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PCS Insight

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22/05/2024
Building more effective and attractive capital markets in the EU
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03/05/2024
Rethinking the Securitisation Risk Weight Floor
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01/05/2024
PCS Presents: Basel 3.1 in partnership with KPMG
In a new venture for PCS, we present our first YouTube interview with experts and market participants. Designed to delve deeper into a specific subject, this first interview is with Alec Innes, partner at KPMG who addresses the final implementation of the Basel framework. Alec delves into the multifaceted realm of Basel 3.1 capital requirements and its profound implications for banks. He dissects the operational changes that Basel 3.1 will drive and the financial resource challenges that accompany them. He examines the dichotomy of Basel 3.1 as both a regulatory aid but also a potential hindrance, navigating the fine line […]
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30/04/2024
Développer les marchés de capitaux européens pour financer l'avenir
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30/04/2024
Developing european capital markets to finance the future
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30/04/2024
Much more than a market
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26/03/2024
The European Securitization Market: Effects of an Uneven Regulatory Playing Field
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16/03/2024
PCS's response to ESMA consultation on disclosure standards under the Securitisation Regulation
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15/03/2024
PCS response to the PRA consultation on the output floor
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21/02/2024
EUROFI - Regulatory Update, February 2024
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04/10/2023
ECB: The European significant risk transfer securitisation market
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22/09/2023
PCS Response to Financial Stability Board Securitisation Evaluation (September 2023)
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21/09/2023
ESMA: The European Securisation Market Overview
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13/09/2023
A French-German roadmap for the CAPITAL MARKETS UNION
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24/08/2023
ECB Supervision Newsletter for SRT securitisations
ECB Supervision Newsletter for SRT securitisations
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10/07/2023
PCS' Response to EBA Consultation on STS Synthetic Guidelines
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02/07/2023
Reviving securitisation in the EU: A critical analysis of the reporting requirements
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23/05/2023
European Green Bond Standard (Proposal)
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21/04/2023
CP Guidelines on the STS criteria for on-balance-sheet securitisation
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13/04/2023
A quick guide to the STS Regime
   
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15/02/2023
AFME : Adjustments to the Securitisation Framework – CRR3
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24/01/2023
Securitisation Quo Vadis Revisited
At the end of 2021, PCS presented a webinar entitled “Quo Vadis” that tried to sketch out the issues that would shape 2022 for the securitisation market. When we look at the topics we dealt with then, we find that in every case, much has happened since then.  But we also find that, although securitisation has travelled a long way down the road – and not always in a direction or at the speed anticipated – in no case have we reached the end of any particular road.  So, this January, we will reprise our Quo Vadis webinar to look […]
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12/12/2022
Joint Committee Advice on the review of the securitisation prudential framework - Banking
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12/12/2022
Joint Committee Advice on the review of the securitisation prudential framework - Insurance
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10/11/2022
Impact of the SA Output Floor on the European Securitisation Market
This research paper examines the impact on the European securitisation market of the introduction by regulators of the Standardised Approach (SA) Output Floor. This rule change forms one of the final elements of Basel III. It requires that advanced banks, those which calculate regulatory capital based on the Internal Ratings Based Approach (IRBA), hold the greater of (i) IRBA capital and (ii) a percentage of the capital one obtains when the alternative SA is employed. Key takeaways These findings suggest that implementation of the SA Output Floors will disfavour one asset class substantially while benefiting another asset class with no clear […]
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30/10/2022
PCS' Response to EBA Consultation on Draft "Homogeneity" RTS
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14/10/2022
PCS' Response to EBA Consultation on Synthetic Express Spread
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30/09/2022
Securitisation:ghosts of crisis past
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04/08/2022
Comparing CB, ABS and Corporate Bond Liquidity
This study examines the relative liquidity of Asset Backed Securities (ABS), Covered Bonds (CBs) and Corporate Bonds (Corps). The measure of liquidity that the study employs is half the bid-ask spread divided by the mid-price. This equals half the round-trip cost of buying and selling the security per unit of value of the position as reflected in current market quotes. The study focuses on Investment Grade (IG), GBP-denominated securities and senior ABS. The study compares the liquidity of different categories of ABS, namely Simple Transparent and Standardised (STS) versus non-STS ABS. To compare the liquidity of any two categories of […]
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31/07/2022
Monitoring systemic risks in the EU securitisation market
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