Progress report on development of SDMX-

based BOP DSDby Bernadette Lauro

ECB/S/ETSBalance of Payments Working Group

Luxembourg, 27 November 2012

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OutlineWhy SDMX for BPM6 Governance structureContent review of BOP DSD (new Data Structure Definition)

The SDMX-based data modelFinalisation of pilot phase IDisposition log – issues for clarification/feedbackRoadmap for adopting BOP-DSDMilestone 4 (implementation) and next steps

Progress report – Why SDMX for BPM6

• SDMX (Statistics Data and Metadata Exchange) is an initiative to foster standards for the exchange of statistical information

• Scope: increase timeliness in data exchange and efficiency

• Sponsored by BIS, ECB, Eurostat, IMF, OECD, WB, UN

• Priority areas for an SDMX-DSD: SNA and BOP

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Progress report – Governance structure for the BOP-DSD

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Progress report – Content review of BOP DSD V01

• Pilot test launched in June 2012 – 27 countries involved

• Purpose of the pilot: codes review/mapping internal data processing/highlight issues; mainly database management-oriented

• Disposition log to summarise actions that will be undertaken

• Separate FDI DSD, with 16 dimensions, o.w. some common dimensions shared with BOP DSD

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Progress report – The SDMX-based data model (dimensions) V0.1

Dimension name Description of the dimension

Frequency Time series frequency (e.g. monthly)

Reference area Reference country (or area) code (e.g. Portugal)

Adjustment indicator Specific adjustments or concepts for the time series (e.g. seasonal adjustment)

Flow stock entry Flow or stock variable indicator (e.g. positions)

International accounts item External statistics item classification (e.g., financial account)

Accounting entry Type of flow or stock in relation to the reference area (e.g. assets)

Counterpart area Country (or area) of counterpart (e.g. Japan or rest of the world)

Reference sector Institutional sector in the reference area (e.g. general government)

Functional category Classification by function of the financial investment (e.g. reserve assets)

Instrument and assets classification

Breakdown by financial instrument (e.g. debt securities)

Maturity Maturity of financial item, original, remaining, or combination (e.g. short term)

Counterpart sector Institutional sector of counterpart (e.g. general government)

Currency of denomination Currency of issuance for financial items or invoicing for goods and services (e.g. euro)

Valuation Valuation method of the underlying series (e.g. market value)

Unit of measure Unit of measure used for reporting the time series (e.g. euro)6

Basic info

Non- financial account excl. Investment income

Financial account +investment income

Complementary info

Progress report – The SDMX-based data model V0.1 (attributes)

Attribute name Description of the attribute Reporting Requirement

Attachment Level

Unit multiplierIndicates whether the unit of measure for the series represents thousands, millions, … M Series

Decimals Indicates the level of precision for the series M SeriesObservation status

Indicates whether the value is a normal value, provisional data, a forecast, … O Observation

Publication status Indicates the publication status of the series M SeriesConfidentiality Status

Indicates whether an observation is freely available, restricted, confidential,… O Observation

Time Format Specifies the format used for describing the reference period O SeriesCompiling organization

Identifies the organization responsible for the compilation of the series O Series

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M= Mandatory

O= Optional.

..more attributes needed for data dissemination (to be agreed)

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Attributes          

Attachment 

Level C/M Concept Mnemonic Concept Name Code List Mnemonic

Presentation Type 

(Code list/Free Text)

Sibling C TIME_FORMAT Time Format CL_TIME_FORMAT Time Format

Observation M OBS_STATUS Observation status CL_OBS_STATUS Observation status code list

Observation C CONF_STATUS Confidentiality Status CL_CONF_STATUS Confidentiality status code list

Observation C COMMENT_OBS

Comments to the

observation value

Free text up to 1050 char. so far.

Increasing the values will be

necessary.

Sibling M UNIT Unit CL_UNIT Unit code list

Sibling M UNIT_MULT Unit multiplier CL_UNIT_MULT Unit multiplier code list

Sibling M

COMMENT_GRP

or COMMENT_SBL

Detailed description of

the group of series Free text up to 1050 char.

Sibling M DECIMALS Decimals CL_DECIMALS Decimals code list

Time series M TIME_PER_COLLECT Time period collection CL_TIME_PER_COLL Time period collection code list

Sibling C COMPILING_ORG Compiling organisation CL_ORGANISATION Compiling organisation code list

Sibling O COMMENT_SBG Sibling Description of the series

Sibling C TITLE Title Free text up to 70 char.

Sibling C DATA_COMP Title Free text up to 1050 char.

Sibling C COVERAGE Title Free text up to 350 char.

Time series C PUBLICATION Title Free text up to 1050 char.

Finalisation of pilot phase I

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• October 2012: 122 comments processed via disposition log file – overall positive feedback

• Actions triggered by disposition “accepted”:– Addition/Deletion of codes– Change in descriptors and validation rules – Address best solutions

• Actions triggered by disposition ”for clarification”:– Review of cross-domain lists by NA DSD SG

and SDMX SWG (REF_AREA, REF_SECTOR, CL_CURRENCY, CL_FREQ)

– Treatment of “fiscal year”

Benefits BOP DSD and SDMX

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• Uses SDMX hierarchical code lists to create relationships between codes

• Address validation rules

Institutional sector code list -- CL_SECTOR

Code DescriptionS1 Total economyS11 Non financial corporations

S11001 Public non financial corporations

S11002 National private non financial corporations

S11003 Foreign controlled non financial corporations

S12 Financial corporations

.. ..

  Integrity RuleCode Description  

S1 Total economy S1=S11+S12+S13+S14+S15

Disposition log – issues for clarification (1)

• (ID 20) ACCOUNTING ENTRY:

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A Assets (Net Acquisition of) A=AI-AD

AI Gross acquisition of assets  

AD Gross sales of assets  

L Liabilities (Net Incurrence of) L=LI-LD

LI Gross incurrence of liabilities  

LD Gross decrease in liabilities  

N Net (Financial Assets minus Liabilities) N=A-L

FC inflows

FD Outflows

Specific for reserve assets

Mnemonic codes

Disposition log – issues for clarification (2)• (ID 22) National vs community concept (i.e.

BOP vs ST1 data): use of different data set identifiers (DSIs)

• (ID 46) ECB Guideline’s requirements will be provided in BOP DSD format with example codification

• (ID 105) Banknote denomination dimension for future reporting of euro banknote shipment with separate DSD

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Disposition log – Issues for clarification (3)

• (ID 89) Other changes in volume = KA

• Possible transmission of data not required in ECB/2011/23

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T Transactions  LE Positions (Stocks)  K Changes in positions other than transactions K= KA + K7

KAOther Changes in the volume of Assets/Liabilities = Other changes

excluding revaluations  

K7 RevaluationsK7= K7A+K7B

K7A         Revaluations due to exchange rate changes  K7B         Revaluations due to other price changes  

Feedback received on practical issues (1)

• Cross-domain issues:

• View on fixed versus variable codes in your collection/compilation/transmission system:

» The variable code length is not a problem for countries, however the maximum length of codes must be defined and remain stable;

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Feedback received on practical issues (2)

• (ID 16) PUBLICATION STATUS – attached at the series, not at the observations level. Go back.

• Set by the provider• Conditional (voluntary): provider needs to

flag if they want the receiver not to publish• Allows receiver to manage secondary

confidentiality• Easier for the provider to monitor the

publication of a series than of an observation15

Code Description

P publishable

N non-publishable

Feedback required on practical issues (2)

• Confidentiality of the observation conditional to status of the series– the series is flagged as non-publishable:

• then no observations can be free» Priority over OBS_CONF

– the series is flagged as publishable:• then, if some observations are not to

be published, they should be flagged through the confidentiality attribute

– This means that the proposed code “Under embargo” is redundant:

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Code Description

P Published

N Not published

E Under embargo

Next Steps

• Finalisation BOP DSD V0.1 by early December 2012

• Launch pilot phase II with Sandbox in December 2012

• Beta version of the Sandbox to provide registry, database, user-interface to submit datafile

• Development of final version BOP DSD V0.2 by end-December.

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Next Steps (cont’d)

• Workshop WG ETS on practical issues (Feb2012)» WG SIM members invited to

participate/contribute to the data exchange session

• Written communication with BOP domain groups on BOP DSD V0.2 and associated reporting arrangements (Jan-March 2013)

• In parallel, SDMX review of cross-domain codelists

• BOPCOM to approve BOP DSD V0.3 in Spring 2013

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2014201413131212111120102010

1. PREPARATION

Roadmap for adopting BOP-DSD

2. DEVELOPMENT

5. PRODUCTION AND MAINTENANCE

4. IMPLEMENTATION

3. CONSULTATIONS AND ACCEPTANCE

Q2

24 Jan June

2013

Final BOP DSD

Pilot phase IBOP DSD V01

Q3

Pilot phase IIBOP DSD V02

Start regular data exchange

Jan

20

Spring Spring 20132013Jan13Jan13DecDecNovNov2012Q2012Q

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FINALISATION BOP DSD V01

Milestone 4 – Implementation go back

BOP DSD V02 PILOT TEST 2 (Sandbox)

BOP DSD V03

DETAILED IDENTIFICATION OF REPORTING ARRANGEMENTS, DATA FLOWS, CONSTRAINTS

Adaptation of the production systems

Pilot projects

Release (SDMX registry)

2013Q2013Q33

Feb 2012: WG ETS WORKSHOP on practical issues on DSD codification and data exchange – for participation of WG SIM members as well!Review by SDMX SWG of cross-domain codelists

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Thank you for your attention

Please provide feedback to:Bernadette.lauro@ecb.europa.eu

BOP_IIP_Stats@ecb.europa.eu

The views expressed in this presentation are exclusively those of the author