Market Group Co-ordinates Groundbreaking New ABS Data Warehouse Project

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Market Group

Apr 28, 2011, 06:00 ET

LONDON, April 28, 2011 /PRNewswire/ -- In December 2010, the Governing Council of the European Central Bank (the ECB) announced its intention to establish loan-by-loan data requirements for asset-backed securities (ABSs) in the Eurosystem collateral framework, with the aim of improving transparency and helping to restore investor confidence in the European securitisation markets.

To make this happen, the ECB is encouraging the creation of a groundbreaking ABS Data Warehouse for the processing, verification and transmission of loan-level data. Earlier this month, ECB President Jean-Claude Trichet invited market participants to lend their support to this innovative project.

Once constructed, the ABS Data Warehouse will ensure that loan-level data is made available to market participants to increase transparency in relation to, and facilitate the risk assessment of, existing and future ABS transactions. Processes and software systems will be put in place that allow ABS originators to submit loan-level data to the ABS Data Warehouse electronically, and the loan-level data will be checked for compliance with the specific requirements for eligibility in the Eurosystem collateral framework as well as for consistency and timeliness.

Specific ABS originators and investors from across Europe have formed an independent group of market participants called the "Market Group" to oversee the tender process and select a constructor of the ABS Data Warehouse.

The Market Group today announces that it will issue a Request for Information (RfI) on or around 6 May 2011 to gather information regarding the commercial and technical strengths of potential constructors. The RfI will last for ten days from its issuance. Following a review of the responses received to this RfI, the Market Group will invite a shortlist of the most suitable candidates to participate in a Request for Proposals process which will be used to determine the eventual constructor.

The Market Group invites companies who wish to respond to the RfI to confirm their interest in doing so by emailing the Market Group at [email protected] by 17:00 (London time) on 4 May 2011. The email should include the name of the interested company, a contact name, email address and telephone number and the postal address to which the Market Group should send the RfI when it is issued.

    For further information please contact:

    The Market Group
    Paul D Burdell (CEO of Link Financial, Secretary of the Market Group)
    t: +44(0)207-793-2650
    [email protected]

    MHP Communications
    Andrew Jaques
    Ian Payne
    t: +44(0)203-128-8100

SOURCE Market Group