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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：TheAssetSecuritizationActivityinItalyThemainobjectofthischapteristoanalyzethebasiccharacteristicsandthemarketstructureofthesecuritizationactivity,especiallywithreferencetotheItaliansecuritizationmarket,whichhasrapidlydevelopedinrecentyears.Inparticular,thischapte
2、rintendstoanswerthefollowingquestions:1.Whatismeantbysecuritization?2.Howisthetransactionstructured?3.Whatistheroleoffinancialintermediarieswithinthesecuritizationprocess,especiallyinItaly?4.WhatarethemaincharacteristicsoftheItaliansecuritizationactivity?Atthispurpose,wewillfirst
3、explainthebasiccomponentsofasecuritizationtransaction,describingthetypicalstructureandthemainplayersinvolved.Secondly,wewillanalyzetheItaliansecuritizationmarket,emphasizingitspeculiaritiesthroughaninternationalcomparativeanalysis.Generallyspeaking,theaimofsecuritizationistotrans
4、formilliquidassetsintosecurities.Forthepurposeofthischapter,thetermsecuritizationisusedtorepresenttheprocesswherebyassetsarepooledtogether,withtheircashflows,andconvertedintonegotiablesecuritiestobeplacedintothemarket.Thesesecuritiesarebackedorsecuredbytheoriginalunderlyingassets
5、andaregenerallydefinedasAssetBakedSecurities(ABS).Theoretically,anyfinancialassetsproducingcashflows(receivables,residentialandcommercialmortgages,creditcardreceivables,andotherconsumerandcommercialloans)canbesecuritized.TheconceptofassetsecuritizationwasintroducedintheUSfinancia
6、lsysteminthe1970s,whentheGovernmentNationalMortgageAssociationissuedsecuritiesbackedbyapoolofloans,representedbyresidentialmortgages.Duringthelastdecade,ithasrapidlydevelopedwithinEurope,especiallyintheUK.Recently,theItaliansecuritizationmarkethasrapidlyexpandedthankstotheintrodu
7、ctionofaspecificregulation(Law130/99).Twomaintypesofsecuritizationtransactionsexist:1.Cashflowbased(CFB)securitization.Thetransactionisstructuredasasaleofassetsbyacompany(Originator)toaspecialentity(SpecialPurposeVehicle,SPV),whichthenissuessecuritiesbackedbytheunderlyingassets.T
8、heCFBsecuritizationisalsodefinedasFunded
