Standards and market practice (including XBRL) –

Transcript:Standards and market practice (including XBRL) –:
Standards and market practice (including XBRL) – how far have we got and what’s next? CorpActions 2011 Glazier’s Hall - London Max Mansur 5 July 2011 Presentation title – dd month yyyy – Confidentiality: xxx 2 Agenda XBRL Taxonomy for Corporate Actions has been released – what is the potential for EU markets? How is XBRL being implemented for Depositary Receipts – status of the Pilot? What is XBRL’s relationship with ISO 20022? With ISO 15022? How is SMPG market practice injected into XBRL? How does an XBRL tagging tool support the issuer? How can the result be consumed by the industry? How does this help the investment side? Distance between Issuer and Investor ISSUER INVESTOR LAWYERS, ADVISORS, LEAD MANAGERS, REGISTRARS, TRANSFER/FILING/INFORMATION/PUBLICATION AGENTS REGULATORS, SHARE REGISTER, ANALYTICS COMPANY CENTRAL DEPOSITORY, CUSTODIANS, SUB-CUSTODIANS, GLOBAL CUSTODIANS, BROKER-DEALERS FUND MANAGERS, FUND ADVISORS, INVESTMENT MANAGEMENT INSTITUTION, OFFSHORE INVESTORS EXCHANGE, WIRE SERVICES, REFERENCE & TRADING DATA SERVICES Any tolerances to consider? 4 ELECTRONIC versus PAPER NO STANDARDS SCRUBBING > REDUNDANT SCRUBBING > REKEYING OF DATA NO SINGLE SOURCE SCRUBBING (YET AGAIN) REPEAT PROCESS FOR EACH CHANGE MULTIPLE INTERPRETATIONS MANUAL ENTRY = DELAYS & RISK SCRUBBING NO COMMON IDENTIFIER SCRUBBING Corporate Actions – problems and source WFE WC Issuers & CA – 21 March 2011 – Confidentiality: Public Downstream Upstream 4 Corporate Actions Landscape - standardization Issuer Institutional Investor Data Providers Investment & Funds Mgrs B/Ds Shareholders’ Meeting Tabulator / Agent Registrar Exchange Global Custodians CSD Publication / Info Agent Proxy Agent Transfer Agent Retail Investor Regulator Sub- Custodians Tax Authority Courts cross-border Proprietary, ISO potential High: ISO financial stds None - XBRL potential Unlikely – Retail services Mixed: ISO, portal, proprietary Sub-custodians in Asset Servicing Landscape Little High XBRL potential Unlikely Low Issuer Data Providers B/Ds Shareholders’ Meeting Tabulator / Agent Registrar Exchange Sub-Custodians CSD Publication / Info Agent Proxy Agent Transfer Agent Regulator Tax Authority Courts cross-border 6 Institutional Investor Investment & Funds Mgrs Retail Investor Global Custodians XBRL for Corporate Actions – 24 May 2011 – Confidentiality: Public What is XBRL eXtensible Business Reporting Language XML based A technology to code & bring meaning to documents Allows to tag data with specific definitions meta-data « information about information » tags are unique for each concept & organized in a taxonomy data dictionary eg US GAAP, IFRS, ISO 20022 corporate actions, … Non-proprietary, open source standard 7 XBRL for Corporate Actions – 24 May