MDDL and the Quest for a Market Data Standard

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Industry standards – mix and match 171

<snap>

<instrumentDomain>

<instrumentIdentifier>

<name>Morgan Stanley SENIOR NOTES-F

9/1/2006</name>

<code

scheme="http://www.mddl.org/ext/scheme/iso6166.x

ml">

<mdString>US0373891037</mdString>

</code>

<code

scheme="http://www.morganstanleyindividual.com/ma

rkets/ipocenter/debtsyn/">

<mdString>TP415</mdString>

</code>

</instrumentIdentifier>

<agencyRatings>

<rating>

<code scheme=

"http://www.mddl.org/ext/scheme/symbol?SRC=MOO

DYS">

<mdString>Aa3</mdString>

</code>

- <!-- Credit Risk -->

<ratingType>risk</ratingType>

</rating>

</agencyRatings>

</instrumentDomain>

</snap>

Figure 11.11 Security identification and agency credit rating (MDDL)

XBRL

XBRL is the accepted XML standard for all business and financial reporting. It

is the de facto standard in the area of all aspects of company accounts reporting,

including the general ledger, internal reporting, end-of-year reporting and statutory

reports. XBRL supports the creation of separate taxonomies for different requirements

and reporting regimes. Taxonomies exist for internal and regulatory reporting, and

new ones are currently under development to support broker–dealer and investment

management organizations. It supports terms such as portfolio valuations, which are

derived from market data; however, it does not support market data per se.Itis

possible to create an XBRL taxomony that could support market data terms, although

this would be outside the remit of the standard.

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172 MDDL and the Quest for a Market Data Standard

From a market data perspective, corporate announcements fall within the remit

of XBRL. These announcements may result in the creation of one or many cor-

porate action events that may have an impact on the issuer and/or an issue, which

is within the scope of MDDL. Some may argue that the corporate action events

themselves should also be managed by an XBRL taxonomy; however, these are

currently outside the scope of the standard. An XBRL adherent sample of a dividend

announcement has been provided in Figure 11.12 to show how a corporate announce-

ment could be represented. Corporate action events in MDDL are discussed in

Chapter 10.

<CorporateActionAnnouncement>

<AnnouncementDetails>

<IssuerName>HSBC Holdings plc</IssuerName>

<IssuerTIDM>HSBA</IssuerTIDM>

<Headline>Interim Dividend

Announcement</Headline>

<Released>07/09/2006 12:14:00</Released>

<AnnouncementNumber>12345</AnnouncementN

umber>

</AnnouncementDetails>

<Announcement>

<Title seq="1">Fourth interim dividend for

2006</Title>

<Title seq="2">As published on the HSBC website:

www.hsbc.com/hsbc/investor_centre/dividends</Ti

tle>

<Paragraph seq="1">05 Mar 07

Announcement</Paragraph>

<Paragraph seq="2">21 Mar 07 ADSs quoted ex-

dividend in New York.</Paragraph>

<Paragraph seq="3">21 Mar 07 Shares quoted ex-

dividend in London, Hong Kong and

Bermuda.</Paragraph>

<Paragraph seq="4">23 Mar 07 Record

date.</Paragraph>

<Paragraph seq="5">23 Mar 07 Closure of Hong Kong

Overseas Branch Register of shareholders for one

day.</Paragraph>

<Paragraph seq="6">26 Mar 07 Shares quoted ex-

dividend in Paris.</Paragraph>

<Paragraph seq="7">10 May 07 Payment

date.</Paragraph>

</Announcement>

</CorporateActionAnnouncement>

Figure 11.12 A snippet of an XBRL corporate announcement