Sibos Standards Forum 2011 CITI XBRL Pilot v21

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Sibos Standards Forum 2011 CITI XBRL Pilot v21 CITI extensible business reporting language pilot

Sibos Standards Forum 2011 CITI XBRL Pilot v21 CITI extensible business reporting language pilot

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  • Why XBRL? Because it’s in 30+ major markets and growing in number of countries, scope of adoption, depth of details, and increasingly being mandated. Why the growth? No other competing approach to migrate financial information from text to computer readable data.
  • Where’s Waldo in all of the information flowing out there? Without some data, like XBRL, this is pretty much what a corporate actions document looks like. Digging out the Waldo from the crowd of information is costly, difficult, wasteful, risky, opaque, and doesn’t serve the investor’s as well as it should.

Transcript

  • 1. Citi XBRL pilot Standards Forum Sibos 2011
  • 2. eXtensible Business Reporting Language XBRL is a global revolution in financial reporting tax reporting in iXBRL for all UK companies since April 2011 XBRL financial reporting quarterly for over 9,000 US companies XBRL mandated by BoJ, FSA, National Tax Agency, and Tokyo Stock Exchange China requires moving to XBRL for all mandatory financial, banking, and securities reporting India in process of deploying XBRL for all mandatory financial, banking, and securities reporting
  • 3. Innovation to streamline asset servicing
    • 2009 – US initiative announced
    • 2010 – June publication of business case and case study
    • 4. 2010 – October announcement of Citi ADR XBRL pilot
    • 5. 2011 – June publication of XBRL Corporate Actions Taxonomy
    • 6. 2011 – Sep Citi posting dividends for ADRs in XBRL
  • 7. Local Issuer Central Securities Depository Registrar / Transfer Agent Stock Exchange Custodian ADR Depositary Market of Issuer Local Custodian CSD (DTCC) GlobeTax DTCC Website NYSE/NASDAQ WebCRD ® Input FINRA SEC EDGAR Website eGov Input or proprietary file ADR Investor ADR Website DTCC files on SMART Tax Treatment Current Information Flow - American Depositary Receipts Tax Treatment Exchange Website Other Recipients = = Manual input = = PDF Announcement Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public
  • 8. Custodian ADR Depositary CSD (DTCC) GlobeTax DTCC Website FINRA SEC EDGAR Website ADR Investor ADR Website DTCC ISO 20022 msg = = Tax Treatment Pilot Flow for XBRL CA for American Depositary Receipts (ADR) Tax Treatment Exchange Website Manual Input = XBRL Data Instance = Other Recipients = PDF Announcement NASDAQ NYSE DB JPM BNYM CITI Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public Local Issuer CSD Registrar / Transfer Agent Stock Exchange Market of Issuer Local Custodian MX MX
  • 9. ADR Dividend announcements in XBRL Presentation title – dd month yyyy – Confidentiality: xxx Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public
  • 10. What does it look like? Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public
  • 11. Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public PDF Announcement Tagged instance using XBRL CA Taxonomy Converted to ISO 20022 format Where’s the ISO?
  • 12. Key Points on XBRL initiative
    • Growing pervasiveness of XBRL
      • Availability, corporates invested, vast potential
      • 13. More markets, more domains, more depth
    • XBRL usefulness
      • Merging market practice and vernacular with global standard
      • 14. Local (non-English) language labels
      • 15. Maintain ISO 20022 core data elements for confidence while extending for market needs
      • 16. Can map out to ISO 15022 formats
    • Enrichment of ISO standard
      • Engagement with Issuers is NEW – should improve communications from issuer to investor
    Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public
  • 17. Why do I always have the feeling someone is looking for me?
  • 18. Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public Questions from the Audience?
  • 19. Citi XBRL Pilot – Sibos 2011 Standards Forum – 21 Sep 2011 – Confidentiality: Public Thank you