The Bond Market Association last week announced the formation of a European CDO committee that will be made up of broker-dealers active in the European CDO market, with the objective of developing strategies that enhance market growth.
The initial committee will be headed up by 15 members, but will be open to any broker-dealer member of the European market. Twelve to 15 firms have already expressed interest in joining, said Nadine Cancell, vice president and assistant general counsel at the association.
Although the committee officially has just been launched, Cancell said that there has been a lot of overlap in the past with the American operation that launched in 2002. The U.S. association recently unveiled a CDO library that could expand into the European objectives, which are focused on improving liquidity, transparency and education. Fritz Thomas, managing director and head of CDO structuring and distribution at Deutsche Bank, has been appointed chairman while Oldrich Masek, managing director of global structured credit origination at JP Morgan, will serve as vice-chairman.