This document discusses EDGAR Online's role in promoting transparency through structured data. It notes that EDGAR Online has the largest and fastest XBRL dataset with over 11 years of US public company filings. It also has the most comprehensive set of XBRL products and services, including tools for companies to create and file XBRL documents and for regulators and analysts to analyze XBRL data. The document argues that data standards like XBRL are important to improve the outdated financial information supply chain and enable better data analysis.
2. About EDGAR Online (NASDAQ:EDGR)
Leader in disclosure management, financial data and GRC
analytics solutions
• Our clients create, collect and analyze data using EDGR software tools and
content services
• We help companies:
• Comply with filing regulations
• Manage financial information
• Lower risk and lower compliance costs
• Gain control over and analyze information
• Implement more agile and effective GRC practices
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3. EDGAR Online’s – XBRL Experience
Market EDGAR Online Market Posi2on Customers
Data & Analy2cs Private Sector Source for SEC Filings Anyone that needs to access SEC Filings:
• Over 70 million page views per month
• 10s of thousands of subscribers
• Equites, Mutual Funds, ABSs, Corp AcCons…
• Cataloged and searchable availability 30 seconds with alerCng
Largest , Fastest, Most Detailed XBRL Dataset Financial ins3tu3ons:
• 11 Years of all US Public Companies 10ks, 10qs, 8ks
• Linked to the Source document
• 6,000 elements taxonomy
• All filings in 15mins to avg of 6 hrs
• Chinese XBRL, Korean XBRL
XBRL Analysis Tool Analysts, Accountants & Regulators
• Demanding Users
• Open, screen, analyze and save XBRL data
• Web Version and Excel Version
• Link to source filing, alerCng, pricing, ownership, esCmates, news
XBRL Crea2on XBRL Filing Creator Companies that file with the SEC:
• Created over 280X BRL Filings for public companies
• 3‐4 X next closest compeCtor
• Fully automated with links to the source document
Highest Fidelity XBRL Processing PlaBorm Companies that collect financial data:
• SEC and Non‐SEC financial statements
• Linked back to the source document
• MulC‐currency & mulC‐lingual
4. Comprehensive Set of XBRL Products and Services
Create Consume Analyze
Filers Regulators Data Users
External Collec3on Data
Repor3ng Valida3on Research
ERP Integra3on Compliance Analy3cs
Business
Intelligence
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7. Enabling Data Management
Method = common framework
for viewing XBRL information
Common Technology =
Language shared content
hub & analytics
= XBRL
Common Measurements =
benchmarking standards
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8. The Informa3on Supply Chain Is Outdated
SEC Filings are rapidly growing in complexity & size
SEC’S EDGAR DATABASE
Cumula3ve # of Cumula3ve # of Cumula3ve # of # of Pages in
Year Filings Bytes Pages Ci3group’s 10k
1996 326,637 44,875,133,391 13,807,733 263
1999 1,059,494 147,570,816,546 45,326,919 265
2009 4,163,565 1,271,786,008,874 165,289,298 1,376
Analysts & regulators have used a 75 year old financial informa3on supply chain:
Fundamental
Data Set
External Report Vendor
1
Manual Re‐Keying
Fundamental
Data Set
Vendor
• 70% Manually re‐keyed from filing by analysts 2
• 10‐20% of what is reported ends up in data set
• High Error Rate, High Latency, High Cost, Low Detail
• US Equi3es have best transparency
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9. The importance of Data Standards and
Mandates
Data Informa3on Usage Overall Results
More than half of respondents
Perform industry or market analysis 74.4%
use data for performing
Benchmark compe2tors or comparable companies industry or market analysis
51.9%
performance (74.4%) and benchmarking
compe3tors or comparable
Analyze or make equity investment decisions 40.1%
companies (51.9%)
Iden2fy or evaluate mergers, acquisi2ons and
30.9%
partnerships Other common uses include
analyzing equity investment
Evaluate risk in exis2ng investment por`olio 21.4%
decisions (40.1%) and
iden3fying or evalua3ng
Iden2fy or assess poten2al customers 19.1% mergers, acquisi3ons and
partnerships (30.9%)
Analyze or make fixed income (debt) investment
19.1%
decisions
Iden2fy or assess supply chain partners 4.6%
0% 10% 20% 30% 40% 50% 60% 70% 80%
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10. Importance of Transparency:
Mortgage Securi3za3ons
DATA ELEMENT % INCLUDED ARM - Periodic Rate Change Frequency 53.77% Note Date 23.81%
Original Loan Balance 97.02% Balloon Flag 10 52.78% Self Employed Flag 23.61%
Property State 97.02% Original Interest Rate 52.18% Program 23.21%
Property Type 95.24% Remaining Term 51.39% Amortization Type 22.42%
FICO 94.64% Servicing Fee 50.60%
Pool 21.23%
First Payment Date 94.64% ARM - First Rate Change Date 47.22%
ARM - First Rate Change Period 21.03%
Occupancy Type 93.65% Adjustable Rate Flag 47.02%
Loan Purpose 93.45% Negative Amortization Limit 20.63%
Origination Date 46.83%
Current Rate 92.06% Convertible Flag 20.63%
Group 45.63%
Maturity Date 90.28% Borrower Quality 45.04% Current Combined LTV 20.24%
Property Zip 89.88% Current LTV 44.64% ARM - Periodic Payment Change Cap 18.65%
Original Term 86.71% Loan Type 42.66% Frontend DTI Ratio 18.65%
Documentation 85.12% Mortgage Insurance Company 42.06% Silent Second Flag 18.65%
ARM - Margin 84.92% Interest Only Flag 41.67% Delinquency Status 18.06%
Lien Position 84.33% Prepayment Penalty Flag 40.87% Conforming Loan Flag 17.26%
Loan ID 82.74% Servicer 40.48% Master Servicing Fee 17.06%
Interest Only Term 81.15% Paid to Date 38.69% Mortgage Insurance Certificate ID 17.06%
ARM - Periodic Rate Change Cap 74.21% Senior Lien Balance 38.69% Originator Loan ID 16.67%
ARM - Lifetime Max Rate 73.21% Junior Lien Balance 37.90% Negative Amortization Flag 16.47%
Current Loan Balance 72.22% ARM - Next Payment Change Date 37.70%
As of Date 16.07%
Current Principal and Interest Payment 71.63% Loan Subtype 35.52%
ARM - Look Back Period 15.87%
Mortgage Insurance Coverage 70.63% Seasoning 34.33%
ARM - First Rate Change Cap 69.84% Channel 15.87%
ARM - Periodic Payment Change Frequency 33.93%
Original Combined LTV 67.86% Property County 15.67%
Original Principal and Interest Payment 31.94%
Original LTV 65.08% ARM - First Payment Change Date 31.35% Current Scheduled Loan Balance 14.88%
Prepayment Penalty Term 64.09% Prepayment Penalty Type 30.56% Mortgage Insurance Fee 14.48%
Number of Units 63.29% Cut Off Date 30.36% First Time Buyer Flag 14.29%
Backend DTI Ratio 63.10% Mortgage Insurance Flag 29.76% Remaining Term - Stated 14.09%
Property City 62.70% Next Payment Due Date 29.56% Buydown Flag 13.89%
ARM - Next Rate Change Date 62.50% Originator 28.97% Delinquency Count 12.30%
Appraisal Value 61.31% Current Net Rate 27.98% Remaining Interest Only Term 12.10%
ARM - Lifetime Rate Change Cap 61.31% Property Value 27.18% Current Combined Loan Balance 11.71%
Property Sales Price 60.52% Appraisal Type 25.00% Interest Paid to Date 11.71%
10
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Amortization Term 60.12% Current Actual Balance 24.60% ARM - Lifetime Min Net Rate 11.51%
ARM - Adjustment Index 60.12% Months to Next Rate Change 24.60%
Current Appraisal 11.51%
ARM - Lifetime Min Rate 59.52% Lender Paid Mortgage Insurance Fee 23.81%