dcsimg

Financial Intermediaries Partner to Broaden Use of XBRL in Business

Lora Bentley

First the Securities and Exchange Commission got excited about eXtensible Business Reporting Language and how the XML-based data tags would make public company financial filings more accessible to investors. So the SEC mandated public companies to use XBRL in their filings, beginning this year. Now, banking organizations are jumping on the XBRL bandwagon.

 

Wall Street & Technology Online reported last week that the Depository Trust and Clearing Corporation (DTCC) and the Society for Worldwide Interbank Financial Transactions (SWIFT) are partnering with XBRL U.S. to announce a plan "to create a shared taxonomy or classification scheme and to use existing message formats...so that corporate actions information can be easily and automatically shared."

 

The plan, which includes creating a corporate actions taxonomy aligned with ISO 20022 elements and creating unique identifiers for each corporate action, will allow announcement of actions ranging from dividends to rights offerings to mergers to be automated, and thus reduce company losses from such announcements. According to the story, "a 2006 study ... found losses on corporate actions worldwide were between $400 and $900 million each year."


Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.




Add Comment      Leave a comment on this blog post

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

null
null

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.


×
By using this site, you agree to the Privacy Policy