13th XBRL International Conference May 1619, 2006, Madrid - PowerPoint PPT Presentation

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13th XBRL International Conference May 1619, 2006, Madrid

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May 16-19, 2006, Madrid. Luxembourg Stock Exchange ... 13th XBRL International Conference, May 16-19, 2006, Madrid. 2 ... May 16-19, 2006, Madrid. 3 ... – PowerPoint PPT presentation

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Title: 13th XBRL International Conference May 1619, 2006, Madrid


1
13th XBRL International ConferenceMay 16-19,
2006, Madrid Luxembourg Stock Exchange
Building an efficient gateway for international
securities
2
Agenda
  • The Luxembourg Stock Exchange Gateway to the
    financial
  • world
  • The New European Financial Reporting Framework
  • Building a new reporting framework e-file
  • Leveraging from standard-based reporting
  • within a Luxembourg perspective

3
The Luxembourg Stock Exchange Gateway to the
financial world
  • Founded in 1928 as a for-profit organization and
    still an independent exchange
  • Market for Luxembourg shares
  • A partnership agreement with Euronext (cross
    membership)
  • World leader in listing of international bonds
    and UCITS
  • A network of domestic and international banks,
    law firms, issuers, etc

4
  • First Eurobond listed on the
  • Luxembourg Stock Exchange
  • on 17 July 1963

5
The Luxembourg Stock Exchange Gateway to the
financial world Listings on the Luxembourg Stock
Exchange
6
The Luxembourg Stock Exchange Gateway to the
financial world 4,200 issuers (100 countries,
13 supranationals)
7
The Luxembourg Stock Exchange Gateway to the
financial world
  • Given the number of issuers and the wide variety
    of listed securities, requirements in terms of
    information to be conveyed between all
    stakeholders are colossal.



8
CCLux (Centrale de Communications Luxembourg) was
launched in 1995 by the Luxembourg Stock Exchange
and the Association of Investment Funds Create
a single communication channel between the
industry and the supervisory authority and
rationalize the communication flows Provide
the fund industry with the most up-to date,
comprehensive and reliable data on
Luxembourg-domiciled funds Promote the
Luxembourg fund industry through enhanced
visibility and transparency. In May 2002 CCLux
became a 100 percent subsidiary of theLuxembourg
Stock Exchange
9
CCLuxCollects net asset values, financial data,
legal reports ...Manages production of
structured data productsProvides electronically
data to financial data vendors, financial press,
rating agencies, supervisory bodies
...Information available on CCLux web site
www.cclux.lu
10
  • CCLux today
  • Unique communication channel for the legal
    reporting (from fund administration to local
    authorities)
  • Database with all the
    Luxembourg-domiciled funds
  • 99 of the Luxembourg funds use CCLux for the
    dissemination of
  • their NAVs
  • Communication network for the key players of the
    fund industry
  • Full subsidiary of the Luxembourg Stock Exchange
    strategic vehicle

Before 1998
11
CCLux 14,500 NAVs collected every day, ie 95
of the NAVs of Luxembourg investment funds,
more than 20,000 prospectuses and financial
statements are on line,consultation portal is
accessible worldwide with 1,500 registered users,
partners 81 fund administrations 18 data
flow subscribers (data vendors and media),data
is disseminated worldwide through data terminals
and data vendors networks.
12
New European Financial Reporting Framework
  • Financial Services Action Plan (FSAP) includes a
    list of directives redesigning the landscape of
    the European Financial industry and Capital
    Markets
  • European Directives i.e. prospectus, transparency
    for listed company, MiFID,,ensure the
    development of a single securities market for new
    issues and trading of securities
  • The efficiency of the financial reporting value
    chain, the access and the transparency of the
    information are increasingly becoming key factors
    in the management of financial institutions.

13
New European Financial Reporting Framework
Financial Services Action Plan /
securities-related EU directives

  • Prospectus
  • Market abuse
  • Transparency
  • MiFID
  • IFRS
  • Takeover
  • Some aspects concern also the UCITS


14
Building a new reporting framework e-file
e-file was developed to facilitate the
connectivity of financial institutions in the
transmission of financial documents and data

15
Building a new reporting framework e-file
Principles
File
File
Approval of a new instrument
Approval of a new instrument
Prospectus reading
Comments are sent
Update of file progress
Close publication of prospectus
16
Building a new reporting framework e-file
  • More e-file
  • Critical to collection data electronically on a
    timely and secure way to ensure the success of
    listing procedures
  • Collect non-structured and structured data linked
    to the business processes
  • Transparency efficiency of the listing process
  • Access to information Consultation portal gives
    access to a complete database of listed securities

17
Building a new reporting framework e-file
Structured reporting with validation on external
databases Securities and corporate event filing
Filing of document based reports Annual reports,
Standardised reports XBRL reports,
Filing of documents Listing approval for new
securities,
Structured communication
Business process overview
Electronic form management validation

Referential layer
Issuers
Securities
  • Alerts
  • Types of filing procedures
  • Workflows
  • Basic e-file functionalities Electronic Filing
  • Messaging
  • Encryption, Authentification
  • Automation (STP)

Non structured communication
18
Leveraging from standard based reporting XBRL
  • Added values of XBRL for Capital Markets
  • Facilitate the collection and dissemination of
    structured data from listed companies
  • Harmonize and improve the exchange of financial
    information and structured data of the listed
    companies between stock exchanges (companies with
    multiple listing market place)
  • Enhance the access and comparison of the
    financial information of listed company via web
    consultation portal
  • Fit particularly well in the framework of the new
    directive about the harmonisation of the
    transparency obligations of listed companies
  • increase frequency of reporting
  • harmonise financial content
  • set up electronic centralised data consultation
    platform

19
Leveraging from standard-based reporting XBRL
Stock Exchange
CSSF
Statec

Promoters / Fund administration
Periodic reporting
Facilitate the compliance exercise
Exchange (data doc.)
Banks
Improve analysis decision-making process
Financial Reporting IFRS (per sector /
industry)
Allow different tools from structured forms to
system to system
Diffusion
Collection
Insurance cies
Consultation
All Luxembourg registered companies
Centrale des bilans
Comparison and analysis Tools
Analysts
Distributors
Audit
Data vendors
Investors
20
within a local perspective at Luxembourg
  • Building of a Luxembourg jurisdiction is on-going
    at Luxembourg
  • XBRL will support the future regulatory banking
    reporting (COREP / FINREP) by 2008
  • Opportunity for financial institutions to
    leverage around the new reporting
  • reduced regulatory burden
  • enhance data quality

21
For further information...
  • www.cclux.lu
  • 11, avenue de la Porte-Neuve
  • B.P. 165
  • L-2015 Luxembourg
  • Tel. (352) 47 79 36-581
  • Fax (352) 47 79 36-204
  • info_at_cclux.lu
  • www.bourse.lu
  • 11, avenue de la Porte-Neuve
  • B.P. 165
  • L-2011 Luxembourg
  • Tel. (352) 47 79 36-1
  • Fax (352) 47 32 98
  • info_at_bourse.lu
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