The economic and financial crisis of 2008 showed the need for more transparent and timely information on the underlying loans or asset pools of Asset Backed Securities (ABS) and their performance in a standardised format. This was necessary to help investors and rating agencies to perform proper due diligence.

The European Central Bank (ECB) together with LCM Partners introduced the concept of standardised loan-level data reporting across Europe that could be accessed through a centralised database or portal.

In December the ECB announced the ABS loan-level data Initiative in the Eurosystem collateral framework and a number of Technical Working Groups (TWG) were formed to advise and assist the ECB to help it formulate and finalise specific ABS reporting templates. TWG members consisted of leading investors, originators, rating agencies, industry associations and five NCBs.

ECB President Jean-Claude Trichet invited market participants to lend their support and create a central utility (portal or warehouse) external to the Eurosystem to process, verify, store and manage the data. Following a procurement process, whereby more than 50 organisations participated, European DataWarehouse was launched in December 2011. ECB published specific reporting templates for SME and RMBS.

At the end of June, following a private placement of shares, European DataWarehouse GmbH (EDW) was formed in Frankfurt, Germany. Shareholders include a diverse mix of leading institutions including banks, rating agencies, guarantors and associations from across Europe. In November EDW was officially launched with events at the ECB in Frankfurt and European DataWarehouse’s office.

European DataWarehouse officially started operating on January 3rd in Frankfurt. During the first year, over 600 RMBS and SME transactions were created in EDwin and more than 350 clients, including data users, issuers, trustees, servicers and rating agencies, registered with EDW. EDW developed a free software called EDW Data Conversion Toolkit to allow easy upload of XML loan-level data (LLD) files through Excel or CSV. At the end of 2013, EDW also launched a premium software called EDplus for data users to download LLD into a local database for query-based analysis.

At this point, more than 800 ABS deals had been created in Edwin including RMBS, SME, Auto, Consumer Finance, Leasing and Credit Cards. EDW data was also made available through major data vendors. To enhance data user experience, direct download of ABS data in Excel format was introduced. Other highlights of 2014 included achieving an investor client base of over 100 and launching a private area within EDwin for ABS transactions.

The year 2015 was characterised by the development of new products and further software enhancements. To enrich the data user experience, stratification templates were extended to all asset classes along with a release of a deal document repository to better facilitate the investor analysis by allowing direct access to both the LLD and documents such as investor reports and deal commentary. This was followed by the introduction of EDWcloud, an additional easy-to-use channel for Data Users to access the universe of LLD stored in Edwin. For Data Owners, EDW developed a Data Quality Tracking System to more efficiently address remaining data quality issues. In this context, EDW Quality Checker (EDQC) for RMBS and SME, a pre-screening data quality tool designed for DO/DPs, was also launched in February.

In December 2016, the company announced Dr. Christian Thun as Chief Executive Officer of European DataWarehouse. Prior to joining EDW, Dr. Thun worked at Moody’s Analytics for almost 14 years. In the early stage of his career, Mr. Thun was a team leader at the risk consulting firm Baetge & Partner (an OliverWyman affiliate) and also worked in structured finance for Dresdner Bank in Frankfurt and London.

Commenting on the appointment, EDW’s Chairman José Manuel González-Páramo stated: “In the four years since its inception the European DataWarehouse (EDW) has contributed to the transparency in the European ABS market. We are very grateful for the vital role that Markus Schaber in his capacity as CEO has played in this successful development. With the appointment of Christian as CEO I am confident that EDW will continue its success but also broaden its scope of activities and I am looking forward to his involvement in shaping EDW’s strategy.”

In 2017, European DataWarehouse launched two powerful new platforms, EDITOR and EDvance.

EDITOR was developed for customers who are required to report loan-level data to EDW. EDITOR is an integrated web application which facilitates the seamless analysis and upload of loan level data (LLD). It allows Data Owners and Data Providers to pre-screen and analyse the LLD file and upload it directly to Edwin.

EDvance was designed to allow users access to rich, seamless loan & bond level data, in an easy, convenient and interactive way.  To this day, it provides users a completely new way to access loan and bond level data and aimed to meet the requirements of investors, analysts and researchers.

In 2018, European DataWarehouse continued to expand its suite of offerings and showcase its value with a series of product launches and regulatory developments. In January, European DataWarehouse announced its intention to become the first securitisation repository under the new STS framework. Throughout the year, the team worked tirelessly to prepare clients for the January 1^st deadline for the new Securitisation Regulation, which included a Gap Analysis and the launch of a new regulatory solution within the EDITOR platform.

In addition, EDW launched a UK subsidiary in the fall of 2018. This important step symbolised EDW’s commitment to the UK market, and proved its preparedness for the potential effects of both Brexit and the Securitisation Regulation.

EDW submitted applications to both the European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA) in September 2020 and December 2020, respectively.

The extensive applications detailed the sound operational and technical aspects of the company and its market-leading reporting solutions which would be necessary for EDW to collect and maintain EU and UK securitisation records.

More than three years after the Securitisation Regulation (EU)2017/2402 came into force, and following an extensive application process, EDW was registered in June 2021 by the European Securities and Markets Authority (ESMA) as an EU Securitisation Repository.

In January 2022, the Financial Conduct Authority (FCA) registered EDW as a UK Securitisation Repository, consolidating EDW’s decade-long role as the first European-wide data repository for the asset-backed securities market.

EDW was named Securitization Data Provider of the Year at the Global Capital European Securitization Awards in London on 27 April.

EDW celebrates its 10 year anniversary.

Today, European DataWarehouse continues to serve customers in the ABS market with an extensive suite of products and solutions. Our business continues to grow and evolve to meet the ever-changing regulatory needs of the market.