The Australian Securitisation Forum yesterday announced a series of self-regulatory measures to improve standards of disclosure and transparency in the structured finance market.The ASF, which is the peak body for participants in the RMBS, CMBS and other asset-backed securities markets, will start a program to increase and enhance initial and ongoing asset pool information and develop standard data formats. It aims to introduce greater transparency in the due diligence process prior to a securitisation. It will strengthen warranty and repurchase obligations on issuers. It will develop standards for RMBS servicing and establish benchmarks for servicer performance. It will develop improved third-party sources of asset valuations and work to restore market confidence in the ratings agencies by establishing higher transparency standards for agencies. It will participate in the establishment of a global securitisation markets group and it will work on education programs for industry participants and investors.ASF chief executive Greg Medcraft said the program was being undertaken in concert with the American Securitisation Forum, the Securities Industry and Financial Markets Association and the European Securitisation Forum.Apart from raising standards, the aim of the undertaking was to harmonise global market practice standards.The policy initiatives were established in response to the results of a global industry survey conducted by McKinsey & Co. Respondents said the things that most needed attention to restore confidence in the market were enhanced disclosure and standardisation of information, restoration of confidence in the ratings agencies, and greater price transparency and valuation certainty.Challenger Financial Group chief operating officer Brian Benari said all the proposals were for self-regulation and did not require regulatory or legislative change. Benari said harmonisation of international standards would be good for Australian issuers, whose securities had not encountered credit problems. Overseas investors would get a clearer picture of the quality of the local collateral.One task for the ASF will be to generate more support for one key proposal, which is to improve the transparency of pricing.A number of banks and investment banks already pool and publish pricing data on government and semi-government bonds through Yieldbroker, a business that to date does not see a business case for compiling pricing data on asset-backed securities.