These are interesting times for Financial Content providers and consumers. The U.S. Securities and Exchange Commission (SEC) put the first stake in the ground during the Cox administration when they mandated the use of XBRL and began in stages to require large public companies to submit XBRL-tagged documents to the SEC, turning corporate financial statements into more easily searchable and comparable documents. Back in May, Rep. Darrell Issa (R-Calif.), introduced the Government Information Transparency Act (H.R. 2392) in an attempt to standardize the collection of business information throughout federal agencies. It would require agencies to use a single data standard (XBRL) and require that collected information be made readily available for public access.
This month, I found myself suddenly following legislative twitter feeds as the Members of the House of Representatives and Senate debated amendments to the Dodd-Frank Financial Regulatory Reform bill that included a discussion of requirements that companies use a standard like XBRL when reporting financial data to federal agencies.
And then, the US SEC proposed the use of Python to model the complex ABS deals - and I found myself reading thru 600-page Asset-backed Securities prospectus and learning about waterfall models.
Read the full article here: Where content meets code: U.S. SEC mandates, Python and financial content - FierceContentManagement