13th XBRL International
Conference
May 16-19, 2006, Madrid
Luxembourg Stock Exchange
Building an efficient gateway for
international securities
13th XBRL International Conference, May 16-19, 2006, Madrid
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
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13th XBRL International Conference, May 16-19, 2006, Madrid
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
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13th XBRL International Conference, May 16-19, 2006, Madrid
First Eurobond listed on the
Luxembourg Stock Exchange
on 17 July 1963
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13th XBRL International Conference, May 16-19, 2006, Madrid
The Luxembourg Stock Exchange :
Gateway to the financial world
Listings on the Luxembourg Stock Exchange
Dec’ 2005
Dec’ 2004
Dec’ 2003
Dec’ 2002
26,782
24,292
21,285
18,883
14,768
7,661
4,353
12,458
7,726
4,108
9,781
7,282
4,222
7,613
6,804
4,466
279
261
268
268
Foreign
44
235
47
214
50
218
55
213
UCIs
6,172
6,055
5,754
5,798
Luxembourg
Foreign
5,981
191
5,876
179
5,568
186
5,601
197
Warrants
Total
2,821
36,054
Bonds
EUR
USD
Other
Shares
Domestic
5
2,414
33,022
1,795
29,102
1,537
26,486
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13th XBRL International Conference, May 16-19, 2006, Madrid
The Luxembourg Stock Exchange :
Gateway to the financial world
4,200 issuers (100 countries, 13 supranationals)
LUXEMBOURG
.
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13th XBRL International Conference, May 16-19, 2006, Madrid
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.
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13th XBRL International Conference, May 16-19, 2006, Madrid
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 the
Luxembourg Stock Exchange
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13th XBRL International Conference, May 16-19, 2006, Madrid
CCLux
Collects net asset values, financial data, legal reports ...
Manages production of structured data products
Provides electronically data to financial data vendors,
financial press, rating agencies, supervisory bodies ...
Information available on CCLux web site www.cclux.lu
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13th XBRL International Conference, May 16-19, 2006, Madrid
CCLux today:
Before 1998
• 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
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13th XBRL International Conference, May 16-19, 2006, Madrid
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.
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13th XBRL International Conference, May 16-19, 2006, Madrid
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.
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13th XBRL International Conference, May 16-19, 2006, Madrid
New European Financial Reporting Framework
Financial Services Action Plan / securities-related
EU directives
•
•
•
•
•
•
•
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Prospectus
Market abuse
Transparency
MiFID
IFRS
Takeover
Some aspects concern also the UCITS
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13th XBRL International Conference, May 16-19, 2006, Madrid
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
Lawyers
Local FSA
CCLux
Fund
administration
Transfert agents
Listing agents
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Luxembourg
Stock
Exchange
Numbering Agency
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13th XBRL International Conference, May 16-19, 2006, Madrid
Building a new reporting framework : e-file
Principles
Filing entity
CSSF
File
File
Approval of a new
instrument
Prospectus draft 1
Approval of a new
instrument
Prospectus reading
Comments are sent
Prospectus draft 2
Final prospectus
15
Update of file
progress
Close + publication
of prospectus
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13th XBRL International Conference, May 16-19, 2006, Madrid
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
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13th XBRL International Conference, May 16-19, 2006, Madrid
Securities and
corporate event filing
Structured reporting
with validation on
external databases
Standardised reports
XBRL reports, …
Annual reports, …
Filing of document based reports
Listing & approval for new securities, …
Filing of documents
Building a new reporting framework : e-file
Business process overview
Electronic form management & validation
Referential layer
Issuers
…
Basic e-file functionalities : Electronic Filing
• Alerts
• Messaging
• Types of filing procedures
• Encryption, Authentification
• Workflows
• Automation (STP)
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Structured
communication
Securities
Non structured
communication
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13th XBRL International Conference, May 16-19, 2006, Madrid
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
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13th XBRL International Conference, May 16-19, 2006, Madrid
Leveraging from standard-based reporting : XBRL
Stock Exchange
Promoters /
Fund administration
Periodic
reporting
CSSF
Statec
Facilitate the compliance exercise
Financial
Reporting
IFRS (per
sector / industry)
Insurance cies
All Luxembourg
registered companies
Centrale
des bilans
Allow different
tools :
from structured
forms to system
to system
Collection
Banks
Diffusion
Exchange (data & doc.)
Consultation
Comparison and analysis Tools
Analysts
Distributors
Data vendors
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Improve
analysis
decisionmaking
process
Investors
Audit
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13th XBRL International Conference, May 16-19, 2006, Madrid
…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
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Reproduction is forbidden unless duly authorized by the Luxembourg Stock Exchange
13th XBRL International Conference, May 16-19, 2006, Madrid
For further information...
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@bourse.lu
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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@cclux.lu
Reproduction is forbidden unless duly authorized by the Luxembourg Stock Exchange