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XBRL: Project First Step

XBRL: Project First Step. 11 May 2004. Today’s presentation. Project introduction NZX motivation Next steps Q/A. NZSE: June 2002. Mutual Low Cost Operator with narrow focus Aging infrastructure Technology Non technology. But…. Clear mandate for change New leadership

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XBRL: Project First Step

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  1. XBRL: Project First Step 11 May 2004

  2. Today’s presentation • Project introduction • NZX motivation • Next steps • Q/A

  3. NZSE: June 2002 • Mutual • Low Cost Operator with narrow focus • Aging infrastructure • Technology • Non technology But… • Clear mandate for change • New leadership • Corporate roadmap

  4. Starting point for NZX • MAP (Market Announcement Platform) • Limited resource • New mandate Project First Step

  5. Participants in Project First Step ICANZ (XBRL NZ) Appendix One Listed Issuers Accounting Firms NZX

  6. Improving Appendix One • Listing rules • “Unlinked” terminology • Word/Excel submissions The goal: • Improve data collection • Standardize terminology (i.e., NZ GAAP, IFRS) • Separate data from format application

  7. Existing Appendix One process Issuer preparation NZX acceptance and distribution Market consumption Real time broadcast of formatted text Re-key information for distribution Advisor Issuer Pass through Email/Fax of original document

  8. Project First Step working model Accounting Firms Issuers Cooperation in defining improved Appendix One ICANZ Distribution to the market NZX

  9. Exchange business drivers 2. NZX MOTIVATION • Data product revenue • Attracting issuers • Fulfillment of regulator role • Internal efficiencies (i.e., cost) Competitive Exchange Environment

  10. NZX has two primary motivations Shareholder value NZ capital markets

  11. 1. Data Revenue • New product • Real time access • Accurate database of historical financial data • Target group • Existing subscribers • Analysts • Professional traders Liquidity impact

  12. 2. Attracting Issuers • Increased competition • Retain NZ listings • Attract dual listings • Contain compliance costs • Minimize “Big Stage” pressure

  13. 3. Fulfillment of Regulator Role • Continuous disclosure • Error reduction and validation • Improved service

  14. 4. Internal Efficiency • Error reduction • Reduction of staff • Application across NZX business

  15. Two workstreams 3. NEXT STEPS Project First Step Appendix One Implementation Identify new opportunities

  16. Appendix One implementation • Pull, not push • Gradual issuer adaptation • Back entry of data 100% issuer participation

  17. Identifying new opportunities Issuers NZX • External reporting • Internal reporting • Performance reporting • Issuer announcements • Participant declarations • Market information

  18. Identifying new opportunities Issuers NZX Appendix One information

  19. Identifying new opportunities Issuers NZX Statistics NZ

  20. Identifying new opportunities Issuers NZX What other opportunities exist? Statistics NZ

  21. Key success factors • Intelligent cooperation • Well defined incentives • Clear goals

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