XBRL: Project First Step

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XBRL Project First Step
11 May 2004
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Todays 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

But

• Clear mandate for change
• New leadership
• Corporate roadmap

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Starting point for NZX

• MAP (Market Announcement Platform)
• Limited resource
• New mandate

Project First Step
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Participants in Project First Step
ICANZ (XBRL NZ)
Appendix One
Listed Issuers
Accounting Firms
NZX
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Improving Appendix One
The goal

• Listing rules
• Unlinked terminology
• Word/Excel submissions

• Improve data collection
• Standardize terminology (i.e., NZ GAAP, IFRS)
• Separate data from format application

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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
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Project First Step working model
Issuers
Accounting Firms
Cooperation in defining improved Appendix One
ICANZ
Distribution to the market
NZX
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2. NZX MOTIVATION
Exchange business drivers

• Data product revenue
• Attracting issuers
• Fulfillment of regulator role
• Internal efficiencies (i.e., cost)

Competitive Exchange Environment
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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
Project First Step
Appendix One Implementation
Identify new opportunities
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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
NZX

• External reporting
• Internal reporting
• Performance reporting

• Issuer announcements
• Participant declarations
• Market information

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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
What other opportunities exist?
Statistics NZ
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Key success factors

• Intelligent cooperation
• Well defined incentives
• Clear goals

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