Standards Forum brings new optimism to the benefits of llaboration

llaboration was hallmark of the Standards Forum sessionsin Amsterdam

The atmosphere at this year’s Standards Forum at Sibos reflected the growing spirit of operation among standards bodies that might have seen themselves as mpetitors only a few years ago. The opening session on Monday brought together several standards bodies that have been working closely together on the Investment Roadmap and on ntinuing dialogue with regulatory authorities. The Forum began with a panel session moderated by Mark Bolgiano, president & CEO, XBRL US, to introduce representatives from a number of these anisations.

Hanno Klein, FPL Global Technical mmittee -chair, and senior project manager, Deutsche Börse Group, Gary Probert, managing director, and Chair of ISITC, Citi and Alexandre Kech, head of securities and alternative Investment Standards, SWIFT joined Bolgiano in setting out how their respective anisations are alescing around the promotion of ISO 2022 among their customer base. “The Investment Roadmap is the mechanism for us to work together more llaboratively,” mmented Probert. They agreed that llaboration needs to extend beyond the actual work required to create the standard. “It doesn’t help if they remain on the shelf,” said Kech. “We need to promote them as well.”XBRLA promising example of fruitful llaboration, which has been revid in a number of sessions throughout the week is the agreement between SWIFT, DT and XBRL US to promote XBRL tagging for rporate actions. This allows the structured information thus created to be easily expressed in ISO 20022 formats. During a panel discussion on Thursday, Ted Rothschild, executive director, Treasury and Securities Services, J.P. Man pointed out that US rporations are already required to file disclosure statements with the SEC. It should therefore be easier to persuade them to adopt a similar approach for rporate actions. Intermediaries would then feel less exposed to the danger that their own attempts to interpret the information received in physical format may leave them vulnerable to legal responsibility, should the interpretation be questioned. A divergence appeared to open up on the panel between the US and UK. Michael Kempe, chief development officer, Capita Registrars in the UK, who acts as an issuer’s agent, suggested that in markets where issuers are sympathetic to the needs for structured information, tagging in XBRL.

Might actually be a send best option if ISO 20022 uld already be deployed end to end.

Following a lively debate with several audience interventions, Malene McMahon of SWIFT who moderated the session, quipped that delegates uld certainly expect the debate to ntinue through to Sibos next year.