Experts are warning that rules being implemented and proposed in Europe are amounting to "death by a thousand cuts" for the securitization market. Critics say a proposal by the European Banking Authority on how to calculate securitization exposure would reduce bank investors' demand for the product. "If you include all the other new rules, then you realize the product is likely dead in Europe," said Fabrice Susini, BNP Paribas' global head of securitization. "In that context, the EBA proposal is just one more hurdle the product has to overcome to survive."

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