Field Lists and Changelogs

MiFID II and PRIIPs fields

With version 1.11 openfunds introduced a field set covering MiFID II and PRIIPs fields. These fields are separately mentioned within the next four streams:

  1. MiFID II fields
  2. MiFID II target market fields
  3. PRIIPs fields
  4. PRIIPs & MiFID II cost fields

The following table gives an overview of the main characteristics of the MiFID II and PRIIPs regulation that was introduced on the 3rd of January 2018:

Table 1: MiFID II and PRIIPs regulation
MiFID II PRIIPs
Link to regulation The MiFID II Directive 2014/65/EU Regulation (EU) No 1286/2014 on key information documents for PRIIPs

Commision Delegated Regulation (EU) 2017/653(EU) supplementing Regulation No 1286/2014
Main purpose of regulation Investor protection Investor information
Adressee Distributors of financial products, e.g. funds Insurance companies
Main topics
  • Target market
  • Cost and charges
  • Risk and performances
  • Cost and charges
European Working Group’s template European MiFID template (EMT) European PRIIPs template (EPT)
Comfort EPT (CEPT)

I. MiFID II fields

The openfunds adaption of MiFID II is based on the work of tisa and the European Working Group’s EMT. As openfunds focuses on funds there are fields within these papers that we could leave out. On the other hand, as MiFID II requires time series for ex-post costs fields, we had to introduce new dynamic openfunds fields. More information can be found in the “IV. PRIIPs & MiFID II cost fields” section. The following files list and describe all MiFID II fields:

MiFID II fieldsMiFID II fields (PDF; 2018-12-05)
MiFID II Excel listMiFID II fields (Excel; 2018-12-05)

The European Working Group members have validated the EMT 1.0 Version 2017-08-03.

Please note that this file has been established by the European Working Group (EWG). For further information about the file kindly contact Ghislain Perisse (Manager of the EWG): ghislain.perisse@schroders.com.

In order to provide MiFID II fund data in openfunds format, openfunds introduced a new translation template which can be found below. The file lists detailed information about the openfunds MiFID II fields and their relation to the corresponding MiFID II data point (EMT field).

openfunds MiFID Templateopenfunds MiFID Template v1.04 (Excel; 2018-12-05)


II. MiFID II target market fields

Overview

A good summary of MiFID’s target market concept can be found on the European Securities and Markets Authority’s (esma) website. The ‘Final Report – Guidelines on MiFID II product governance requirements’ gives good insight into how the target market should be narrowed down from the manufacturer’s perspective (who usually does not know the clients of the distributor, and who should have a strategic view on how to market funds to different types of clients). The following chart displays this concept of ‘Target Market’.

Target market and its context

Besides MiFID II, there are more national regulations that point in a similar direction as they also want to increase investor’s protection. Asset managers are also trying constantly to improve the suitability of their funds by implementing additional features to specific share classes to address specific clients’ needs. National regulations manifest themselves in country legal registrations of share classes, whereas fund houses sometimes modify some of the share classes to the needs of a specific type of clients, e.g. a share class only for pension funds or another one only for discretionary mandates, etc.

The following chart shows the concurrence of ‘target market’, ‘country legal registration’ and ‘share class eligibilty’:

openfunds target market adaption

The following table gives an overview about openfunds’ target market approach. This approach follows quite closely the regulation and hence shows less fields than other adaptions. Despite beginning with the broadest possible solution, openfunds tries to start with a minimum field set as this can be expanded rather easily in the future, whereas eliminating fields creates much more trouble for practical solutions.

target market adaptiontarget market adaption

III. PRIIPs fields

This section provides an overview of all openfunds fields that might be introduced because of the European PRIIPs Regulation. As it seems that the industry will agree on the European PRIIPs template as it was established by the European Working Group, openfunds has adapted the EPT and some fields of CEPT quite closely and has created new openfunds fields when there didn’t exist already an appropriate field.

The following PDF and Excel files describe all potential openfunds PRIIP fields that are necessary to assure relevant EPT and CEPT fields can be imported into an openfunds compatible fund database.

PRIIPs PDF filePRIIP fields (PDF; 2018-12-05)
PRIIPs Excel ListePRIIP fields (Excel; 2018-12-05)

The Insurance Europe Executive Committee and the EFAMA members have validated the EPT 1.1 Version 2017-10-06.

Please note that this file has been established by the European Working Group (EWG). For further information about the file kindly contact Ghislain Perisse (Manager of the EWG): ghislain.perisse@schroders.com.

In order to provide PRIIPs fund data in openfunds format, openfunds introduced a new translation template which can be found below. The file lists detailed information about the openfunds PRIIPs fields and their relation to the corresponding PRIIPs data point (EPT field).

openfunds PRIIPs Templateopenfunds PRIIPs Template v1.04 (Excel; 2018-12-05)


IV. PRIIPs & MiFID II cost fields

Even before the EU PRIIPs and MiFID regulation forced the industry to publish some cost information about their funds, openfunds had included some cost fields as management fees, ongoing charges or total expense ratio.

The new thing about costs being introduced with the PRIIPs and MiFID regulation is the attempt by the regulator to specify the calculation methods for the different cost figures. Additionally the regulator distinguishes for the first time between ex-ante and ex-post cost figures. This has lead to some conceptual questions about data handling within openfunds as for ex-post cost figures there is a need of storing and transmitting time series. This is one reason why openfunds distinguishes between static fields, their OF-IDs all starting with ‘OFSTxxxxxx’ and dynamic fields (starting with ‘OFDYyyyyyy’).

The following graph shows an overview of the relevant cost and charges categories as mentioned in either the European PRIIPs Template (EPT) or the European MiFIID Template (EMT). Additionally to this openfunds has included a reduced set of cost and charges fields compared to the EMT and EPT as we think that all cost information requirements can be fulfilled even with this reduced set of fields:

MiFID PRIIPs cost matrixMiFID II / PRIIPs cost matrix (V33; 2018-01-29)

As you can see, there is a distinction between ex-ante and ex-post fields. Therefore openfunds introduced additional fields like period start and period end dates in order to allow the handling of time series as needed for the MiFID II ex-post cost fields.

V. Solvency II fields

The following list contains an extract of the Solvency II fields as defined in the Tripartite Template version 3 (TPT). It focuses on aggregate figures that can be used by insurance companies to define their capital requirements when investing in specific share classes.

Solvency II fieldsSolvency II fields (PDF; 2017-10-04)
Solvency II fields (Excel)Solvency II fields (Excel; 2017-10-04)

More information can be found in the white paper ‘Solvency II Fields’.

openfunds says ‘thank you’ to SolvencyAnalytics, Zürich, who provided all solvency field descriptions and the whitepaper.

VI. Execution fields

The following lists present some openfunds fields that describe the execution of a fund. For the time being two main areas are covered:

  1. The subscription and redemption process
  2. The trade cycle of a fund’s share class

The subscription and redemption process

This process starts with the placement of an order to subscribe or redeem a fund. In some cases this process is initiated already earlier, if the fund requires a notification for subscriptions or redemptions. While this is generally not seen for mutual funds it is quite common for hedge funds. The process is finished when the settlement is done and a subscriber of a fund receives the shares and pays the price or when the redeemer’s bank account is credited and his custody account is debited.

More information can be found in the white paper ‘Notification and Settlement’.

Trade Cycles

While mutual funds normally can be subscribed and redeemed daily, this is usually not the case for hedge funds. In order to find a set of openfunds fields, that can also express more complex trade cycles, openfunds was advised by experts from UBS. The concept consists of three steps, first the period, second the frequency or number of possible trades within this period and third the specific dealing days within this period. More information can be found in the whitepaper ‘Trade Cycles’.

The following lists show the execution fields, that are needed to describe a fund’s subscription and redemption requirements:

Execution fieldsExecution fields (PDF; 2018-12-05)
Execution Fields (Excel)Execution Fields (Excel; 2018-12-05)

VII. Dynamic Data

When it gets to time series, i.e. daily net asset values (NAV) since launch date, the flat file format used for static data reaches its limit. Therefore, from the start openfunds has planned to add specific dynamic data fields to the openfunds field list. These fields are easily recognized as they start with ‘OFDY…’ for OpenFunds Dynamic Data instead of ‘OFST… ‘ standing for OpenFunds Static Data.

Besides a different data-ID dynamic data also need a different file format, e.g. for a time series of daily net asset values. This and more specification can be found in the white paper Dynamic Data.

The following lists show all new openfunds dynamic data fields:

Dynamic data fieldsDynamic data fields (PDF; 2018-12-05)
Dynamic data fields (Excel)Dynamic data fields (Excel; 2018-12-05)

The following two Excel files contain templates for transmitting dynamic data. The first one is an example for ‘as of’ data, whereas the second one stands for ‘period’ data. This is just for illustration purpose as one can combine these two files to one single file:

VIII. News Fields

During the last month openfunds has been approached by two active members in order to specify data fields that can be used to manage, store and transmit fund relevant news. A use case for this might be a fund platform, that shows the latest fund related news as soon as the fund house provides this information.

To identify these fields openfunds has introduced a new type of OF-IDs starting with ‘OFNW…’.

The following lists show all new openfunds news fields:

News fieldsNews fields (PDF; 2017-10-04)
News fields (Excel)News fields (Excel; 2017-10-04)

openfunds Identifier (OF-ID)

openfunds identifiers (OF-ID) constitute the core of openfunds, that is expanded by additional concepts to simplify the exchange of data and to make it more secure as well. The OF-ID consists of a 10-character alphanumeric code, to which spaces may be added to improve readability, making it longer. The field names are in English, and the individual words all begin with a capital letter.

OF-IDs have the following format: OFGGnnnnnn(lang)[rrrr].

Key:
OF stands for openfunds.
GG denotes a group of data fields (ST=static; AS=assets; DY=dynamic; NW=news).
nnnnnn stands for an unique number identifying the data field.

(lang) indicates an optional language tag. Please refer to white paper Language Tags.

[rrrr] indicates an optional recipient code. This allows values intended for a single recipient to be shown exclusively to that recipient.

The identifiers are arranged into groups. In order to group related fields as closely as possible together, these are sorted by OF-ID. The groups can be divided as follows:

OF-ID Range Field Tag
OFST000001 – OFST000999 General information
OFST001000 – OFST004999 Key Fact: Company
OFST005000 – OFST009999 Key Fact: Umbrella
OFST010000 – OFST019999 Key Fact: Fund
OFST020000 – OFST049999 Key Fact: Share Class
OFST050000 – OFST054999 Key Fact: Fund Manager
OFST060000 – OFST064999 Key Fact: Listing
OFST100000 – OFST109999 Eligibility Fields
OFST160000 – OFST164999 Legal structure
OFST350000 – OFST399999 Classification
OFST400000 – OFST449999 Purchase information
OFST450000 – OFST499999 Fees, Costs and expenses
OFST500000 – OFST519999 Solvency II
OFST6000XX – OFST6999XX Multiple country field (XX=ISO country code)
OFST700000 – OFST799999 Multiple country field (XX=ISO country code)
OFST6000XX – OFST6999XX Country specific field
OFST800000 – OFST819999 Taxes
OFST900000 – OFST999900 Internal fields of different recipients. Please see on page four of the latest openfunds fields a detailed overview of assigned blocks.
OFST999990 Non-openfunds field (use senders field name instead)
OFST999999 Field to ignore (during transmission)
OFDY000001 – OFDY000999 Prices, assets and number of shares
OFDY005000 – OFDY005999 Corporate actions including dividends
OFDY006000 – OFDY009999 Taxes
OFDY023000 – OFDY023999 Costs
OFDY025000 – OFDY049999 Performance and risk data
OFDY100000 – OFDY100100 Specific fields for data transmission
OFNW000001 – OFNW00019 News meta data
OFNW000600 – OFNW00069 News content
OFNW6000XX – OFNW6999X Multiple news related country field (XX=ISO country codes)
OFNW900000 – OFNW99990 Internal fields of different recipients. For more details please refer to description of OFST900000-OFST999900.
OFNW999990 Non-openfunds news field (use senders field name instead)
OFNW999999 News field to ignore (during transmission)



Each field has a OF-ID. Similar fields have the same field range assignment, i.e. the fields “Fund Group Name” (OFST001000) and “Fund Promotor Name” (OFST001100), that both belong to the Field Range “Key Facts – Company” (OFST001000 – OFST004999).  In addition, there are fields that have more properties or tag assignments (tags). All the tags without a corresponding field range at the bottom of the list can be assigned supplementary to a field. An example for a field assigned to more than one tag is ISIN (OFST020000). It is assigned to “Key Fact: Share Class” as well as to “Code”.

An actual list that contains all fields is available at the top of this page by chosing the right sided menu item “Field Lists and Changelogs”.

Field Requests

The openfunds committee welcomes input from specialists.
If you would like to propose new fields that should be included in the standard, or you notice any errors, please inform us by downloading the corresponding form and returning it completed to businessoffice@openfunds.org.

New Field Request

Field Change Request