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FRM考试中The mechanics of securitization所包含哪些内容?

The mechanics of securitization是证券化机制的意思,在FRM考试汇总,它所包含哪些内容呢?

a. From buy-and-hold to originate-to-distribute

b. The benefits of OTD

Originators:

greater capital efficiency

enhanced funding opportunities

lower earnings volatility

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Investors:

a wider array of investments

allowing them to diversify portfolios

better sync their risk/return profiles

Borrowers:

expansion of available credit and product options

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c. The erosion of OTD benefits and the issues needed to be addressed

The erosion:

risks accumulated in the years leading up to the financial crisis

banks deviated from the OTD business model.

The issues:

There were misaligned incentives along the securitization chain, driven by the pursuit of short-term profits.

The risks embedded in securitized products were

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a、从买入持有到发起发行

b、OTD的好处

发起人:

提高资本效率

增加融资机会

较低的收益波动性

投资者:

更广泛的投资

使他们的投资组合多样化

zui好同步他们的风险/回报档案

借款人:

扩大可用信贷和产品选项

降低借款成本

c、OTD利益的侵蚀和需要解决的问题

侵蚀:

金融危机前几年积累的风险;

银行偏离了OTD业务模式。

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问题是:

在追求短期利润的驱动下,证券化链条上存在着错位的激励机制;

证券化产品所蕴含的风险。

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