Handbook on Securities Statistics
Overview
of a joint BIS-ECB-IMF initiative
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Overview
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The 20 recommendations under the G-20 data gaps initiative
The Handbook on Securities Statistics
Part 1 of the Handbook - Debt securities issues
Part 2 of the Handbook - Debt securities holdings
Implementation of Part 1 and Part 2 of the Handbook
Part 3 of the Handbook - Equity securities
The 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 to 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 two senior officials meeting organised by
the IMF and the FSB (Washington, 8-9 July 2009 and Basel, 8-9 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.”
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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
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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: Irving Fisher Committee (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 a
Handbook on Securities Statistics (HSS)
• Initially to cover debt securities issues (Part 1) and holdings (Part 2)
• Published in May 2009 and in September 2010
• Decision has been taken to add Part 3 on non-debt securities
• Including equity securities
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The Handbook on Securities Statistics
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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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Part
I of theof
Handbook
- IDebt
securities
Structure
the Part
of
the
HSS issues
Objectives,
scope
and
consistency
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Structure
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Section 1: Introduction
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Section 2: Main features of debt securities
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Section 3: Institutional units and sectors
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Section 4: Securitisation
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Section 5: Accounting rules, valuation, and recording of accrued interest
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Section 6: Classification of debt securities
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Section 7: Detailed presentation tables
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Section 8: Metadata
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Annexes: structured debt securities; Islamic debt securities; market value
and nominal value; security-by-security databases; example of metadata for
debt securities statistics
Part
I of the
Debt
Content
ofHandbook
the Part I- of
thesecurities
HSS issues
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Content
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Follows international statistical standards such as 2008 SNA or BPM6
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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 such as 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.
Part
2 of theofHandbook
-I Debt
securities
Structure
the Part
of
the
HSS holdings
Objectives,
scope
and
consistency
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Published in September 2010
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Structure
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Section 1: Introduction
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Section 2: Main features of debt securities holdings
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Section 3: Stocks, flows and valuation of debt securities holdings
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Section 4: Specific operations related to debt securities holdings
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Section 5: Debt securities holdings in a from-whom-to-whom framework
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Section 6: Detailed presentation tables
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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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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
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Content
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Follows international statistical standards such as 2008 SNA or BPM6
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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)
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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
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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
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Specific sections on
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Debtor approach and creditor approach to recording accrued interest
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Special operations (reverse transactions, short-selling, depository receipts,
stripped securities, nominee accounts)
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From-whom-to-whom framework
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Transactor principle and debtor/creditor principle
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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
Presentation table A based on the “residence of holder” approach
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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
Presentation table B reflecting the “from-whom-to-whom” approach
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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
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Part
2 of the
holdings
Content
of Handbook
the Part I -ofDebt
thesecurities
HSS
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Implementation
PartI1ofand
2 of the Handbook
Content of theofPart
thePart
HSS
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BIS to coordinate transmitting data to its databank to fill presentation tables
according to the Handbook
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Around 40 non-euro central banks have nominated contacts
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Major exercise for many central banks and BIS
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Process longer than expected, not yet finalised
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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)
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Implementation of ESA 2010 in 2014 (in line with the Handbook)
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Use of the Centralised Securities Database (CSDB)
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Part
3 of the
securities
Content
of Handbook
the Part I -ofEquity
the HSS
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Part 3 of the Handbook on issues and holdings of non-debt securities
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Listed and unlisted shares
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Investment fund shares or units
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Will be coordinated by the ECB in 2011
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Publication foreseen in 2011
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Handbook
onthe
the Part
web I of the HSS
Content of
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Handbook on Securities Statistics (Part 1 and Part 2) available on the
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IMF website:
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http://www.imf.org/external/ns/search.aspx?NewQuery=Handbook+Secu
rities+Statistics&col=&submit.x=37&submit.y=7
ECB website:
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http://www.ecb.int/stats/pdf/money/securities/wgsd/sec_handbook_bisecb-imf_pt2.pdf?502985fd3c4a2fd35f3be23d9c7db3f7
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