Meet specialists and management representatives from all well-known banks, originators and arrangers, international investors, law firms, auditing companies, rating agencies, consulting companies and service providers as well as representatives of supervisory authorities, politics and business! The annual TSI Congress is also proving to be of growing interest for treasurers and CFOs from large German "Mittelstand" companies. Nearly 40 discussion forums and workshops, together with a number of business events, will provide extensive information and numerous opportunities to establish contact and network with others.
Major topics that will dominate the world of finance and real economy in early autumn 2018 are already beginning to show.
Implementation of the STS securitisation regulation - summary of the first three quarters
The new regulations on STS securitisations will be applied for the first time in 2019. They concern the consistent interpretation and application of the new rules, the work of third-party institutions and coping with the high transparency requirements. The new capital requirements also need to be understood, especially as it is already apparent that Southern and Northern Europe will use different approaches.
And especially for the ABCP programmes, the practical application of the new rules and the associated necessary communication with the real economic originators will raise many questions that need to be clarified together. Furthermore, it is to be expected that in the course of the year the new EBA proposals for the future coverage of synthetic securitisations under the new rules will be put up for discussion. Autumn 2019 is therefore certainly the right time to draw up a first summary and, if necessary, work out the need for adaptation.
Auto-ABS - also significant under STS
In recent years, the auto ABS asset class has continued to gain in importance as a financing instrument, especially as ABS bonds have moved much better through the diesel crisis than unsecured financings. The instrument will certainly retain its importance under the new STS regulatory framework. The forthcoming transformation of the automotive industry - from internal combustion engines to alternative drives and new mobility concepts - will undoubtedly further increase the financing requirements of the automotive industry. This will open up new market opportunities for the securitisation of car loans. This is another complex of topics which we want to delve into at the congress.
Digitalisation - its impact on banks and financial instruments
Emerging new business models from fintechs are shaping the finance industry and will change the banks and their financing instruments in the long term. Blockchain in particular, which was still considered a topic for IT nerds a year or two ago, is making inroads faster than expected in the established procedures and processes of the finance industry. The first transactions are being carried out using blockchain technology and creating a situation in which previously well-established intermediaries suddenly become superfluous. What is being applied on a small scale to individual transactions will sooner or later spread to the banks themselves, changing their inner function and exposing them to the pressure of new competitors.
Concrete examples of blockchain applications will be available by autumn 2019, certainly also in the ABS and ABCP areas, which will enable the further application and influence of this new technology on capital market business to be dealt with in exemplary fashion.
Brexit, Italy – and what's next in Europe?
Brexit should be completed in autumn 2019, but the implications of that historic event will then be of greater concern to us than in the years of negotiations on the Brexit conditions; the rumbling on the southern flank of the EU will continue and the geopolitical risk of the EU and the European currency area drifting apart will by no means be averted. The effects of both events - Brexit and continuing uncertainty in the euro area - on the capital and securitisation markets will certainly become even more apparent in autumn 2019 than they are already today.
Green Finance - from a fashion theme to a driver of the capital markets?
In the last ten years, the market for green investments has grown from tender beginnings to over 200 billion euros and with it the question: What exactly is a ‘green investment’? How green is ‘green’ and how important is ’sustainable’ in this context? In spring 2018, the EU Commission took up the topic and, in cooperation with an expert group (’HLEG’), presented a ’Sustainable Finance Action Plan’, which claims to create a reliable framework for users, issuers and investors in addition to clear identifiability (’taxonomy’) and to provide it with the necessary regulatory incentives. By September 2019, the ideas should have become so concrete that it will be worthwhile to deal with the issue more deeply and intensively and to draw the necessary conclusions for one's own securitisation strategy.
TSI Congress 2019 ... where the community meets!