Morrison & Foerster has been appointed as legal counsel for the European DataWarehouse (ED), the Eurosystem-endorsed data repository that will facilitate the storage and dissemination of ABS loan-level data.
Elana Hahn, partner in MoFo’s capital markets group, is the lead counsel to ED. Andrew Crotty will serve as her principal associate on the project.
This appointment of counsel marks the start in the next phase of ED’s development, which will incorporate the placement of its shares to participants in the ABS market and the launch of its operations.
The placement is expected to be completed by the end of 1Q12, subject to market conditions, with ED intending to go live with its data warehouse operations towards the end of summer 2012.
Sapient Global Markets was appointed in early November to construct the technology platform for ED while Perella Weinberg Partners was also appointed in mid-November to arrange the placement of ED’s shares.
The launch of ED’s operations next year is expected to bring a new level of transparency to the European structured finance market by offering investors and other market participants standardized and consistent data on the underlying exposures in an ABS transaction, thus helping them to assess ABS risk and value.