The AFME / European Covered Bond Dealers Association (ECBDA) is a division of AFME focused specifically on the European covered bond market. Its objectives and purposes are to represent the interests of covered bond dealers in European covered bond markets by creating a unified dealer voice. AFME / ECBDA seeks to promote an efficient pan-European covered bond market and address primary and secondary issues by facilitating consultation with key market participants. It complements and cooperates with other membership-based trade organisations in the covered bonds arena, on issues of mutual concern and in order to promote common interests. AFME / ECBDA is also globally connected to covered bonds activities coordinated by SIFMA (US) and ASIFMA (Asia).
AFME / ECBDA board membership is open to European covered bond dealers that make markets in at least 50 covered bonds or which rank among the top 20 covered bond underwriters in Europe. Associate membership is open to all European covered bond dealers.
Key Issues and Initiatives
- Secondary market liquidity. Making improvements to the Eurosystem's Covered Bond Purchase Programme by facilitating dialogue with ECB and National Central Banks and providing feedback/recommendations on the programme;
- Improving price & trade transparency. Working with dealers and providing improvements to the EurexBonds auction scheme which began in July and facilitating discussions on other avenues for improved B2C liquidity such as Bloomberg;
- Product standardisation. Improving standardisation of covered bonds across jurisdictions;
- Post-trade reporting and transparency. Possible creation of web portal for covered bonds to encourage secondary market transparency; and
- Trader market commentary publication. Covered bond market publications reflecting on changes to the product pre- and post-crisis and explaining current liquidity situation to investors.
Organisation
Board of Directors
Torsten Elling, Barclays Capital, Co-Chair
Carsten Mosch, Deutsche Bank, Co-Chair
Karl-Heinz Riehm, UniCredit, Vice-Chair
Sebastien Gianfermi, BNP Paribas, Treasurer
Nicolas Poli, Bank of America Merrill Lynch
Josep Santacana, Crédit Agricole CIB
Gunnar Christiansen, Citi
Kai Wolter, Commerzbank
Abraham Sierra, Credit Suisse
Rune Heinrichson, Danske Bank
Manish Popat, Goldman Sachs
Christophe Rivoire, HSBC
Steffen Dahmer, J.P.Morgan
Thomas Labbe, Morgan Stanley
Thomas Lay, Natixis
Benjamin Moulle, Nomura
Allen Rad, RBS
Jerome Stoll, Société Générale
Matthias Herfurth, UBS
Contact
Mark Austen, Managing Director
mark.austen@afme.eu
+ 44 (0)20 7743 9343
Folake Shasanya, Director
folake.shasanya@afme.eu
+44 (0)20 7743 9318