HSS

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					Handbook on Securities Statistics
                 Overview
    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                            5
     • Consistency with existing international statistical standards
Part I of the Handbook Ion debtHSS
Objectives, scope and of the securities issues
Structure of the Part consistency
•   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

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Content of Handbook on debt securities issues
Part I of the 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
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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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Part 2 of the scope and on the HSS
Objectives, HandbookI of debt securities holdings
Structure of the Part consistency
•   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




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Part 2 of the scope and on the HSS
Objectives, HandbookI of debt securities holdings
Structure of the Part consistency
•   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




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Content of Handbook on debt securities holdings
Part 2 of thethe 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                                                             11
Content of Handbook on debt securities holdings
Part 2 of thethe 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




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Content of Handbook on debt securities holdings
Part 2 of thethe Part I of the HSS
    Presentation table A based on the “residence of holder” approach




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Content of Handbook on debt securities holdings
Part 2 of thethe Part I of the HSS
   Presentation table B reflecting the “from-whom-to-whom” approach




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Content of Handbook on debt securities holdings
Part 2 of thethe Part I of the HSS




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Content of Handbook on debt securities holdings
Part 2 of thethe Part I of the HSS




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 Content of the Part I 1 the Part
Implementation of Part of and HSS2 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 Handbook on equity securities
Part 3 of thethe Part I of the HSS
•   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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Handbook on the web of the HSS
Content of the Part I
•   Handbook on Securities Statistics (Part 1 and Part 2) available on the:
•   IMF website:
    •   http://www.imf.org/external/ns/search.aspx?NewQuery=Handbook+Sec
        urities+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




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