This document outlines a framework for the delivery of investment book of records (IBOR) information by service providers to asset managers, emphasizing the importance of understanding the audience and standardizing information delivery. Key components include ensuring data quality, establishing metadata and standards, and offering customizable reports to enhance competitive advantage. It also addresses the need for effective information governance to maintain high-quality data delivery and improve client servicing efficiency.

1. Investment Book Of Records
Middle Office Information Delivery Model
Burak S. Arikan
May 2015
Burak S. Arikan | 382 Webster Avenue, Jersey City NJ | +1 (201) 356-7058 | burak@burakarikan.com

2. Context
1) Information Audience, Purpose, and Standardization
2) Information Delivery (Reports & Extracts) Framework
3) Information Access Methods - Graphical Representation
4) Information Governance Framework and Operating Model
5) IBOR Standard Data Domains
6) Appendix : Current IBOR Information Delivery Model (Most Organizations)
Burak S. Arikan | 382 Webster Avenue, Jersey City NJ | +1 (201) 356-7058 | burak@burakarikan.com Page 1
The Purpose of this document is to share the common market practice being used for delivery of IBOR information by service providers for asset
managers and introduce a comprehensive and practical framework to make information delivery as a Competitive Advantage.

3. Information Audience, Purpose, and Standardization
Without understanding the audience and the purpose of the information in reports or extracts, it will be impossible to design and deliver a standard
offering which will ensure consistency and operational sustainability. Let’s first understand the purpose of data and information.
Data
End-client
Reports
Operational
Reports
Extracts
Investment
Manager
Investor
Portfolio Managers
Receives periodic (monthly/quarterly) reports to
see the valuations, transactions, income,
unrealized/realized gain/loss.
Third Parties
Receives data extracts for shadow accounting
or other activities.
Reports for internal use and decision making.
Investor
Receives data extracts to perform activities on
behalf of investors. These activities might be
performance, custody, transfer agency, etc.
Industrial
messaging
(e.g. SWIFT,
FpML, FIX)
and
standard
extract layout
Standard
investor
reports
Delivery
Mechanism
Recipient
Standardization
Method
Standard
operational
reportsReports needed for operational controls and
internal use.
Portfolio Managers
Extracts (CSV, flat file) needed for internal use
(upload into excel for manipulation or loading
into systems)
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Investment
Manager
Extracts needed for operational controls and
internal use.

4. Information Delivery (Reports & Extracts) Framework
With the enhancement of technology, sharing data and information is easier than before. However, turning data into a decision has become more
important for all organizations. Information Delivery (reports and data extracts) can be come a competitive advantage for a service provider.
Key Components:
Data Quality
at source
Metadata &
Standards
StandardDelivery
Methods
Historical
StandardOffering
Single Data
Store
Position
Transaction
Projection
…..
….
Data Quality
at storage
Quality: Quality is the first and foremost
important part of information delivery. It should
be ensured at the each step of information
lifecycle from creation to the end user delivery.
Metadata & Standards: Metadata and
standards will ensure that data/information
is understood and interpreted in a
common way by participants, eliminating
any confusions.
Standard Offering: A core set of reports and
extracts should be designed for all clients;
however, they should evolve based on the
changes in the market place.
Multiple Channels: Information should
be made accessible to clients through
multiple channels where the client can
interact with data in a preferred method.
Historical: Making historical
information available along with the
current information will ensure that
the clients are tooled to make better
decisions.
Data As Service: Giving ability to clients to
customize reports and extracts based on self
needs while using the same single data store
will ensure consistency and eliminate costly
technology development efforts.
DAS
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5. 8/14
7/14
Tran.
Rep
6/14
PIM86
Data Dictionary
Definition
Other Reports the field
is used
Source System
Information Access Methods - Graphical Representation
Client/User wants to see the position report on a portfolio (TIM86 - Mid-cap Equities portfolio)
Pos.
Rep
Inc.
Rep
PIM70
PIM60
Log in
Log in to
reporting
portal
Client see his
portfolios to
be chosen
After choosing
TIM86, Client
sees available
report set
Meta
data
Re
Ports
SLA
After choosing
position report,
Client can drill
down into different
details: Business
Dictionary,
Quality Rules,
SLAs and KPIs
Historical Reports
Client decides
to see the
report
and wants to
see the latest
version
Equities
10,000,000.55 Historical Book Cost (GBP)
11,000,000.55 Revalued Book Cost (GBP)
9,000,000.55 Net Market Value (GBP)
9,000,000.55 Gross Market Value(GBP)
10,000,000.55 Unrealized Gain/Loss(GBP)
50% % of NAV
Fixed Interest
10,000,000.55 Historical Book Cost (GBP)
11,000,000.55 Revalued Book Cost (GBP)
9,000,000.55 Net Market Value (GBP)
9,000,000.55 Gross Market Value(GBP)
10,000,000.55 Unrealized Gain/Loss(GBP)
50% % of NAV
Client can see
pdf, xls, or
online
interactive
report. Client
chooses to see
the interactive
version
Client can see the details of the report and interact with each
data attribute to drill down further.
Client can further
learn about the
data attributes
(Data Dictionary),
applicable data
quality rules,
where else this
data attribute is
used., etc.
Data Quality Rules
Filters
Extracts
Solvency -II
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6. Information Governance Framework and Operating Model
A strong governance framework along with well-thought operation model will ensure that the quality of data with minimal/no operational divergence.
Standard Reporting Framework
Data Quality Management
Stand Ops. Model Training
Establishment of standard report offering
Establishment of metadata* to manage data properly
Ensuring the end product to be aligned with the vision
Establishment of a standard operating model for reporting and
overseeing CoE execution
Ensure that quality of the data is increased to
reduce penalties due to poor data quality or
increase wallet share through improved client
confidence.
* standard data dictionary, key data attributes to monitor, quality rules per data attribute/report.
IBOR Data & Reporting CoE
Ensuring that standard reports are delivered in a consistent way which
actually reduces the resource needs for customization, investigation.
Currently client reporting needs are satisfied by multiple groups (Ops, Tech,
Product, etc.) Establishment of a single CoE of IBOR Data & Reporting
capabilities will ensure that the client servicing cost is reduced while the
client experience is improved.
Ensuring that the information delivered is high quality and timely and the single source of truth.
Data & Report Delivery
Ensure that the standard reports are delivered
timely and client queries are managed
affectively.
ProcessesTools Dashboard & KPIPeople
Capability Improvement
Ensure that the clients are guided for DAS and
heard for new report requests to improvement
standard offering
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7. Position Instrument CashTransaction Client Extract ReportReferenceValuation Supplemental
Parties
Identifiers/Types
Dates
Quantity
Nominal
Events
Gain/Loss
Other
Fees/Taxes
Expenses
Income
Received
Price
Cost
Valuation
FX Rates
Income
Rec/Payable
Identifiers/Types
Dates
Quantity
Nominal
Analytics
Gain/Loss
Accrual
Fees/Tax
Expenses
Income
Received
Price
Cost
Valuation
FX Rates
Income
Rec/Payable
Amortization
Other
Fixed Interest
Equities
Contract
OTC
Derivatives
FX Forward
Instrument
CIS
Exchange
Traded Derv.
Other
Accruals
Gain/Loss
Capital
Summary
Income
Fees/Tax
Expenses
Other
Portfolio
Manager
Investor
Other
Price
Security
Other
Client *
Market
Cash
Transaction
Cash
Projection
Cash Balance
Other
Cash Flow
Curve Data
Other
FX Rates
Custodian/
Third Party
Trailer
Body
Parameter
Header
Column
Body
Parameter
Header
Column
Collateral
IBOR Standard Data Domains
Reconciliation
Performance
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Organizing data in business view will allow all level of the organization to speak in business language which will also close the communication gap among
front office, products, technology, investors, and operations. Some of standard data categories are depicted below…
LEFT INCOMPLETE ON
PURPOSE !
Compliance

8. Appendix
Current IBOR Information Delivery Model (Most Organizations)
Burak S. Arikan | 382 Webster Avenue, Jersey City NJ | +1 (201) 356-7058 | burak@burakarikan.com

9. Current IBOR Information Delivery Model
Most Organization has fragmented data delivery and reporting channels depicts the reason for data inconsistencies, technological and operational
resource and financial burden, and high cost of client servicing.
Security Reference
OTC Processing
Other Reference
Portfolio Accounting
Client Reference
Trade Processing
Extracts
Reconciliation
Price Reference
Operational Control
Data Aggregator
Reporting Data
Warehouse
Data Aggregator
AssetManager,3rdParty,Investors(End-Client)
Extracts
OTC Processing
Portfolio Accounting
Reconciliation
Trade Processing
Client Reference
Price Reference
Operational Control
Reporting Data
Warehouse
Contemporary
Reporting
Tool / Interface
Report Ops.
Corporate Action
Collective Investment
Extracts
Reports
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Performance
Extracts
Collateral Management End User Computing
End User Computing
Security Reference
Performance
Legacy Reporting
Tool / Interface
Manual Data Upload(s)