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Agenda

Market for Luxembourg shares. A partnership agreement with Euronext (cross membership) ... Reproduction is forbidden unless duly authorized by the Luxembourg Stock Exchange ...

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Agenda

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    13th XBRL International Conference May 16-19, 2006, Madrid Luxembourg Stock Exchange Building an efficient gateway for international securities

    Slide 2:Agenda

    The Luxembourg Stock Exchange: Gateway to the financial world The New European Financial Reporting Framework Building a new reporting framework : “e-file” Leveraging from standard-based reporting within a Luxembourg perspective

    Slide 3:The Luxembourg Stock Exchange : Gateway to the financial world

    Founded in 1928 as a for-profit organization and still an independent exchange Market for Luxembourg shares A partnership agreement with Euronext (cross membership) World leader in listing of international bonds and UCITS A network of domestic and international banks, law firms, issuers, etc

    Slide 4: First Eurobond listed on the Luxembourg Stock Exchange on 17 July 1963

    The Luxembourg Stock Exchange : Gateway to the financial world Listings on the Luxembourg Stock Exchange

    Slide 6:The Luxembourg Stock Exchange : Gateway to the financial world 4,200 issuers (100 countries, 13 supranationals)

    Slide 7: The Luxembourg Stock Exchange : Gateway to the financial world

    Given the number of issuers and the wide variety of listed securities, requirements in terms of information to be conveyed between all stakeholders are colossal.

    Slide 8:CCLux (Centrale de Communications Luxembourg) was launched in 1995 by the Luxembourg Stock Exchange and the Association of Investment Funds Create a single communication channel between the industry and the supervisory authority and rationalize the communication flows Provide the fund industry with the most up-to date, comprehensive and reliable data on Luxembourg-domiciled funds Promote the Luxembourg fund industry through enhanced visibility and transparency. In May 2002 CCLux became a 100 percent subsidiary of the Luxembourg Stock Exchange

    Slide 9:CCLux Collects net asset values, financial data, legal reports ... Manages production of structured data products Provides electronically data to financial data vendors, financial press, rating agencies, supervisory bodies ... Information available on CCLux web site www.cclux.lu

    Before 1998 CCLux today: Unique communication channel for the legal reporting (from fund administration to local authorities) Database with all the Luxembourg-domiciled funds 99% of the Luxembourg funds use CCLux for the dissemination of their NAVs Communication network for the key players of the fund industry Full subsidiary of the Luxembourg Stock Exchange – strategic vehicle

    Slide 11:CCLux 14,500 NAVs collected every day, ie 95% of the NAVs of Luxembourg investment funds, more than 20,000 prospectuses and financial statements are on line, consultation portal is accessible worldwide with 1,500 registered users, partners : 81 fund administrations; 18 data flow subscribers (data vendors and media), data is disseminated worldwide through data terminals and data vendors’ networks.

    Slide 12:New European Financial Reporting Framework

    Financial Services Action Plan (FSAP) includes a list of directives redesigning the landscape of the European Financial industry and Capital Markets; European Directives i.e. prospectus, transparency for listed company, MiFID,,…ensure the development of a single securities market for new issues and trading of securities; The efficiency of the financial reporting value chain, the access and the transparency of the information are increasingly becoming key factors in the management of financial institutions.

    Slide 13:New European Financial Reporting Framework Financial Services Action Plan / securities-related EU directives

    Prospectus Market abuse Transparency MiFID IFRS Takeover Some aspects concern also the UCITS

    Slide 14:Building a new reporting framework : e-file

    e-file was developed to facilitate the connectivity of financial institutions in the transmission of financial documents and data

    File Approval of a new instrument File Approval of a new instrument Prospectus reading Comments are sent Update of file progress Close + publication of prospectus

    Slide 15: Building a new reporting framework : e-file Principles

    Slide 16:Building a new reporting framework : e-file

    More e-file Critical to collection data electronically on a timely and secure way to ensure the success of listing procedures Collect non-structured and structured data linked to the business processes Transparency & efficiency of the listing process Access to information : Consultation portal gives access to a complete database of listed securities

    Slide 17:Building a new reporting framework : e-file

    Basic e-file functionalities : Electronic Filing Messaging Encryption, Authentification Automation (STP) Electronic form management & validation Structured reporting with validation on external databases Securities and corporate event filing Standardised reports XBRL reports, … Filing of documents Listing & approval for new securities, … Filing of document based reports Annual reports, … Securities Alerts Types of filing procedures Workflows Referential layer Issuers … Structured communication Non structured communication Business process overview

    Slide 18:Leveraging from standard based reporting : XBRL

    Added values of XBRL for Capital Markets : Facilitate the collection and dissemination of structured data from listed companies Harmonize and improve the exchange of financial information and structured data of the listed companies between stock exchanges (companies with multiple listing market place) Enhance the access and comparison of the financial information of listed company via web consultation portal Fit particularly well in the framework of the new directive about the harmonisation of the transparency obligations of listed companies: increase frequency of reporting harmonise financial content set up electronic centralised data consultation platform

    Slide 20:…within a local perspective at Luxembourg

    Building of a Luxembourg jurisdiction is on-going at Luxembourg XBRL will support the future regulatory banking reporting (COREP / FINREP) by 2008; Opportunity for financial institutions to leverage around the new reporting reduced regulatory burden enhance data quality

    Slide 21:For further information...

    www.bourse.lu 11, avenue de la Porte-Neuve B.P. 165 L-2011 Luxembourg Tel. : (+352) 47 79 36-1 Fax : (+352) 47 32 98 info@bourse.lu www.cclux.lu 11, avenue de la Porte-Neuve B.P. 165 L-2015 Luxembourg Tel. : (+352) 47 79 36-581 Fax : (+352) 47 79 36-204 info@cclux.lu

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