Handbook on Securities Statistics

Overview
of a joint BIS-ECB-IMF initiative

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Overview
• 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

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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.”

• 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
• 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
• 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 the Handbook
Structure
Objectives, ofscope - Debt
the Part
andI ofsecurities
the HSS
consistency issues
• Structure
• Section 1: Introduction
• Section 2: Main features of debt securities
• Section 3: Institutional units and sectors
• Section 4: Securitisation
• Section 5: Accounting rules, valuation, and recording of accrued interest
• Section 6: Classification of debt securities
• Section 7: Detailed presentation tables
• Section 8: Metadata
• 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 theofHandbook
Content the Part- Debt securities
I of the HSSissues
• Content
• Follows international statistical standards such as 2008 SNA or BPM6
• 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 the of
Structure
Objectives, Handbook - Debt
the Part
scope and I of securities
the HSSholdings
consistency
• Published in September 2010
• Structure
• Section 1: Introduction
• Section 2: Main features of debt securities holdings
• Section 3: Stocks, flows and valuation of debt securities holdings
• Section 4: Specific operations related to debt securities holdings
• Section 5: Debt securities holdings in a from-whom-to-whom framework
• Section 6: Detailed presentation tables
• 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 theofHandbook
Content the Part- IDebt securities
of the HSS holdings
• Content
• Follows international statistical standards such as 2008 SNA or BPM6
• 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)
• 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 theofHandbook
Content the Part- IDebt securities
of the HSS holdings
• Specific sections on
• Debtor approach and creditor approach to recording accrued interest
• Special operations (reverse transactions, short-selling, depository receipts, stripped
securities, nominee accounts)
• From-whom-to-whom framework
• Transactor principle and debtor/creditor principle

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Part 2 of theofHandbook
Content the Part- IDebt securities
of the HSS holdings
Presentation table A based on the “residence of holder” approach

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Part 2 of theofHandbook
Content the Part- IDebt securities
of the HSS holdings
Presentation table B reflecting the “from-whom-to-whom” approach

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Part 2 of theofHandbook
Content the Part- IDebt securities
of the HSS holdings

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Part 2 of theofHandbook
Content the Part- IDebt securities
of the HSS holdings

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Implementation
Content of theof Part
Part1 Iand
of Part
the 2HSS
of the Handbook
• BIS to coordinate transmitting data to its databank to fill presentation tables according to
the Handbook
• Around 40 non-euro central banks have nominated contacts
• Major exercise for many central banks and BIS
• Process longer than expected, not yet finalised
• 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)
• Implementation of ESA 2010 in 2014 (in line with the Handbook)
• Use of the Centralised Securities Database (CSDB)

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Part 3 of theofHandbook
Content the Part- IEquity
of thesecurities
HSS
• Part 3 of the Handbook on issues and holdings of non-debt securities
• Listed and unlisted shares
• Investment fund shares or units
• Will be coordinated by the ECB in 2011
• Publication foreseen in 2011

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Handbook
Content on
of the
theweb
Part I of the HSS

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