By Charlotte GAUCHON
16 June 2025
By its very nature and purpose, a securitisation transaction involves a number of players whose roles are distinct but closely interdependent. Understanding who does what, and why, is fundamental to understanding the structure of these financial arrangements. Far from being a simple transaction, securitisation is a veritable ecosystem in which each player holds a share of responsibility that guarantees the balance of the whole. To fully grasp the overall mechanics of a securitisation transaction, it is therefore essential to start by identifying the protagonists and their respective functions. The originator: the seller of the receivables At the origin of any securitisation transaction is the originator. This is the entity, usually a credit institution or a large company, that holds the initial portfolio of receivables. These receivables can be very diverse in nature: property loans, consumer credit, trade receivables, etc.
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