Voluntary reporting standards for European securitization were recommended last week by the European Securitisation Forum meeting in Montreux, Switzerland.

"The definitions and calculations used for reported items vary from one issuer and one transaction to the next," according to the text for the recommended standards. "This lack of standardization renders securities analysis, trade processing, clearance and settlement and related functions exceptionally difficult, since no two transactions may be comparable."

The standards include precise definitions for reporting categories. These standards would establish benchmarks for data at both the level of the security and at the level of the collateral. The standards are available at www.europeansecuritisation.com. - ES

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