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Spot on Andrew

Its only vested interests that prevent the obvious solution. Its really heartening that the DTCC are taking up the baton. If their project succeeds the rest of the world will surely follow.

Where will this leave Data vendors? I think they would increase their value added services and the data element would become a by-product

ISITC Europe is a very sad group when measured against ISITC USA. The USA version has had significant and mesurable succeses over the years. The European version long ago sunk into a talking shop mainly funded by suppliers and with low level line managers involved that do not have the influence at board level within FS firms.

SWIFT grabbed the agenda for ISITC Europe long ago and most of the standards work is now just an extension of SWIFT

No ammount of reorganisation is going to change a lame duck into the fighting dog the industry needs

Wow thats putting the case Andrew

I totally agree that the FSA blundered badly but its never too late to reverse a bad decision.

I hope through this forum to continue to raise awareness of XBRL and how its a very key tool to get the FS industry up to scratch in many different forme of reporting. Your contribution is terriffic and thanks so much

I think Darth Vader finally showed he had some good within him and helped save the day.

Yes Lucy, i am assuming the Tesco banks will not have the same layout as their stores. Anyway i have also spent time in the line at banks only to find the person behind the counter does not have the knowladge to deal with me and they call someone over. A liitle similar

Are we seeing the new wave of Banks with trusted names beggining to replace High Street Banks with names in the mud and no longer trusted?

I predict that after Tesco, Asda and Virgin we will see more. The pressure on established banking brands is going to only increase

Gary 

Thanks Liz

I hope that its possible to divorce XBRL from SWIFT so that FS firms that are never become SWIFT connected can take part. XBRL is network nuetral and should be easy for virtually all firms to take part in some degree.

Your right the regulatory reporting has captured most attention in FS but i think the US is now going down a path that legally enforces Issuers. This is the nub of the DTCC realistic aim of creating CA standards from source or very near. The DTCC will make XBRL mandatory in due course as explained at my conference in NYC last week. This elevates XBRL as a very serious proposition for all FS firms in the US but sets a template for the worlds markets to folow 

I hope this group will extend to tackle issues and increase awareness and knowladge for all

Gary

This has to be good news and welcomed by all us shareholders. Finally RBS getting to grips. The spend is a huge commitment and its hoped that there are enough knowl how in RBS to pull it off. Failurs will have dire consequences to the business and reputation. I hope RBS take the gloves off and take a good hard look at their technology and be imaginative in the introduction of solutions. They should also be prepared to buy rather than develop. Go for it RBS!  

This is an expected result from the financial crisis. It is important that these rules are standard accross all global markets or we will begin to create black holes. The management and reporting of liquidity has to be able in real time. Even a day late could cause problems. The good news that there is technology arround to acheive the new reporting requirements but is there the budget or the will?

Gary 

Well theres a suprise! Not!

This has been obvious since day one now that the Banks have got the price cuts and technology efficiences they craved

Regular readers of mine will not i predicted this move over a year ago. Does not make me a genuis just a simple logical analysis. Look out for more MTF sales and mergers in the future

Gary