
Agenda
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Emmanuel Lebaube
Counsel, White & Case
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.
Playing with possible evolutionary outcomes for European finance, to help decide what is needed from securitisations.
Ian Bell
CEO, PCS
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.
Philippe Bordenave
Senior Executive Advisor & Previous Group COO, BNP Paribas
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.
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
Head of Securitisation South & West Europe, EIF
Tamar Joulia-Paris
Senior Advisor, IACPM
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
Moderator
Counsel, White & Case
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
Managing Director, Head of Portfolio Active Management & Quantitative team, BNP Paribas
Anna Neri
Associate Director, Pemberton AM
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.
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
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.
Roberta de Filippis
Acting Head of Liquidity, Leverage, Loss Absorbency and Capital Unit, EBA
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
Policy Officer, ACPR
Véronique Ormezzano
Moderator
Chairperson, Vyge Consulting
Chairperson, Vyge Consulting
Independent Advisor Financial Regulation, Policy, Sustainable Finance, Corporate Governance
Thierry Sessin-Caracci
Senior Policy Officer, ESMA
Senior Policy Officer, ESMA
Senior policy expert in global fixed income markets, credit rating industry & securitisation.
Jerome Farges
Managing Director - Global Head of Corporate Securitisation & Asset Backed Solutions, Société Générale
Managing Director - Global Head of Corporate Securitisation & Asset Backed Solutions, Société Générale
Eric Moulinet
Director, ABCP Conduit Manager, BNP Paribas
Director, ABCP Conduit Manager, BNP Paribas
Harry Noutsos
Moderator
CTO, PCS
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.
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
Moderator
CEO, PCS
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
Head of Securitisation and Capital Markets, RCI Banque
Nathalie Esnault
Managing Director Securitisation, Crédit Agricole CIB
Managing Director Securitisation, Crédit Agricole CIB
Leon Maagdenberg
Director Global Capital Markets - Securitisations, ING Bank
Director Global Capital Markets - Securitisations, ING Bank
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
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.