carbon emissions. In the context of our analysis, we discuss how we evaluate the impact of the energy efficiency data, if available, on cash flow, value, and loan refinancing prospects. The conversation also revolves around some regulatory and disclosure requirements coming into force in the near future, which may affect CMBS.Related Content: Commentary - Energy Performance in European CMBS: Reporting and Regulations: https://dbrs.morningstar.com/research/428005By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this episode, Mudasar Chaudhry, Head of European Structured Finance Research at Morningstar DBRS, is joined by Lorenzo Simonte, Assistant Vice President, European Nonperforming Loan (NPL) Ratings at Morningstar DBRS, and Norman Pepe, Partner at iLS , to discuss the role of different types of servicers in the context of Italian NPL transactions. We further discuss the decisions of some Italian courts that consider the distinction between master servicing and special servicing activities to be in breach of the Italian Securitisation Law. We also delve into details of how these developments may affect the credit ratings of Italian NPL transactions.By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only. 

In this episode, Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Richa Pandey, Analyst for European Structured Finance Research, and Christian Aufsatz, Managing Director and Head of European Structured Finance, to introduce Energy Performance Certificates (EPCs). We discussed if there is quantitative relationship between energy-efficiency improvements and lower probability of default for associated loans as well as if EPCs of residential properties can affect credit ratings. We also discussed some regulatory and disclosure requirements, which can further assist with the availability of consistent EPC data. While the speakers acknowledged the presence of some initial evidence of credit implications related to EPC factors, their current significance falls short of justifying their inclusion as pertinent for quantitative credit analysis.Related Content: Commentary - RMBS: Not All EPCs Created Equal: https://www.dbrsmorningstar.com/research/410781/rmbs-not-all-epcs-created-equalCommentary - Residential EPCs versus Credit Relevance: https://www.dbrsmorningstar.com/research/421101/residential-epcs-versus-credit-relevanceBy downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this episode Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Christian Aufsatz, Managing Director, Head of European Structured Finance, and Marcos Alvarez, Senior Vice President, Global Head of Insurance, to give an introduction to climate change scenarios and how climate risk could result in an increase in debt issuers' default probability or a reduction in asset valuations. Speakers discuss the intersection of climate and credit analysis, and what DBRS Morningstar is focusing on as a credit rating agency. We further explore who ultimately pays for losses caused by climate change.Related Content: Commentary - ESG: Climate Risk and Credit: https://www.dbrsmorningstar.com/research/413235/esg-climate-risk-and-creditCommentary - European Securitisation and ESG-Related Issuance: Credit Relevance of Indirect Exposure to ESG Factors https://www.dbrsmorningstar.com/research/417250/european-securitisation-and-esg-related-issuance-credit-relevance-of-indirect-exposure-to-esg-factorsMethodology - DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings: https://www.dbrsmorningstar.com/research/416784/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratingsBy downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this episode of DBRS Morningstar's “European Securitisation Insights” podcast, Mudasar Chaudhry, Head of European Structured Finance Research, is joined by Paolo Conti, Head of European ABS, to discuss the proposed updates to DBRS Morningstar's "Rating European Consumer and Commercial Asset-Backed Securitisations" methodology. Speakers shared thoughts on what residual value (RV) risk is and why it matters in European ABS transactions. The proposed updates to the methodology relate to a revision of our approach to RV risk and the application of stresses to salary assignment loans. In particular, our revised approach provides for the incorporation of dependency on the remaining term.Related Content: The proposed “Rating European Consumer and Commercial Asset-Backed Securitisations” methodology is available on DBRS Morningstar's website at the following link: https://www.dbrsmorningstar.com/research/420356/dbrs-morningstar-requests-comments-on-proposed-methodology-for-rating-european-consumer-and-commercial-asset-backed-securitisations.By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

In this second episode of Allen & Overy's Market Horizons podcast series on the political agreement of the draft EU Green Bond Regulation, Maria Green, a Counsel PSL who supports A&O global securitisation practice, and Axel de Backer, a Senior Associate in A&O's Banking & International Capital Markets practice in Brussels, look at this new Regulation from the securitisation perspective. Together, they analyse why the new European Green Bond label could present challenges for securitisation transactions and give rise to new complex disclosure considerations. In addition to this podcast, please also refer to the discussion of the draft Regulation from the mainstream debt perspective, which was covered in the podcast of 29 June 2023 “The EU Goes for gold with its Green Bond Regulation” and a related article.

We often discuss blockchain technologies and crypto in reference to personal wealth-building strategies and personal finance. However, financial institutions that lend money in an institutional setting are also exploring how they can utilize blockchain to speed up and simplify the lending process. Sid Powell is here to talk about his platform Maple that allows for these transactions, what this change means for the future of lending, and so much more. This week, episode 168 of the Tech Intersect™ Podcast is about the future of lending in a decentralized world! POWERED BY ADVANTAGE EVANS™ ACADEMY Fast-track your journey from cash to crypto with the Digital Money DEMYSTIFIED Quick Start Bundle now at DigitalMoneyDemystified.com. Sid Powell is the CEO and Co-founder of Maple, a private credit platform built on the rails of blockchain's distributed data ledger technology for institutional lenders to run alternative credit strategies. Prior to Maple, Sid was the Treasurer at Angle Finance in Melbourne and a Senior Associate of Securitisation for Corporate Finance at the National Australia Bank. Some of the talking points Sid and I go over in this episode include:What is Maple and what makes it different than other lending platforms?The power of utilizing stablecoins for transactions.How institutions who want to lend via blockchain are navigating the differences in regulations between countries.How lending via blockchain will improve accessibility and diversity in the digital money space.Thank you for listening! If you enjoyed this episode, take a screenshot of the episode to post in your stories and tag me! And don't forget to follow, rate, and review the podcast and tell me your key takeaways!CONNECT WITH SID POWELL:LinkedInTwitterMapleCONNECT WITH DR. TONYA M. EVANS:Questions and requests: hello@techintersectpodcast.com Follow: Twitter @AtTechIntersect | Instagram @TechIntersect Web: Tech Intersect Podcast  Connect for exclusive content: https://advantageevans.activehosted.com/f/6 AI for TeachersWelcome to 'AI for Teachers,' your essential podcast unlocking AI's game-changing...Listen on: Apple Podcasts SpotifyRegulate & The Rabbit Hole by Notty Prod licensed via Creative Commons Attribution-NoDerivatives 4.0 International License. Produced by Tonya M. Evans for Advantage Evans, LLC

Episode 1 The EU Green Bond Regulation and Securitisation is a relatively new area of finance that has been gaining traction in recent years. The European Commission recently proposed a framework for the issuance of green bonds, which would provide more transparency and clarity to investors. Additionally, the European Central Bank has also been exploring ways to use securitisation as a tool to fund green projects. These initiatives have created an optimistic climate for green finance in Europe, with increased investor interest and potential for growth. For more information, visit our website.

Episode 1 The EU Green Bond Regulation and Securitisation is a relatively new area of finance that has been gaining traction in recent years. The European Commission recently proposed a framework for the issuance of green bonds, which would provide more transparency and clarity to investors. Additionally, the European Central Bank has also been exploring ways to use securitisation as a tool to fund green projects. These initiatives have created an optimistic climate for green finance in Europe, with increased investor interest and potential for growth. For more information, visit our website.

Tom Darcy is an Author. Activist, Actionist, Co- founder of Right2homes non profit, co founder of IBIG. Please check out Episode #200 where we discuss how to beat the Banks with their Evil Evictions. ============================== All my 5 Podcasts  / Video Channels / Donations https://bio.link/podcaster  How to Win in Court without a Solicitor https://www.awakeningpodcast.org/store/ Video also on Spotify What we Discussed: - The Number of Evictions increasing again (2min) - His own Eviction while his son was knocked out (3mins) - The Evil Eviction Process (7mins) - The Banks overcharging on Interest ( 10mins) - Irish Woman living in a Car with 3 Children (12-20 mins) - All the Benefits the Ukraine people are getting that the Irish are denied - The Corrupt TV Staation yet pensioners put in prison for not paying the TV lisence (24mins) - Irish made products a lot cheaper in North Ireland ( Under UK Imperialism) (28mins) - Ignored by the Irish Media ( 33mins) - Charles Strewart Parnell (35mins) - Minister that was a bond holder was negociating on his own behalf (40mins) - His Court of Appeal on Tuesday 4th July that could stop Eviction in Ireland (42 mins) - Judges for and against Securitisation (49mins) - How to Help Tom in the Court (55mins) and more How to Contact Tom https://waitingforthesheriff.com/ https://www.tiktok.com/@tomdarcy1 ======================================= More about Roy: All Podcasts + Coaching and Social Media https://bio.link/podcaster  How to Win in Court without a Solicitor https://www.awakeningpodcast.org/store/ https://awakeningpodcast.org/ Video https://www.bitchute.com/channel/y2XWI0VCPVqX/ https://rumble.com/user/Awakening

Tom Darcy is an Author. Activist, Actionist, Co- founder of Right2homes non profit, co founder of IBIG. Please check out Episode #200 where we discuss how to beat the Banks with their Evil Evictions. ============================== All my 5 Podcasts  / Video Channels / Donations https://bio.link/podcaster  How to Win in Court without a Solicitor https://www.awakeningpodcast.org/store/ Video also on Spotify What we Discussed: - The Number of Evictions increasing again (2min) - His own Eviction while his son was knocked out (3mins) - The Evil Eviction Process (7mins) - The Banks overcharging on Interest ( 10mins) - Irish Woman living in a Car with 3 Children (12-20 mins) - All the Benefits the Ukraine people are getting that the Irish are denied - The Corrupt TV Staation yet pensioners put in prison for not paying the TV lisence (24mins) - Irish made products a lot cheaper in North Ireland ( Under UK Imperialism) (28mins) - Ignored by the Irish Media ( 33mins) - Charles Strewart Parnell (35mins) - Minister that was a bond holder was negociating on his own behalf (40mins) - His Court of Appeal on Tuesday 4th July that could stop Eviction in Ireland (42 mins) - Judges for and against Securitisation (49mins) - How to Help Tom in the Court (55mins) and more How to Contact Tom https://waitingforthesheriff.com/ https://www.tiktok.com/@tomdarcy1 ======================================= More about Roy: All Podcasts + Coaching and Social Media https://bio.link/podcaster  How to Win in Court without a Solicitor https://www.awakeningpodcast.org/store/ https://awakeningpodcast.org/ Video https://www.bitchute.com/channel/y2XWI0VCPVqX/ https://rumble.com/user/Awakening

The 9fin editorial team ask where are the deals? Securitisation reporter and acting levfin editor Owen Sanderson discusses CLO trends in 2023 and demand for new issuance.

Shalini Chhabra is the Managing Partner at 3i (Impact India Investments) Partners, a Silicon Valley-based Impact Fund with the objective of supporting enterprises looking to solve some of the most pressing challenges faced by India's lower-income millions. She is a seasoned Banker with over two decades of experience in Credit Risk Management. She has managed diverse portfolios including Large Corporate, Inter-bank, SME, Financial Institutions including Mutual Funds and Insurance, Government / PSUs, and Structured Finance including Supply Chain Financing, Factoring, Securitisation, Inter-bank Participation etc. She has also managed Risk Policy and processes, Basel Implementation and Development of Risk models for PD estimation for HDFC Bank. She is huge proponent of gender equality, and currently mentors young students with AFH (“Aspire for Her”), hoping to bring about the change in perspective and reduce, if not eliminate the various self-limiting reasons for success by Women. Prior to becoming a VC, Shalini was also an experienced angel in the impact space, primarily looking at livelihoods creation at the Bottom of the Pyramid.Episode notes:1. Career in banking (3:34)2. Learning from the banking sector that Shalini has carried over to VC (6:25)3. Framework for risk appetite (18:05)4. What has Shalini learned about herself as a result of her work in banking and venture capital? (28:42)5. Shalini discusses what it takes to be a fund manager and success frameworks for operators (44:50)6. Shalini's professional career (58:50)7. Shalini's views on investing in personas (1:05:24). . . Social Links: 3i Partners on Linkedin: https://www.linkedin.com/company/3i-partners-india/Podcast on Twitter: https://twitter.com/thedesi_vcAkash Bhat on Twitter: https://twitter.com/bhatvakashPodcast on Instagram: https://instagram.com/thedesivcAkash Bhat on Instagram: https://instagram.com/bhatvakash

The first significant post-Brexit changes to UK financial services regulation were announced on December 9 by Jeremy Hunt, Chancellor of the Exchequer. The so-called 'Edinburgh Reforms' represent an attempt to honour government election manifesto promises and include possible changes to the Senior Mangers Regime, short selling, Solvency II and research rules under MiFID 2, among others. In this episode of Compliance Clarified, Lindsey Rogerson and Rachel Wolcott, senior editors in London, join Alexander Robson, editor-in-chief in London, to discuss the reforms and their potential impact. Wholesale markets review https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1057897/Wholesale_Markets_Review_Consultation_Response.pdf Securitisation review https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1040038/Securitisation_Regulation_Review.pdf Hill Review https://www.gov.uk/government/publications/uk-listings-reviewShort selling https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1122840/SSR_CfE_-_Official_Publication.pdf National AI strategy https://www.gov.uk/government/publications/national-ai-strategy-ai-action-plan/national-ai-strategy-ai-action-planFCA board minutes mentioning Regulatory Decisions Committee annual report (section 6) https://www.fca.org.uk/publication/minutes/fca-board-minutes-28-october-2022.pdfAvailable only to subscribers of Regulatory Intelligence (behind a paywall) ANALYSIS: Edinburgh Reforms leave much for finance firms to engage with in Hunt's post-Brexit rules overhaul http://go-ri.tr.com/tAS9ij Senior managers regime sets accountability bar high, few are rejected or punished http://go-ri.tr.com/46kAH4 The Regulatory Intelligence podcast series "Compliance Clarified" covers the range of topics that affect compliance officers in financial services firms. The podcasts have been designed to help compliance officers make sense of the often-challenging world of financial services regulation which is now overlaid with expectations that are not in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges faced, and aims to offer up practical ideas for emerging good practice.

In December 2021, the Securities and Exchange Board of India, which also regulates commodity markets, issued directions banning new derivative contracts in seven agricultural commodities. This ban covered more than 70 percent of the traded volumes in the Indian agricultural commodity futures market. What were the reasons for this sudden move, and what repercussions did this have for the spot markets in these commodities? What signals do such sudden moves by regulators send to markets, and how do agricultural markets and commodity derivative markets tend to react to such moves?In this episode of Interpreting India, Harsh Vardhan joins Anirudh Burman to help unpack these issues pertaining to India's commodity markets.Episode ContributorsHarsh Vardhan is a Senior Advisor with leading international management consulting firm Bain & Company. He has over 30 years of experience in the financial services sector and is actively involved in policymaking related to financial sector in India. He chaired the Committee on the Development of Securitisation for Housing Finance appointed by the RBI in2019. Recently he was a member of the Cross Border Insolvency Rules of Regulations Committee (CBIRC) of the Ministry of Corporate Affairs. He is an Independent Director on the board of Karur Vysya Bank and National Commodities Clearing Ltd and chairs the Risk Management Committees of the board for both.Anirudh Burman is an associate research director and fellow at Carnegie India. He works on key issues relating to public institutions, public administration, the administrative and regulatory state, and state capacity.--Additional ReadingDid SEBI's Ban on Agri-Futures Work? by Harsh Vardhan and Bhargavi Zaveri-ShahThe Ban on Agri Commodities Future is Weak in Law and Economics by Bhargavi Zaveri-Shah and Harsh Vardhan--

Nimisha Srivastava, Global Head of Credit Research at Willis Towers Watson, explains what has driven the downturn and subsequent recovery in credit markets during the COVID crisis. With a varying outlook across different areas of the credit landscape, she also sets out her views on different ways of lending money, in terms of the type of borrower, loan structure, securitisation, liquidity, and looking for “bargains” in fallen angels and distressed credit.

Much Fintech (online wealth managers qv) is just “putting lipstick on a pig” – digitising existing processes at oldskool prices. No-one can say this about CrossLend who securitise loans ~200,000 times cheaper than oldskool prices and securitise down to...