Setting-up a panEuropean market
platform for all
Microfinance
professional
investors
30 November 2010
Luxembourg
STRUCTURING
[email protected]
www.e-mfp.eu
Capitalizing on current market conditions to
address structural issues and pave the way for
future sustainable growth

Lessons learnt from the Financial Crisis:
- no asset class without any liquidity mechanism
- no liquidity without any market place
- no market place without any organized market infrastructure and
cooperation between players

Improving market infrastructure could free-up the market without any
regulatory change needed
[email protected]
www.e-mfp.eu
Why and how liquidity is a structural issue
evidenced by facts?

French example: Regulators and asset managers are reluctant to
develop new vehicles (unless 10% AUM) because:
- underlying assets are not securities thus not easily transferable
- partial transfers are difficult to secure
- limited number of eligible counterparts, especially if no partial transfer
(multiple counterparts)
- no fair and transparent price mechanism

Funds are thus:
- obliged to keep a strong cash pocket
- unable to optimize their asset allocation after an investment is
booked
[email protected]
www.e-mfp.eu
How creating a cost efficient market place ?

An open architecture for the benefit of the whole Financial Community:
- turning loans (promissory Notes) into securities (bonds) through a
technical securitization process
- promote both new issues (primary) and monetization (secondary)
through transparent syndication mechanisms open to all
- provide permanent information disclosure

Leveraging existing framework:
- partnership with a recognized and regulated exchange (NYSE
EURONEXT)
- using existing (thus proven and well known) legal and technical
infrastructure (thus changing underlying assets risk positioning)
[email protected]
www.e-mfp.eu
How it works?
1. Assessing eligible
underlying assets
through advisors
(primary market)
or potential
vendors
(secondary)
5. Follow up and
information disclosure
4. Listing and
trading of
resulting
securities
3. Issuing securities
(bonds) through the
Securitization Vehicle and
delivery against payment
[email protected]
2. Assessing
securitization
options (single or
multi issuers) and
swap and
conditional
syndication among
members
STRUCTURING
www.e-mfp.eu
Why & How to participate ?
To acquire assets:
- Any registered MIV or
institutional investor
- Fixed price or Floating
price syndication
(private placement)
To provide new
assets:
- Any advisor
- Originator agent
agreement
[email protected]
To monetize existing
assets:
- Any registered MIV or
institutional investor
- Floating price
syndication offer
To price assets:
- Any registered MIV
or institutional
investor
- Listing request
To share investments:
- Any registered MIV or
institutional investor
- Fixed price syndication
offer
www.e-mfp.eu