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PAG also hires new vice president
Agreement on the EU package could run to December, senior lawyer told conference
Octopus Electric Vehicles has also added to its capital markets team
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MEP Paul Tang stepped into what Richard Hopkin, head of fixed income at the Association for Financial Markets in Europe, described as a “lion’s den” of securitization professionals at the Global ABS conference in Barcelona on Thursday, to explain the reasoning behind his recent proposals to tighten the regulation of the market.
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BNP Paribas has hired RBC's Mehdi Kashani to head European ABS trading.
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The rise of repo and secondary financing is becoming increasingly important to keeping ABS trading alive, as two major banks restructure their securitization businesses to bring trading, secondary financing and primary financing closer together.
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The central bank of the Netherlands, De Nederlandsche Bank, is said to have pushed back against the Basel Committee on Banking Supervision over capital rules that will hit the nation’s banks particularly hard. -
TwentyFour Asset Management has recruited John Lawler, former head of European ABS sales at Nomura, as the firm adds sell-side experience to its growing platform.
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MEP Paul Tang’s proposal to hike European ABS risk retention to 20% is grounded in a worn-out characterisation of structured finance, and shows that the industry is still struggling to shake off the perception of the US subprime crisis.
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Jonathan Noonan, a former ABS and CMBS trader at Bank of America Merrill Lynch, has joined LA-based broker Imperial Capital.
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US institutional broker-dealer CRT Capital Group has closed its London-based credit business, leaving only a handful of equities staff, and is intending to sell much of its US operations.
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Hopes for a more favourable regulatory framework for the European ABS market suffered a setback on Monday as MEP Paul Tang put forward proposals to ratchet up the risk retention requirement for all securitizations to 20%.
