2015年-BIS国际清算银行_Handbook_on_Securities_Statistics_166页_1mb

Summary of Handbook on Securities Statistics

Core Content

The Handbook on Securities Statistics is a joint publication by the Bank for International Settlements (BIS), the European Central Bank (ECB), and the International Monetary Fund (IMF). It provides a comprehensive conceptual framework for the compilation and presentation of securities statistics, aiming to improve the quality, coherence, and international comparability of data on securities markets.

The Handbook is structured around three main parts:

1. Debt securities issues (published in May 2009)
2. Debt securities holdings (published in September 2010)
3. Equity securities statistics (published in November 2012)

These parts are based on the System of National Accounts 2008 (2008 SNA) and the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), and they go beyond these standards by offering additional guidance on specific operations and classifications.

Main Features of the Handbook

1. Debt and Equity Securities

• Debt Securities: These are financial instruments that represent a claim on the issuer's assets or income. Examples include bonds, notes, and other debt instruments. They are classified under the financial instrument category "debt securities" (F3) in the 2008 SNA.
• Equity Securities: These are financial instruments that represent ownership in a corporation. They include listed shares (F511), unlisted shares (F512), and other equity (F519). Equity securities are part of the broader category "equity and investment fund shares or units" (F5) in the 2008 SNA.
• Investment Fund Shares or Units: These are classified under F52 in the 2008 SNA. Open-ended funds are not typically negotiable, while closed-ended funds are.

2. Classification of Securities

• The Handbook outlines detailed classifications of securities based on various attributes such as:
  • Interest Rate: Fixed or variable.
  • Maturity: Short-term, medium-term, long-term.
  • Currency: Denomination in different currencies.
  • Market: Organized exchanges or over-the-counter (OTC) markets.
  • Default Risk: Based on credit ratings.
  • Type of Share: For equity securities, this includes common shares, preferred shares, and other types.

3. Institutional Units and Sectors

• Institutional units are defined as entities that can own assets and incur liabilities.
• Residence is a key concept for classifying institutional units.
• The Handbook provides a classification of institutional sectors and subsectors according to the 2008 SNA, including categories like:
  • General government (GG)
  • Financial corporations (FC)
  • Nonfinancial corporations (NFC)
  • Households (HH)
  • Nonprofit institutions serving households (NPISHs)
  • Other financial corporations (OFC)

4. Accounting and Presentation Rules

• The Handbook discusses quadruple-entry accounting and the time of recording for transactions.
• It differentiates between gross and net transactions and outlines how revaluations and other changes in asset and liability volumes are recorded.
• Valuation principles are explained, including the distinction between dirty price and clean price for debt securities.
• Aggregation, consolidation, and netting are also covered to ensure consistency in data presentation.

5. Specific Operations Related to Securities

• The Handbook includes detailed guidance on various operations such as:
  • Securitization
  • Reverse transactions
  • Short-selling
  • Stripped securities
  • Nominee accounts
  • Mergers and acquisitions
  • Privatization and nationalization
  • Debt-for-equity swaps

6. Presentation Tables

• The Handbook introduces three types of presentation tables:
  • Type A: Based on the "residence of issuer" approach.
  • Type B: Based on the "residence of holder" approach.
  • Type C: Based on the "from-whom-to-whom" approach.
• It also provides tables with global aggregates for securities and outlines the reconciliation process based on different classifications.

Key Information

• The Handbook supports policy analysis by providing better data for understanding financial intermediation, monetary policy, and financial stability.
• It was developed as part of the Working Group on Securities Databases (WGSD), which includes the BIS, ECB, IMF, and the World Bank.
• The G-20 Data Gaps Initiative and the Financial Stability Board (FSB) played a significant role in identifying the need for improved securities data.
• The Handbook emphasizes timeliness, relevance, coherence, and international comparability of securities data to support global economic and financial analysis.
• It includes boxes and tables to illustrate key concepts such as:
  • Dirty and clean prices
  • Aggregation of securities by currency
  • Accrued interest recording principles
  • Share price indices
  • Special cases like super dividends and securitization processes

Conclusion

The Handbook on Securities Statistics is a critical resource for policymakers, analysts, and national agencies seeking to compile and present high-quality, internationally comparable data on securities. It enhances the understanding of financial markets and supports the analysis of global economic, financial, and macroprudential issues. The Handbook is designed to be flexible and adaptable to evolving market structures and financial instruments.