Projet de coop

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13th XBRL International ConferenceMay 16-19,
2006, Madrid Luxembourg Stock Exchange
Building an efficient gateway for international
securities
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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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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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• First Eurobond listed on the
• Luxembourg Stock Exchange
• on 17 July 1963

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The Luxembourg Stock Exchange Gateway to the
financial world Listings on the Luxembourg Stock
Exchange
Dec 2005 Dec 2004 Dec 2003 Dec 2002
Bonds 26,782 24,292 21,285 18,883 EUR 14,768 12,458 9,781 7,613 USD 7,661 7,726 7,282 6,804 Other 4,353 4,108 4,222 4,466 Shares 279 261 268 268 Domestic 44 47 50 55 Foreign 235 214 218 213 UCIs 6,172 6,055 5,754 5,798 Luxembourg 5,981 5,876 5,568 5,601 Foreign 191 179 186 197 Warrants 2,821 2,414 1,795 1,537
Total 36,054 33,022 29,102 26,486

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The Luxembourg Stock Exchange Gateway to the
financial world 4,200 issuers (100 countries,
13 supranationals)
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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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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
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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
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• 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
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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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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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New European Financial Reporting Framework
Financial Services Action Plan /
securities-related EU directives

• Prospectus
• Market abuse
• Transparency
• MiFID
• IFRS
• Takeover
• Some aspects concern also the UCITS

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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

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Building a new reporting framework e-file
Principles
Filing entity

CSSF

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
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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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Building a new reporting framework e-file
Structured reporting with validation on external
databases Securities and corporate event filing
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
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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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Leveraging from standard-based reporting XBRL
Stock Exchange
CSSF
Statec

Promoters / Fund administration
Periodic reporting
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
Audit
Data vendors
Investors
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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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For further information...

• www.cclux.lu
• 11, avenue de la Porte-Neuve
• B.P. 165
• L-2015 Luxembourg
• Tel. [phone]
• Fax [phone]
• info_at_cclux.lu

• www.bourse.lu
• 11, avenue de la Porte-Neuve
• B.P. 165
• L-2011 Luxembourg
• Tel. [phone]
• Fax [phone]
• info_at_bourse.lu