xbrl: project first step
DESCRIPTION
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 - PowerPoint PPT PresentationTRANSCRIPT
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XBRL: Project First Step
11 May 2004
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Today’s presentation
• Project introduction
• NZX motivation
• Next steps
• Q/A
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NZSE: June 2002
• Mutual• Low Cost Operator
with narrow focus • Aging infrastructure
– Technology– Non technology
•Clear mandate for change
•New leadership•Corporate roadmap
But…
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Starting point for NZX
Project First Step
• MAP (Market Announcement Platform)
• Limited resource
• New mandate
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Participants in Project First Step
Appendix One
ICANZ(XBRL NZ)
Listed Issuers
Accounting Firms
NZX
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Improving Appendix One
• Listing rules
• “Unlinked” terminology
• Word/Excel submissions
•Improve data collection
•Standardize terminology (i.e., NZ GAAP, IFRS)
•Separate data from format application
The goal:
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Existing Appendix One process
NZX acceptance and distribution
Real time broadcast of formatted text
Issuer preparation
Email/Fax of original document
Market consumption
Re-key information for distribution
Pass through
Advisor Issuer
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Project First Step working model
NZX
ICANZ
Distribution to the market
IssuersAccounting Firms
Cooperation in defining improved Appendix One
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2. NZX MOTIVATION
1. Data product revenue
2. Attracting issuers
3. Fulfillment of regulator role
4. Internal efficiencies (i.e., cost)
Competitive Exchange Environment
Exchange business drivers
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NZX has two primary motivations
Shareholder value
NZ capital markets
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1. Data Revenue
• New product– Real time access – Accurate database of
historical financial data
• Target group– Existing subscribers– Analysts– Professional traders
Liquidity impact
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2. Attracting Issuers
• Increased competition– Retain NZ listings– Attract dual listings
• Contain compliance costs
• Minimize “Big Stage” pressure
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3. Fulfillment of Regulator Role
• Continuous disclosure
• Error reduction and validation
• Improved service
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4. Internal Efficiency
• Error reduction
• Reduction of staff
• Application across NZX business
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3. NEXT STEPS
Two workstreams
Appendix One Implementation
Identify new opportunities
Project First Step
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Appendix One implementation
• Pull, not push
• Gradual issuer adaptation
• Back entry of data
100% issuer participation
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Identifying new opportunities
Issuers
• External reporting • Internal reporting• Performance reporting
• Issuer announcements• Participant declarations• Market information
NZX
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Identifying new opportunities
Issuers NZX
Appendix One
information
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Identifying new opportunities
Issuers NZX
Statistics NZ
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Identifying new opportunities
Issuers NZX
Statistics NZ
What other opportunities exist?
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Key success factors
• Intelligent cooperation
• Well defined incentives
• Clear goals
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