European DataWarehouse (EDW) is a Securitisation Repository designated by both the European Securities and Markets Authority (ESMA)[1] and the Financial Conduct Authority (FCA).[2] European DataWarehouse GmbH is part of the ABS Loan Level Data initiative established by the European Central Bank that is engaged in providing data warehousing services and full disclosure for investors in asset-backed securities (ABS).[3][4][5][6] It provides an open platform for users to access asset-backed security data.
 European DataWarehouse | |
| Industry | Data warehousing |
|---|---|
| Founded | January 2012 |
| Headquarters | , |
Key people | Christian Thun CEO |
| Website | eurodw |
It is the first centralised data repository in Europe for collecting, validating and making accessible to download point-by-point, institutionalised and asset class specific loan-level data (LLD) for asset-backed securities (ABS) transactions.[7][8] European DataWarehouse helps to facilitate risk assessment and improve transparency for European ABS deals.[9]
History
editABS initiative
editThe ABS Loan-Level Initiative was a Eurozone initiative from 2012 to standardize asset-backed securities (ABSs) information accepted as collateral in Eurosystem credit operations. It was put forward in response to the 2008 financial crisis, as the European Central Bank (ECB) wanted to restore confidence in the securitisations market.
The initiative began after support for the idea was recognised at an ECB public consultation.[10] It establishes specific information requirements for asset-backed securities (ABSs) accepted as collateral in Eurosystem credit operations. The aim was to allow market participants access to standardized timely information on loans and their performance. Access to this information should allow market actors to make more informed decisions regarding asset backed securities. The Eurosystem believed that the new data requirements would help both investors and third-party assessment providers with their due diligence. It was hoped that the loan level initiative would help instill transparency and, ultimately, confidence back into the securitisation market following the 2008 financial crisis. The perceived problems were a lack of transparency and the absence of a standardised system across asset classes. These made it difficult to make accurate risk assessments of the securities. Enabling better risk assessment would then have the effect of encouraging investors and reducing then current levels of reliance on the Eurosystem.
Following the ECB initiative, the Bank of England made "Loan Level Information" one of their extended eligibility criteria for ABS collateral, but without a costly central data warehouse and with free access to market participants.[11][12]
Data warehouse created
editThe result of this development work is European Data Warehouse GmbH. European DataWarehouse was founded in January 2012 for the purpose of facilitating risk assessment and improving transparency in European asset-backed security (ABS) deals.[13][14]
Evolution
editEuropean DataWarehouse Ltd. was designated as a Securitisation regulation under the FCA in December 2020, which followed the establishment of a UK subsidiary, European DataWarehouse Ltd, as well as a UK office.
European DataWarehouse GmbH was designated as a Securitisation Repository under ESMA in June 2021, more than three years after the Securitisation Regulation (EU)2017/2402 came into force.
Responsibilities
editEuropean DataWarehouse's responsibilities include ensuring that ABS market data is openly accessible and that all transactions are recorded. A key aim of European DataWarehouse is to instil trust back into the ABS market. The European Central Bank is set to make compliance with loan-level data disclosure compulsory before it will accept asset-backed securities as collateral for financing.[3][4][7]
Boards
editEDW has three decision-making bodies and 16 shareholders.[15]
- Supervisory board
The main decision-making body. It comprises the shareholder members and governors/observers from the ECB and NCB. It is responsible for strategy and monitoring EDW's operations.
- Pricing committee
Sets the fee structure for EDW customers and consists of eight members of the ABS industry.
- EDW management
Management of European DataWarehouse GmbH is Represented by Dr. Christian Thun (CEO), Gopala Krishnan Sankaran (CTO), and Sascha Schimpfermann (CFO).
Management of the UK Subsidiary, European DataWarehouse Ltd., is represented by Markus Schaber.
The EDW shareholders are:
| Banco Bilbao Vizcaya Argentaria S.A. |
| Banco Santander S.A. |
| BNP Paribas S.A. |
| CaixaBank S.A. |
| Crédit Agricole S.A. |
| Crédit Foncier de France |
| Creditreform Rating AG |
| DBRS |
| Dutch Securitisation Association |
| Instituto de Crédito Oficial |
| Intesa Sanpaolo S.P.A. |
| Moody's Group Cyprus Limited |
| Sapient Global Market |
| Société Générale S.A. |
| True Sale International |
| UniCredit S.P.A. |
Awards
editThe company received the Banking Technology Award for the Best Industry Infrastructure Initiative in 2012 [16] and was named "Securitization Data Provider of the Year" by GlobalCapital in 2019 and 2022.[17][18]
Citations
edit- ^ "ESMA registers European DataWarehouse GmbH and SecRep B.V. as Securitisation Repositories". www.esma.europa.eu. Retrieved 28 March 2023.
- ^ "FCA has decided to register the first UK securitisation repositories". FCA. 7 January 2022. Retrieved 28 March 2023.
- ^ a b Mayre, Anil (15 March 2012). "Euro ABS DataWarehouse investors offered incentive scheme". Reuters.
- ^ a b "La Comisión Europea da un paso más en su apoyo a las Hipotecas Verdes" (in Spanish). Eficiencia. 22 November 2017.
- ^ "Company Overview of European DataWarehouse GmbH". Bloomberg.com. Retrieved 14 December 2017.
- ^ "European DataWarehouse sorgt für Transparenzgewinn von Auto-ABS-Transaktionen". TSI-kompakt.de. 26 September 2013.
- ^ a b "European DataWarehouse: European Loan Level Data: Smart Usage Beyond Asset-Backed Securities". RiskTech Forum. 1 November 2016.
- ^ "1010data, Inc. and European DataWarehouse GmbH Partner to Increase Transparency of European Asset Backed Securities". 1010data.com. 4 June 2014.
- ^ Kanoni, Eirini; Schaber, Markus. "European DataWarehouse: An initiative to improve transparency for European securitisation market" (PDF). eurodw.eu.
- ^ "Public Consultation Report" (PDF). ECB. Retrieved 9 July 2012.
- ^ "Bank of England - Market Notice on Information Transparency ABS" (PDF). Retrieved 17 September 2012.
- ^ "Eligible Collateral Framework". Bank of England. Retrieved 17 September 2012.
- ^ "REFILE-ECB launches structured transparency programme". Reuters. 30 November 2012.
- ^ Mayre, Anil. "Euro ABS Data Warehouse investors offered incentive scheme". Reuters. Archived from the original on 22 February 2014. Retrieved 12 July 2012.
- ^ "ED Press Release".
- ^ "European DataWarehouse Wins "Best Industry Infrastructure Initiative"". LCM Partners. 14 December 2012.
- ^ "GlobalCapital European Securitisation Awards 2019: The Winners"". GlobalCapital. 14 March 2019.
- ^ "GlobalCapital European Securitization Awards: the winners revealed". GlobalCapital. 30 September 2022. Retrieved 28 March 2023.
References
edit- "Technical Working Group Membership" (PDF). Retrieved 9 July 2012.[permanent dead link]
- European Data DataWarehouse GmbH, the European central data warehouse for collecting loan level data (LLD) for Asset-backed securities transactions. It was developed by the market, and endorsed by the Eurosystem, to facilitate risk assessment and to improve transparency standards for European ABS deals.
External links
edit- Official website (GmbH)
- Official website (Ltd)