Market Group: Announcement of Shortlist of Tenderers to Construct European DataWarehouse

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Market Group

May 31, 2011, 09:00 ET

LONDON, May 31, 2011 /PRNewswire/ -- The Market Group is pleased to announce today the six finalists that have been invited to participate in the next stage of the tender process to select the European DataWarehouse's (ED) constructor. The Request for Proposals (RfP) process will continue for about one month from its issuance. Following a review of the responses received to the RfP, the successful tenderer will enter into a contract to construct ED. The names of the four institutions and two consortia that have been invited to participate in the RfP process are as follows:

    1) Bank of New York Mellon;
    2) Experian;
    3) Sapient;
    4) Thomson Reuters;

5) Bloomberg consortium comprising: Trepp, Markit, Intex, CoreLogic Solutions and Lewtan Technologies;

6) Moody's consortium comprising: PECDC and OSIS.

Following the RfP, a winner will be selected to start building ED over the next few months. ED will be fully operational by the first half of 2012 to provide, among other things, verification services to originators for compliance with the European Central Bank (the ECB) loan-level reporting templates.

Notes to editors:

In December 2010, the Governing Council of 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 ED for the processing, verification and transmission of loan-level data. In April 2011, ECB President Jean-Claude Trichet invited market participants to lend their support to this innovative project.

Once constructed, ED 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 ED electronically, and the loan-level data will be checked for compliance with the specific ECB reporting templates as well as for consistency and timeliness.

An independent group of market participants called the "Market Group" is currently overseeing a tender process to select a company to build ED. As part of the selection process, a Request for Information was issued this April to which more than fifty companies responded.

    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

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