International banks and underwriters have hampered as well as helped the development of the Italian securitisation market, Europe's second largest, according to a leading academic in the field.
Speaking at a securitisation conference in Rome, Professor Paolo Ferro Luzzi from the University of Rome, who has been a key player in the development of Italy's securitsation laws, said that practices and conventions introduced by banks from other countries have not always gelled with Italian law: "The operators are foreign. They make a cultural mistake. They use concepts and terms that create probems," Luzzi said.
