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13th XBRL International Conference May 16-19, 2006, Madrid Luxembourg Stock Exchange

13th XBRL International Conference May 16-19, 2006, Madrid Luxembourg Stock Exchange Building an efficient gateway for international securities. Agenda. The Luxembourg Stock Exchange: Gateway to the financial world The New European Financial Reporting Framework

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13th XBRL International Conference May 16-19, 2006, Madrid Luxembourg Stock Exchange

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  1. 13th XBRL International ConferenceMay 16-19, 2006, Madrid Luxembourg Stock Exchange Building an efficient gateway for international securities

  2. 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

  3. 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 13th XBRL International Conference, May 16-19, 2006, Madrid The Luxembourg Stock Exchange : Gateway to the financial world

  4. First Eurobond listed on the Luxembourg Stock Exchange on 17 July 1963 13th XBRL International Conference, May 16-19, 2006, Madrid

  5. 13th XBRL International Conference, May 16-19, 2006, Madrid The Luxembourg Stock Exchange : Gateway to the financial worldListings on the Luxembourg Stock Exchange

  6. LUXEMBOURG . 13th XBRL International Conference, May 16-19, 2006, Madrid The Luxembourg Stock Exchange : Gateway to the financial world4,200 issuers (100 countries, 13 supranationals)

  7. 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. 13th XBRL International Conference, May 16-19, 2006, Madrid The Luxembourg Stock Exchange : Gateway to the financial world

  8. 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 theLuxembourg Stock Exchange

  9. 13th XBRL International Conference, May 16-19, 2006, Madrid CCLuxCollects net asset values, financial data, legal reports ...Manages production of structured data productsProvides electronically data to financial data vendors, financial press, rating agencies, supervisory bodies ...Information available on CCLux web site www.cclux.lu

  10. 13th XBRL International Conference, May 16-19, 2006, Madrid • CCLux today: • 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 Before 1998

  11. 13th XBRL International Conference, May 16-19, 2006, Madrid CCLux14,500 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.

  12. 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.

  13. Prospectus Market abuse Transparency MiFID IFRS Takeover Some aspects concern also the UCITS 13th XBRL International Conference, May 16-19, 2006, Madrid New European Financial Reporting Framework Financial Services Action Plan / securities-related EU directives

  14. Local FSA Lawyers CCLux Fund administration Luxembourg Stock Exchange Transfert agents Listing agents Numbering Agency 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

  15. Prospectus draft 1 Prospectus draft 2 Final prospectus 13th XBRL International Conference, May 16-19, 2006, Madrid Building a new reporting framework : e-filePrinciples File File Approval of a new instrument Approval of a new instrument Prospectus reading Comments are sent Update of file progress Close + publication of prospectus

  16. 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

  17. 13th XBRL International Conference, May 16-19, 2006, Madrid Building a new reporting framework : e-file Structured reporting with validation on external databases Securities and corporate eventfiling Filing of document based reports Annual reports, … Standardised reports XBRL reports, … Filing of documents Listing & approval for new securities, … Structured communication Business process overview Electronic form management & validation … Referential layer Issuers Securities • Alerts • Types of filing procedures • Workflows • Basic e-file functionalities : Electronic Filing • Messaging • Encryption, Authentification • Automation (STP) Non structured communication

  18. 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

  19. 13th XBRL International Conference, May 16-19, 2006, Madrid Leveraging from standard-based reporting : XBRL Stock Exchange CSSF Statec Periodic reporting Promoters / Fund administration Facilitate the compliance exercise Exchange (data & doc.) Banks Improve analysis decision-making process Financial Reporting IFRS (per sector / industry) Allow different tools : from structured forms to system to system Diffusion Collection Insurance cies Consultation All Luxembourg registered companies Centrale des bilans Comparison and analysis Tools Analysts Distributors Data vendors Investors Audit

  20. 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

  21. 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 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 13th XBRL International Conference, May 16-19, 2006, Madrid For further information...

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