Article title: SECURITIZATION IN RUSSIA: DEVELOPMENT, PROBLEMS AND PROSPECTS

Article author: Sedykh Maxim Andreevich

Number of pages: 6

Contact mail: Sedykh.Ma.An@sberbank.ru

Аbout the author:

Annotation:
In this article the author discloses the term and economic nature of securitization in a simple and accessible form. The history of the emergence of both the term itself and the path of securitization as an economic instrument is described. Securitization is the technique of attracting financing for certain assets through the issue of securities. The authors of the article highlighted the main types of securitization and described the peculiarities of each of them. Depending on who is the issuer of securities, securitization is conditionally divided into classical and synthetic. The classic (traditional) securitization of bank assets is characterized by the transfer of assets to Special Purpose Vehicle (SPV). Synthetic securitization is characterized by a lack of sale and actual transfer of assets. Debt is issued by the bank itself. All roles of participants of this process are described. As an example, the author considers the model of work of one of the leading banks in Russia. The main block of work was devoted to the study of the current stage of development of the securitization tool in Russia. The author also shows one of the unresolved problems - when transferring rights to a documentary mortgage, the transferring person makes a mark on such a mortgage about its new owner, but in fact it is impossible to do so due to the large number of simultaneously transferred mortgages. The author proposes to solve this problem by using the synthetic securitization tool. The final part of the article is devoted to development of synthetic securitization thru the changes in in legislation. Structural bonds are given as an example.