Along with Lewtan Technologies' ABSNet operations expanding, the company last week announced the opening of a new office in London to house its entire European operation. The company said in a release that through its new office, it would be running customer support and technical support, deal-modeling, product marketing, as well as sales functions supporting all of Europe."
In conjunction with moving into its new European office, Lewtan also announced that it doubled its ABSNet operations in Europe, making it the largest European vendor presence supporting structured-finance surveillance and analysis. ABSNet was established in 2003 and, since the beginning of this year, has doubled its staff in London, adding more support activities.
"We see a trend developing in Europe, much of the same technology that we have made available in the U.S. is being applied here in Europe," Ned Myers, vice president in CMO and strategy, marketing and business development at Lewtan, said. In addition to providing collateral and bond performance data on asset- and mortgage-backed securities, ABSNet offers interactive cash flow analytics for European transactions. Through this system, securitization professionals can perform multiscenario analysis, make relative value assessments between securities, and validate third-party prices and analyses.
Myers said that Lewtan began tracking deals in Europe five years ago but from an overall global perspective when the ratio of U.S. deals to European transactions was four to one. As the European markets have continued to grow so has the need to have localized support and a presence on the ground in Europe. "In terms of credit surveillance data, there still aren't many option for European players," Myers said. "The closest alternative is what Bloomberg is doing."
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