文档介绍：本科毕业论文(设计)
外文翻译
原文:
The Asset Securitization Activity in Italy
The main object of this chapter is to analyze the basic characteristics and the market structure of the securitization activity, especially with reference to the Italian securitization market, which has rapidly developed in recent years.
In particular, this chapter intends to answer the following questions:
1. What is meant by securitization?
2. How is the transaction structured?
3. What is the role of financial intermediaries within the securitization process, especially in Italy?
4. What are the main characteristics of the Italian securitization activity?
At this purpose, we will first explain the ponents of a securitization transaction, describing the typical structure and the main players involved. Secondly, we will analyze the Italian securitization market, emphasizing its peculiarities through an parative analysis.
Generally speaking, the aim of securitization is to transform illiquid assets into securities. For the purpose of this chapter, the term securitization is used to represent the process whereby assets are pooled together, with their cash flows, and converted into negotiable securities to be placed into the market. These securities are backed or secured by the original underlying assets and are generally defined as Asset Baked Securities (ABS).
Theoretically, any financial assets producing cash flows (receivables, residential mercial mortgages, credit card receivables, and other consumer mercial loans) can be securitized.
The concept of asset securitization was introduced in the US financial system in the 1970s, when the Government National Mortgage Association issued securit
ies backed by a pool of loans, represented by residential the last decade, it has rapidly developed within Europe, especially in the UK. Recently, the Italian securitization market has rapidly expanded thanks to the introduction of a specific regulation (Law 130/99).
Two main ty