Just because there are market inefficiencies in the US that require the introduction of XBRL to be solved, doesn’t mean that Europe should follow suit, contended Michael Kempe, chief development officer for Capita Registrars, which looks after issuers in the UK and Irish markets. The European market is much less paper driven than the US market and a degree of automation has already been achieved through the use of ISO standards. XBRL is therefore not appropriate in the European context, argued Kempe.
What is good for the US market, could also be good for the rest of the world, contended Max Mansur, global market manager for Asset Servicing at Swift, and David Hands, director of asset services product management at DTCC Solutions, when speaking about the benefits of XBRL for the corporate actions market. The work going on behind the scenes by Swift, DTCC and XBRL is aimed at enabling this very thing and Mansur and Hands are convinced that the rest of the world will therefore benefit from the mapping of XBRL to ISO 20022.
Recent letters between Michel Barnier, the European Commission’s internal market and services commissioner, and US Treasury secretary Timothy Geithner indicate that data sharing is very much at the top of the regulatory agenda at the moment, especially with regards to derivatives. The issue of trade data repositories is at the heart of the debate, as European regulators are concerned that a US-based single repository might not be the right option and multiple repositories may be needed, especially one based in Europe.
Electronic Trading, Low Latency and Market Data 
A-Team Insight_Issue 04_April2010 (2.1 MiB)
As part of its wider push to extend XBRL into other areas such as the tagging of source documents for mortgage backed securities (MBS) and corporate actions (see 
The benefits of moving to ISO 20022 appear to be clearly understood in the market by most, but many firms are now keen for Swift to provide a clear timeline for its adoption, including a drop dead deadline for the switchover from ISO 15022 formatted messages for corporate actions. Clearstream Banking’s senior vice president in charge of product management for core products, Irene Mermigidis called for as short a coexistence period as possible for the two standards in order to minimise costs and to allow firms to fully leverage the benefits of 20022.
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The recent regulatory and market interest in the area of corporate governance could prove to be beneficial for the drive to further automate the proxy voting space, said Naz Sarkar, director of Computershare Investor Services, which provides online shareholder services. By calling for the voting process to be made easier and for more shareholders to get involved, regulators may compel investment in technology to facilitate automation of the proxy voting process, he told delegates to CorpActions 2010.
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