XBRL US Labs, the research arm of the national consortium for XML business reporting standards, announced today that two more industry leaders, tax recovery services provider GlobeTax, and corporate actions automation innovator XSP, will participate in the testing phase of an initiative commissioned by the Depository Trust & Clearing Corporation (DTCC) and Swift.
GlobeTax and XSP join Citi, who initiated the pilot with XBRL US and DTCC in September, shortly before XBRL US Labs publicly released an XBRL corporate actions taxonomy based on the ISO 20022 industry standard. Currently the taxonomy, or digital dictionary, is open to public review and comment and can be found at http://xbrl.us/publicreviews/Pages/2010corpactions.aspx
"Putting standards to a real-world market test is not only good industry leadership; it's good business." said XBRL US CEO Mark Bolgiano, "GlobeTax manages a complex securities withholding tax environment, and XSP provides the connection to corporate actions service providers with its robust corporate actions automation platform to support the 'last mile' of the information chain at global financial institutions.
Both companies are valued members of XBRL US and serve a key role in the information infrastructure, consuming and delivering vast amounts of data using innovative technology. Their participation helps give us a full-life cycle test bench to measure the effects of standardization on the efficiency, timeliness, and quality of data flow through a complex chain joining corporate issuers, intermediaries, all the way to an informed investor."
XBRL US made the announcement today at Sibos, the world's largest financial services conference with over 8,500 participants. The combination of XBRL and ISO 20022 for corporate actions is a central thread of the conference, and in the Standards Forum, a track within Sibos drawing capacity crowds this year, as the public and private sector increasingly focus on the market benefits of open, global data standards.
"The US pilot led by DTCC, SWIFT, and XBRL US Labs has attracted much interest - not only within Citi, and now with GlobeTax and XSP, but among people and institutions assembled here in Amsterdam who are involved in the stakeholder and market practice groups that are part of this movement," said Karla McKenna, Directaa, Director, Market Practice and Standards, Citi Securities and Fund Services, and Chair of the technical committee responsible for the ISO 20022 standard, "There really is a growing buzz around standardization and I expect the list of participants and the interest in this pilot, to continue to grow."
GlobeTax and XSP will join Citi at a press conference during the upcoming XBRL US National Conference: The Path to Transparency, in Philadelphia November 9-10. Conference programming will cover the Citi XBRL pilot, the corporate actions business case as well as an Innovation Workshop hosted by SWIFT where participants can brainstorm about the next big idea in XBRL for securities processing.