handbook on securities statistics overview of a joint bis-ecb-imf initiative
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Handbook on Securities Statistics Overview of a joint BIS-ECB-IMF initiative. Overview. The 20 recommendations under the G-20 data gaps initiative The Handbook on securities statistics Part 1 of the Handbook on debt securities issues Part 2 of the Handbook on debt securities holdings - PowerPoint PPT PresentationTRANSCRIPT
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Handbook on Securities StatisticsOverview
of a joint BIS-ECB-IMF initiative
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Overview
• The 20 recommendations under the G-20 data gaps initiative• The Handbook on securities statistics• Part 1 of the Handbook on debt securities issues• Part 2 of the Handbook on debt securities holdings
• Timeline, structure and content• Specific sections• Presentation tables A and B• From-whom-to-whom table on financial transactions• The transactor principle and the debtor/creditor principle
• Implementation of Part 1 and Part 2 of the Handbook• Part 3 of the Handbook on equity securities• Handbook on the web
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The G-20 data gaps initiative
• Data gaps • as an inevitable consequence of the ongoing development of
markets and institutions• are highlighted when a lack of timely, accurate information hinders
the ability of policy makers and market participants to develop effective responses
• Recent crisis has reaffirmed an old lesson – good data and good analysis are the essentials of effective surveillance and policy responses at both the national and international levels
• April 2009: G-20 Finance Ministers and Central Bank Governors Working Group on Reinforcing International Co-operation and Promoting Integrity in Financial Markets called on the IMF and the FSB to explore information gaps and provided appropriate proposals
• Following widespread consultation a broad consensus over information gaps
• 20 recommendations
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The G-20 data gaps initiative
• Inter-Agency Group on Economic and Financial Statistics (IAG)• has worked together to start closing some data gaps• has prepared, together with the FSB, G-20 Progress Reports on
the G-20 data gaps initiative (G-20 meetings in St Andrews on 7 November 2009 and in Busan on 4 and 5 June 2010) and a senior officials meeting organised by the IMF and the FSB in Basel on 8 and 9 April 2010
• Recommendation 7 on data gaps states:‘Central banks and, where relevant, statistical offices, particularly those of the G-20 economies, to participate in the BIS data collection on securities and contribute to the further development of the BIS-ECB-IMF Handbook on Securities Statistics (Handbook). The Working Group on Securities Databases (WGSD) to develop and implement a communication strategy for the Handbook.’
• Other recommendations on PGI website, Financial Soundness Indicators, IIP, GFS, CDS, public sector debt, real estate prices, etc.
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The Handbook on Securities Statistics
• Background• June 2007: recommendations in CGFS report• October 2007: recommendations in G8 report• November 2007: reconvened IMF Working Group on Securities
Database (WGSD) • March 2008 in Washington: IFC workshop “Challenges to improve
global comparison of securities statistics” (see IFC Publication on …)
• Upon general demand BIS-ECB-IMF took joint initiative to develop Handbook on Securities Statistics (HSS), initially (Part 1 and Part 2) to cover debt securities issues and holdings
• Part 1 on the Handbook was published in May 2009, Part 2 in September 2010
• Decision has been taken to add Part 3 on equity securities• Objectives
• Improve information on securities markets• Develop a conceptual framework for presentation of statistics on
different types of securities issued and held• Consistency with existing international statistical standards
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Structure of the Part I of the HSS • Structure
• Section 1: Introduction
• Section 2: Main features of debt securities
• Section 3: Institutional units and sectors
• Section 4: Securitisation
• Section 5: Accounting rules, valuation, and recording of accrued interest
• Section 6: Classification of debt securities
• Section 7: Detailed presentation tables
• Section 8: Metadata
• Annexes: structured debt securities; Islamic debt securities; market value and nominal value; security-by-security databases; example of metadata for debt securities statistics
Objectives, scope and consistencyPart I of the Handbook on debt securities issues
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Content of the Part I of the HSS • Content
• Follows international statistical standards like 2008 SNA or BPM6
• Goes beyond these standards by
• Presenting refinements in
• Developing more detailed financial instrument classifications (by currency, maturity, interest rate, default risk, etc.)
• Looking at securitisation operations and units involved in securitisation (delineation of three types of securitisation)
• Dealing with borderline cases like structured debt securities
• Having an annex on Islamic debt securities
• Describing security-by-security databases
• Looking at examples of metadata
• Developing detailed presentation tables
Part I of the Handbook on debt securities issues
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Stylised presentation table
Data with breakdowns by maturity and interest rate are not collected in the first step of the data collection; data with breakdowns by maturity and interest rate are covered in the second step of the data collection which will start in 2011 and will cover all markets only.
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Structure of the Part I of the HSS • Timeline
• September 2009: Outline of Part 2 agreed by BIS, ECB and IMF
• October 2009: Comments from Expert Group
• End 2009: First draft coordinated by the ECB
• March 2010: First draft discussed by the Review Group
• September 2010: Publication of Part 2 of the Handbook
Objectives, scope and consistencyPart 2 of the Handbook on debt securities holdings
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Structure of the Part I of the HSS • Structure
• Section 1: Introduction
• Section 2: Main features of debt securities holdings
• Section 3: Stocks, flows and valuation of debt securities holdings
• Section 4: Specific operations related to debt securities holdings
• Section 5: Debt securities holdings in a from-whom-to-whom framework
• Section 6: Detailed presentation tables
• Annexes: The Coordinated Portfolio Investment Survey, security-by-security databases and security-by-security collection of holder information; groups of corporations as holders of debt securities
Objectives, scope and consistencyPart 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS • Content
• Follows international statistical standards like 2008 SNA or BPM6
• Goes beyond these standards by elaborating on additional issues
• Presenting refinements in referring to holdings of debt securities
• By money-issuing corporations, institutional investors or securitisation corporations
• With breakdowns by type of interest rate
• In the context of the IMF Coordinated Portfolio Investment Survey (CPIS)
• Uses two types of stylised presentation tables on debt securities holdings
• Presentation table A based on the “residence of holder” approach
• Presentation table B reflecting the “from-whom-to-whom” approach
Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS • Specific sections on
• Debtor approach and creditor approach to recording accrued interest
• Special operations (reverse transactions, short-selling, depository receipts, stripped securities, nominee accounts)
• From-whom-to-whom framework
• Transactor principle and debtor/creditor principle
Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS Presentation table A based on the “residence of holder” approach
Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS Presentation table B reflecting the “from-whom-to-whom”
approach
Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS Part 2 of the Handbook on debt securities holdings
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Content of the Part I of the HSS Implementation of Part 1 and Part 2 of the Handbook• BIS to coordinate transmitting data to its Data Bank to fill presentation
tables according to the Handbook
• Around 40 non-euro area central banks have nominated contacts
• Major exercise for many central banks and BIS: process longer than expected
• 17 central banks have already reported data (10 from G20 countries)
• Presentation tables as described in Part 1 of the Handbook expected to be transmitted by end 2010 at the earliest
• ECB to coordinate with EU central banks (Statistics Committee within the European System of Central Banks)
• Implementation of ESA 2010 in 2014 (in line with Handbook)
• Use of the Centralised Securities Database (CSDB)
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Content of the Part I of the HSS Part 3 of the Handbook on equity securities
• Part 3 of the Handbook on issues and holdings of equity securities
• Listed and unlisted shares
• Investment fund shares or units
• Will be coordinated by the ECB in 2011
• Publication foreseen in 2011
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Content of the Part I of the HSS Handbook on the web
• Handbook on Securities Statistics (Part 1 and Part 2) available on the:
• IMF website:
• http://www.imf.org/external/ns/search.aspx?NewQuery=Handbook+Securities+Statistics&col=&submit.x=37&submit.y=7
• ECB website:
• http://www.ecb.int/stats/pdf/money/securities/wgsd/sec_handbook_bis-ecb-imf_pt2.pdf?502985fd3c4a2fd35f3be23d9c7db3f7