Is it too late to revive the securitisation market?

First we were told it was undergoing a temporary hiatus, then it was stalled, now they're saying it's broken altogether. William Rhode takes a look at the global securitisation market to see what, if anything, can be done to restore its fortunes

For a period it looked as if the global debt markets had their scapegoat: the credit rating agencies with their conflicts of interest and broken models seemed eminently to blame. It's clear now, though, that this was a honeymoon period when securitisation professionals could still dream that the industry might yet emerge from the turmoil more or less intact.

Those days are over and with their passing comes the understanding that everyone in the $8.7 trillion global securitisation market - from