Capital Markets

Emirates Securities and Commodities Authority (SCA), UAE plans to build the first end-to-end XBRL-based electronic filing platform (FIX) for the UAE market with the help of Fin-X Solutions (A wholly owned subsidiary of IRIS Business Services Ltd., India.). The FIX platform has been built using the IRIS iFile desktop tool which has been adopted successfully by various jurisdictions around the world.

UAE Taxonomy developed using IFRS 2011 taxonomy is probably the first Taxonomy to be published that is based on IFRS 2011 Taxonomy (by the time it is released for public review). This solution will help SCA collect financial information from companies, analyze the data, make regulatory recommendations, and enforce financial integrity in the UAE markets. Probably for the first time Corporate Actions and Governance are brought in by regulators as part of the filing requirements in XBRL based filing platform. Probably for the first time Capital Markets Regulator has made active use of Arabic labels in Taxonomy as well as the XBRL filing platform.

The Indian Mutual Fund Industry has $120 billion in assets under management with 44 fund houses offering more than 3,000 schemes as of 2012. Securities and Exchange Board of India (SEBI) the regulator of the mutual fund industry, has progressively moved to a continuous disclosure regime. In 2010 IRIS built an e-reporting platform for SEBI that eased the process of report collection. IRIS also developed India’s first mutual fund XBRL taxonomy as part of this project. IRIS also created an XBRL report generation tool for mutual funds to create their reports for filing with SEBI. This case study tells the full story of how XBRL was implemented end to end in the Indian mutual fund industry.

The Saudi Stock Exchange (TADAWUL), founded on 19th March 2007, has a primary objective to ensure capital market integrity that includes fair functioning and assurance of quality. Being the market controller, it develops service excellence for customers (brokers, issuers, investors, vendors, etc.) and constantly strives to enhance the exchanges’ competence.

Tadawul opted for XBRL to transform its existing reporting platform to improve transparency in the Saudi capital market for investors. At the same time, Tadawul also wanted to generate revenue from the valuable information set that gets created through XBRL submissions. IRIS used its globally proven IRIS iFILE framework to develop the reporting platform. Read more about it in this case study.