Prime Collateralised Securities
PCS is an independent, not-for-profit initiative providing STS verification, CRR, and LCR assessment services for European securitisation transactions, serving issuers, originators, investors, regulators, and law firms across 35+ European financial centres.
- Company typePrivate
- Founded2012
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Prime Collateralised Securities does
Prime Collateralised Securities (PCS) is an independent, not-for-profit initiative founded in 2012 and headquartered in Paris, with additional offices in London and Brussels. Its stated objective is to support and strengthen the European securitisation market as a safe and sound tool for financing the economy. PCS provides STS (Simple, Transparent and Standardised) verification services under EU and UK regulation across three transaction types: ABCP (Asset-Backed Commercial Paper), Non-ABCP (Term) securitisations, and OBS (Synthetic/On-Balance-Sheet) securitisations. These core services are delivered through an Online Application Portal and supported by a searchable Transaction Database and a public "Great Library" educational hub that publishes YTD and all-time STS market statistics.
The platform architecture is web-based: clients submit transaction details through the application portal, the PCS analytical team conducts verification against STS criteria, and the resulting verified transactions populate the public database. PCS has also added CRR (Capital Requirements Regulation) and LCR (Liquidity Coverage Ratio) assessment modules as add-on services that evaluate the prudential capital and liquidity treatment of securitisation exposures.
Commercially, PCS operates a professional services revenue model with multi-year verification contracts and a fee schedule that is not publicly disclosed. Its go-to-market is event-driven, anchored by an annual European Symposia series hosted in partnership with top-tier law firms (Clifford Chance, Allen & Overy/A&O Shearman, Linklaters, White & Case, Hogan Lovells, Cuatrecasas, Chiomenti, NautaDutilh, DLA Piper, VdA, A&L Goodbody, Waselius & Wist, Vinge) and EU institutions (EIB, EIF) across 35+ European financial centres. PCS serves four primary customer segments — Securitisation Issuers and Originators, Securitisation Investors, Regulators and Policymakers, and Law Firms and Advisors — and competes less on price and more on regulatory credibility, brand authority, and convening power within European structured finance.
Prime Collateralised Securities firmographics
Firmographics- Name
- Prime Collateralised Securities
- Legal name
- PCS (Prime Collateralised Securities)
- Website
- https://pcsmarket.org
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- PCS is an independent, not-for-profit initiative providing STS verification, CRR, and LCR assessment services for European securitisation transactions, serving issuers, originators, investors, regulators, and law firms across 35+ European financial centres.
- Ownership category
- akta.pro rank
Prime Collateralised Securities industry classification
Industry- Product category
- Securitisation Verification Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Asset-Backed Securities (6189)
- akta.pro primary industry
- Whole-Business & Franchise Securitization (FSACACAF)
Keywords
Where Prime Collateralised Securities is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Prime Collateralised Securities business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Others
Revenue model
- STS Verification Services: PCS generates revenue through providing STS (Simple, Transparent and Standardised) verification services for securitisation transactions. The verification confirms compliance with EU/UK securitisation regulations. They also provide CRR and LCR assessments. Revenue is derived from fees charged for verification services to originators, issuers, and other securitisation market participants.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | STS Verification Services |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Prime Collateralised Securities product offering
Product offeringCore offering
PCS provides independent STS (Simple, Transparent and Standardised) verification services for European securitisation transactions, covering ABCP, non-ABCP (Term), and OBS (Synthetic) structures under EU and UK regulations. The organisation also offers CRR (Capital Requirements Regulation) and LCR (Liquidity Coverage Ratio) assessments to clarify prudential treatment of securitisations. It operates as an independent, not-for-profit initiative that sets standards and publishes STS market data for the European securitisation market.
Product overview
Prime Collateralised Securities (PCS) operates as a verification and assessment services provider for the European securitisation market. The core offering consists of STS (Simple, Transparent, and Standardised) verification services supporting multiple transaction types including ABCP, Non-ABCP (Term), STS mixed verification, and OBS (Synthetic) structures for both EU and UK jurisdictions. These are complemented by CRR and LCR Assessment modules that evaluate transactions against prudential regulatory requirements. The Online Application Portal provides the submission interface for verification requests, while the Transaction Database offers a searchable repository of verified securitisations. The Great Library serves as the educational resource component, hosting symposia content and market intelligence materials.
Differentiator
Problem solved
Functional benefit
Products and services
- STS Verification Services
Quantifiable outcome
- STS verification for all types of European securitisations (ABCP, non-ABCP Term, OBS/Synthetic)
- +1 more outcomes
Companies that use Prime Collateralised Securities
Customer profileSegments4 records
Ideal customer profiles3 records
Prime Collateralised Securities technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Prime Collateralised Securities partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and flagship.
- White & CasecoreWhite & Case is a key legal partner for PCS symposia. They co-host the 4th Annual PCS Paris Symposium 2026 with PCS. White & Case provides legal expertise and venue for PCS events.
- CuatrecasascoreCuatrecasas partners with PCS for the annual Madrid Symposium. They co-host the event and provide legal expertise on Spanish and European securitisation markets.
- ChiomenticoreChiomenti partners with PCS for the Milan Symposium, providing Italian legal expertise for the annual securitisation event.
- Clifford ChancecoreClifford Chance is a long-standing partner for PCS symposia, hosting events including Athens, Frankfurt, and other city symposia. They provide legal counsel and market insights.
- LinklaterscoreLinklaters partners with PCS for the Brussels Symposium, providing Belgian/EU legal expertise and hosting the annual policy-focused event.
- EIB (European Investment Bank) and EIF (European Investment Fund)flagshipEIB and EIF co-host the annual Luxembourg Symposium with PCS. This partnership positions the event as a flagship industry gathering bringing together EU financing institutions and market participants.
- Allen & Overy (A&O Shearman)coreAllen & Overy (now A&O Shearman following merger) has partnered with PCS for London and other symposia. They provide venue, legal expertise, and market insights for securitisation events.
- NautaDutilhcoreNautaDutilh partners with PCS for the Amsterdam Symposium, providing Dutch legal expertise and hosting the annual event.
- A&L GoodbodycoreA&L Goodbody partners with PCS for the Dublin Symposium, providing Irish legal expertise and hosting the annual event.
- Waselius & Wist and VingecoreWaselius & Wist (Finland) and Vinge (Sweden) partner with PCS for the annual Nordics Symposium, covering the Scandinavian securitisation markets.
- KBRA (Kroll Bond Rating Agency)coreKBRA co-hosted the Dublin Symposium 2023 with PCS, providing credit rating expertise and market insights.
- Hellenic Financial Stability Fund (HFSF)coreHFSF partnered with PCS for the Athens Symposium and joint STS Workshop in 2021. HFSF joined the Prime Collateralised Securities Association demonstrating strategic alignment.
- Hogan LovellscoreHogan Lovells partnered with PCS for the Milan Symposium 2022, providing Italian legal expertise for the event.
- Vieira de Almeida (VdA)coreVdA partners with PCS for the Lisbon Symposium, providing Portuguese legal expertise and hosting the annual securitisation event in Portugal.
- DLA PipercoreDLA Piper partners with PCS for the Warsaw Symposium, providing Polish legal expertise and hosting the annual securitisation event in Poland.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Prime Collateralised Securities competitors and assessment
Company assessmentBroad incumbents
- S&P Global Ratings: Major credit rating agency that rates securitisation transactions globally, including structured finance. Comparable to PCS as a provider of independent assessments informing investor due diligence and capital treatment for securitisations; PCS CEO Ian Bell was previously General Counsel and Head of Structured Finance at S&P Europe.
- Moody's: Global credit rating agency providing ratings, assessments and analytics across structured finance, including securitisation transactions. Comparable to PCS as a provider of independent third-party evaluation services used by issuers and investors in the securitisation market, though Moody's is a much broader, for-profit incumbent rather than a securitisation-only verifier.
- Fitch Ratings: Global credit rating agency active in structured finance and securitisation ratings. Comparable to PCS in providing independent evaluation relied upon by securitisation market participants; PCS team member Martina Spaeth previously worked at Fitch.
- DBRS Morningstar: Global credit rating agency covering European structured finance and securitisation. Comparable to PCS in providing independent assessment services used by European securitisation market participants, operating across a broader credit rating portfolio.
Direct peers
- Scope Ratings: European-headquartered credit rating agency with a meaningful structured finance franchise across the EU. Comparable to PCS as a European-focused independent assessor serving securitisation issuers and investors, with overlapping target customers.
- Kroll Bond Rating Agency (KBRA): US-headquartered credit rating agency with a strong European structured finance presence and an existing co-hosting partnership with PCS (Dublin Symposium 2023). Directly comparable as an independent provider of evaluations for securitisation transactions and a recognised third-party diligence layer for issuers and investors.
Emerging players
- ARC Ratings: European credit rating agency authorised under EU regulations, active in structured finance and securitisation ratings. Comparable to PCS as a newer, Europe-focused independent assessment provider seeking to build share in the same securitisation diligence ecosystem.
Others
- AFME (Association for Financial Markets in Europe): European industry association representing capital markets participants; COO Mark Lewis chaired AFME's Securitisation Committee and PCS team members came from AFME. Comparable as a stakeholder shaping European securitisation policy and market infrastructure, though AFME is an industry body rather than a verification provider.
- EBA (European Banking Authority): EU regulatory authority overseeing securitisation framework development, including the STS criteria that PCS verifies against. Comparable as a key stakeholder in the European securitisation ecosystem; PCS engages in EBA consultations and Anna Wozniakowska-Debiec was on the EBA Subgroup on Securitisation and Covered Bonds.
Regional players
- The Structured Credit Investor (TSI): Specialist structured credit and securitisation information provider hosting events such as the TSI Congress (PCS calendar lists this event). Comparable as a securitisation-focused community and content provider serving overlapping issuer, investor and advisor audiences in Europe.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Prime Collateralised Securities social profiles
Digital presencePrime Collateralised Securities financial estimates
Financial estimateRevenue estimate
Valuation estimate
Prime Collateralised Securities leadership team
Management profileNumber of profiles
Profiles12 records
Prime Collateralised Securities funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Prime Collateralised Securities M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Prime Collateralised Securities
What does Prime Collateralised Securities do?
PCS provides independent STS (Simple, Transparent and Standardised) verification services for European securitisation transactions, covering ABCP, non-ABCP (Term), and OBS (Synthetic) structures under EU and UK regulations. The organisation also offers CRR (Capital Requirements Regulation) and LCR (Liquidity Coverage Ratio) assessments to clarify prudential treatment of securitisations. It operates as an independent, not-for-profit initiative that sets standards and publishes STS market data for the European securitisation market.
Is Prime Collateralised Securities a public or private company?
Prime Collateralised Securities is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Prime Collateralised Securities founded?
Prime Collateralised Securities was founded in 2012. It employs 1 to 10 people.
Where is Prime Collateralised Securities based?
Prime Collateralised Securities is headquartered in London, United Kingdom, in the Europe region.
How does Prime Collateralised Securities make money?
One revenue line is on record: STS Verification Services.
Who are Prime Collateralised Securities's main competitors?
Broad incumbents on record are S&P Global Ratings, Moody's, Fitch Ratings and DBRS Morningstar. Direct peers are Scope Ratings and Kroll Bond Rating Agency (KBRA). ARC Ratings is listed as an emerging player. Others are AFME (Association for Financial Markets in Europe) and EBA (European Banking Authority). The Structured Credit Investor (TSI) is listed as a regional player.
Does Prime Collateralised Securities have an API?
No public API is recorded for Prime Collateralised Securities.
What industry is Prime Collateralised Securities in?
Prime Collateralised Securities's product category is Securitisation Verification Services. Its primary akta.pro industry code is FSACACAF, Whole-Business & Franchise Securitization. Its NAICS code is 522320 and its SIC code is 6189.