So, look: “A standard framework for delivering Solvency II asset data from investment firms to insurers is at least a year away, asset managers predict. The lack of a central body to develop the standards and potential commercial conflicts of interest mean a market-wide standard will be challenging to develop.”
But standards, together with a central body, surely do exist. ACORD's standards for the insurance industry are stable and proven. They provide the obvious target for building consensus in the asset management industry.
According to Dirk Popielas at JP Morgan Asset Management in Frankfurt, “Over time we will see standardisation starting to emerge. Inevitably, when people are going through the requirements for the first time, they need to go through it themselves and act on what is in front of them. If there are more efficient ways of addressing the requirements it is likely that markets will find their way to those solutions”.
I am always amazed how much everyone talks about standards and so few really know what existing standards are available. Communications is a constant battle. ACORD and XBRL are working closely and I'll keep you posted on our progress.
Let me accelerate this process. Go to acord.org. You'll find everything you need. Risk Net