Agenda

Agenda

21/05/2026 00:00

21/05/2026 09:00 to 10:00

Networking Breakfast

21/05/2026 10:00 to 10:05

Opening Remarks

Emmanuel Lebaube

Counsel, White & Case

Emmanuel Lebaube is a counsel in the Firm's Capital Markets group in Paris.

Emmanuel has developed a significant experience in asset-backed transactions, and is acting for arrangers and lead managers on consumer loan securitisation, auto loan securitisation, residential mortgage loan securitisation and credit card securitisation.

21/05/2026 10:05 to 11:05

Adapting to a New Era

Playing with possible evolutionary outcomes for European finance, to help decide what is needed from securitisations.

Ian Bell

CEO, PCS

Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.

21/05/2026 11:05 to 11:35

Keynote Address

Philippe Bordenave

Senior Executive Advisor & Previous Group COO, BNP Paribas

Philippe Bordenave was BNP Paribas Group Chief Operating Officer from 2011 to 2021. He is now Senior Executive Advisor to the CEO and the Chair of BNP Paribas. Philippe Bordenave joined BNP in 1985, where he became a key player in the development of the bank’s financial markets business, serving as Head of the Paris dealing room from 1987 to 1992 and Head of Global Markets from 1993 to 1997. In this latter role he was instrumental in driving the growth of financial derivatives trading, which enabled BNP to gain a major share of these markets worldwide. In 1998, he became Chief Financial Officer for BNP. In 2000, following the merger with Paribas that created the BNP Paribas Group, he was appointed Chief Financial Officer for the newly-merged Group. He became a member of the Group Executive Committee in 2002, deputy COO in 2005 and COO in 2011. Philippe Bordenave started his career at the French Treasury. Education Philippe Bordenave graduated from two of leading French academic institutions : École Polytechnique and École Nationale d’Administration. Philippe Bordenave joined BNP in 1985, where he became a key player in the development of the bank’s financial markets business, serving as Head of the Paris dealing room from 1987 to 1992 and Head of Global Markets from 1993 to 1997. In this latter role, he was instrumental in driving the growth of financial derivatives trading, which enabled BNP to gain a major share of these markets worldwide. In 1998, he became Chief Financial Officer for BNP. In 2000, following the merger with Paribas that created the BNP Paribas Group, he was appointed Chief Financial Officer for the newly-merged Group. He became a member of the Group Executive Committee in 2002. Philippe Bordenave started his career at the French Treasury. Education Philippe Bordenave graduated from two of the leading French academic institutions: École Polytechnique and École Nationale d’Administration.

21/05/2026 11:35 to 12:00

Comfort Break

21/05/2026 12:00 to 12:45

France and Pan-European SRT: Is the Market Reaching an Inflection Point?

A deep dive into the current state of French and pan-European significant risk transfer: are market conditions, regulation and investor demand signalling a genuine inflection point?

Karen Huertas

Head of Securitisation South & West Europe, EIF

Karen Huertas is the Head of Securitisation for South and West Europe at the European Investment Fund (EIF). She leads the origination and execution of securitisation transactions across the region in support of the EIB Group’s mandate to enhance access to finance for SMEs and small mid-caps, and advancing the EIB Group’s green and sustainability objectives. Since joining the EIF, Karen has invested in and overseen a broad range of securitisation transactions, covering both cash and synthetic structures, across multiple European markets, especially on Southern Europe. Prior to joining the EIF, she worked as a Structurer at BNP Paribas CIB, gaining hands on experience in the structuring and execution of synthetic securitisations. She also worked as a Structurer at AXA Investment Managers. Since joining the EIF, Karen has invested in and overseen a broad range of securitisation transactions, covering both cash and synthetic structures, across multiple European markets, especially on Southern Europe. Prior to joining the EIF, she worked as a Structurer at BNP Paribas CIB, gaining hands on experience in the structuring and execution of synthetic securitisations. She also worked as a Structurer at AXA Investment Managers.

Tamar Joulia-Paris

Senior Advisor, IACPM

After 10 years in the construction & manufacturing sectors, she joined banking to develop a modern risk management framework for the bank’s global lending, investment & trading books. This gradually included governance, risk appetite, risk and performance analytics, stress testing, credit trading, as well as capital & liquidity management solutions for retail, mortgages and corporate portfolios.

 

Tamar also served on EBA’ Consultative Panel in 2010, and as Board Member at the International Association of Credit Portfolio Managers (IACPM) from 2006 to 2011. She left banking mid-2011 to focus on her academic pursuits in enterprise risk and in credit portfolio management, as well as on senior risk advisory work to bank, insurance, asset management and fintech companies. She recently took an independent Board Member position at the Board of Directors of a bank in orderly resolution.

 

Tamar has authored many articles, and is a regular speaker at conferences in the US and Europe.

Emmanuel Lebaube

Counsel, White & Case

Emmanuel Lebaube is a counsel in the Firm's Capital Markets group in Paris.

Emmanuel has developed a significant experience in asset-backed transactions, and is acting for arrangers and lead managers on consumer loan securitisation, auto loan securitisation, residential mortgage loan securitisation and credit card securitisation.

Julien Lintz

Managing Director, Head of Portfolio Active Management & Quantitative team, BNP Paribas

Julien LINTZ is Managing Director, Head of Credit Portfolio Active Management and Quantitative team at BNP Paribas. Julien oversees the origination, structuring and execution of risk transfer transactions and portfolio investments. He actively manages portfolios from both credit and capital standpoint and leads a quantitative team in charge of developing models to support the portfolio management activity. Julien brings 15 years of expertise in Corporate and Investment Banking, with a particular focus on structuring and executing a wide range of capital markets instruments, including securitisations, CLOs, credit derivatives, and credit insurances. His professional experience extends to all facets of credit portfolio management, covering capital management, credit risk assessment, profitability analysis, and regulatory compliance. Julien holds a master’s degree from Ecole Centrale Marseille with a major in Finance and an Executive MBA from emlyon business school. LinkedIn: www.linkedin.com/in/julien-lintz

Anna Neri

Associate Director, Pemberton AM

Anna is an Associate Director at Pemberton, working within the Risk Sharing Strategy team. The team invests in junior and mezzanine tranches of loan portfolios originated and serviced by banks. Anna works on the development of credit risk and portfolio models and the execution of transactions including scenario analysis, stress testing, data processing and working with the credit team on portfolio reviews. Prior to joining Pemberton in April 2022, Anna spent 2 years as Investment Analyst at Hoist Finance, a specialist European lender, where she was working on portfolio acquisitions and securitisations. Before Hoist, Anna began her career at KPMG in Milan as Credit Risk Consultant focusing on Basel IRB capital modelling for Italian banks.

21/05/2026 12:45 to 13:35

Higgs boson

Like the mass of the Higgs determines the structure of our universe, the precise parameters of securitisation regulation define the financial universe - change them even fractionally, and what can exist and how it interacts is completely different.

Harry Noutsos

CTO, PCS

Harry Noutsos started working in securitisation in 2000 where, after working in research and structuring at CSFB, he took on responsibilities for modelling and structuring at Bank of America and Santander before taking the position Global Head of ABS for ING.

21/05/2026 13:35 to 14:55

Lunch

21/05/2026 14:55 to 15:40

Regulatory Reform - What happens next?

Roberta de Filippis

Acting Head of Liquidity, Leverage, Loss Absorbency and Capital Unit, EBA

Roberta de Filippis serves as the acting Head of the Liquidity, Leverage, Loss Absorbency and Capital (LILLAC) Unit at the European Banking Authority (EBA), where she leads the unit's work across key prudential regulatory areas. She also chairs the EBA Subgroup on Securitisation and Covered Bonds, playing a central role in shaping the EBA's supervisory and policy positions in these markets.

Louis Genty

Policy Officer, ACPR

Véronique Ormezzano

Chairperson, Vyge Consulting

Independent Advisor Financial Regulation, Policy, Sustainable Finance, Corporate Governance

Thierry Sessin-Caracci

Senior Policy Officer, ESMA

Senior policy expert in global fixed income markets, credit rating industry & securitisation.

21/05/2026 15:40 to 16:25

ABCP: European Securitisation's Cinderella

Jerome Farges

Managing Director - Global Head of Corporate Securitisation & Asset Backed Solutions, Société Générale

Eric Moulinet

Director, ABCP Conduit Manager, BNP Paribas

Eric serves as Director and ABCP-conduit manager in the Global Securitised Products team at BNP Paribas. He oversees Matchpoint, BNP Paribas's sponsored Asset-Backed Commercial Paper conduit and is responsible for the funding of the securitisation franchise across EMEA. Over 20 years of experience, he has managed portfolios that span the full spectrum of securitised assets, while holding roles in Düsseldorf, Paris and London. Eric holds a master's degree from ENSIMAG.

Harry Noutsos

CTO, PCS

Harry Noutsos started working in securitisation in 2000 where, after working in research and structuring at CSFB, he took on responsibilities for modelling and structuring at Bank of America and Santander before taking the position Global Head of ABS for ING.

21/05/2026 16:25 to 17:00

Refreshment Break

21/05/2026 17:00 to 17:45

The Shape of Things to Come

Kicking off the day, we explored the future paths of European finance and how securitisation could shape the long-term market landscape. To close the day, this panel brings together voices from across the securitisation ecosystem — banks, investors, insurers, advisors, and lenders — to debate the shape of things to come. Together, they’ll forecast how European securitisation can adapt to regulatory change, market innovation, and the financing needs of the next decade.

Ian Bell

CEO, PCS

Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.

Geoffroy Buchert

Head of Securitisation and Capital Markets, RCI Banque

Nathalie Esnault

Managing Director Securitisation, Crédit Agricole CIB

Leon Maagdenberg

Director Global Capital Markets - Securitisations, ING Bank

21/05/2026 17:45 to 17:50

Series IV Closing Remarks

The PCS Paris Symposium marks the end of the fourth PCS European Symposia Series. Ian Bell will share his final remarks.

Ian Bell

CEO, PCS

Ian Bell has worked in securitisation in various capacities since 1988, first as a lawyer and partner at Clifford Chance, then as general counsel and head of structured finance at Standard & Poor’s Europe and finally as CEO of PCS.

21/05/2026 17:50 to 19:00

Drinks Reception