Asset securitization as a new financing technique

in 1970 '9 and especially 1980 's, International finan ce markets met different financial innovations depend ing on developments which affect international finance system among the financial innovations which appears noticeable developments, off-balance sheet financial techniques such as forward, future, swap, option and asset securitization involves. The technique of asset securitization can be defined as process of transformation of credit institutions assets of their balance sheet to marketable securities in the secondary market. In this process securities which is created in this process are called as asset backed securities. Asset backed securities consists of three groups such as pass through certificates, asset asset backed bonds and pay through bonds. Automobile loans, credit card receivables, leasing receivables, factoring receivables, commercial mortgages and recei vables backed commercial paper programs can be seouri- tized. Asset securitization which starts in America has deve= loped in European countries such as England, France, Italy, Spain, Germany, Sweden, Norway, Finland and in Japan, Australia and New Zeland since the mid of 1980's In Turkey, asset securitization which begins in 1992, develops as the reduction of reserve requirements of banking system, improving of liquidity and developing of an efficient secondary market.