Last week nine European trade groups released 10 industry initiatives to make the securitization market more transparent. The move follows the European Council of Finance Ministers' (Ecofin) call in its October 2007 roadmap to "enhance transparency for investor, markets and regulators" by mid-2008.

To be sure, the industry associations should be applauded for delivering the initiatives on time to meet Ecofin's deadline. But the question remains: will this be enough to mend a broken European market?

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