This page shows the next upcoming versions and a roadmap. The field lists are available in the 'Links' section of the respective version

Roadmap and Next Versions

Roadmap

Over the last 4 years, openfunds has evolved from a relatively small list of fields and some rules to a rather long list of field descriptions, additional concepts, proposed file formats and, last but not least, users.

Roadmap 2020 and 2021 of openfunds
Roadmap 2020/2021

Next Version 1.26 – DRAFT –

Version 1.26 is possibly the most comprehensive list of field changes that has ever been published in a single openfunds version. This is why we decided to split the new version 1.26 into three sub-versions which contain thematically linked fields. However, we will publish all three sub-versions at the same time.

Version 1.26.1 (General Update) – DRAFT –

Version 1.26.1 is comprised primarily of general updates. Enhancements were made to improve existing fields as well as to add some country-specific fields. Also, we used the opportunity to clarify or enhance some field descriptions.

An overview of the number of field changes for version 1.26.1 can be found in the following table (for a detailed list of changes please click the link under ‘Links’):

Overview General Update Field Changes
New openfunds Fields 23
No Longer Supported
Major Changes 8
Minor Changes 8
Informative Changes 36

Links

Changelog of version 1.26.1 – Draft version 0.02 (Excel)
All new openfunds fields of version 1.26.1 – Draft version 0.03 (PDF) (Excel)

Version 1.26.2 (Regulatory Update) – DRAFT –

From December 2020 onwards, the EMT 3.0 provided by FinDatEx will replace the former versions of EMT 1.0 and EMT 2.0. The openfunds standard will include those field changes and enhancements, but will also align its concepts for regulatory data to a ring-fenced approach for EMT and EPT fields.

Overview Regulatory Field Changes
New Fields (incl. moved fields) 53 (202)
Fields moved from OFST… to OFEM… and OFEP… 149
No Longer Supported (incl. moved fields) 49 (198)
Major Changes
Minor Changes
Informative Changes 16

Links

Changelog of version 1.26.2 – Draft version 0.02 (Excel)
All new openfunds fields of version 1.26.2 – Draft version 0.03 (PDF) (Excel)
Translation table FinDatEx EMT 3.0 to openfunds – Draft version 0.01 (Excel)
Translation table FinDatEx EPT 1.1 to openfunds – Draft version 0.01 (Excel)

New conceptual approach for regulatory data

When openfunds implemented the MiFID II and PRIIPs regulation 3 years ago, it followed the approach of the EMT for MiFID and EPT for PRIIPs, which were created by the European Working Group (today FinDatEx). However, while FinDatEx had chosen a ring-fenced approach for each set of fields, openfunds used existing static fields from its standard if they were already available.

At the time this approach reduced the number of new fields substantially, but has led to some practical difficulties since then. The biggest problem was the result of separate deliveries for regulatory data and for static data. As these data sets are often provided by different teams within an asset management group, deliveries take place at different points in time, thus overwriting data sent by the other team. This overwriting happened not only between static and MiFID data, but also between MiFID and PRIIPs data.

A second weakness of this approach is the (not always intuitive) translation rules between openfunds and the EMT or EPT.

For these two reasons openfunds decided to switch to an approach that follows the EMT and EPT closely. This means that the openfunds fields for MiFID II and PRIIPs will be ringfenced and not mixed in with existing static data fields. To emphasise this, openfunds has also decided to change the prefix of the openfunds identifier to OFEM for MiFID fields and OFEP for PRIIPs fields, as opposed to OFST for static data fields. Although this leads to an increase in the number of openfunds fields, the practical data management will benefit from this conceptual change. Another advantage will be the possibility to directly translate regulatory openfunds fields into EMT or EPT, with very few exceptions.

Version 1.26.3 (Fund Ratios and Exposures)
– DRAFT –

During the last 9 months, a working group initiated by Credit Suisse worked on a new set of openfunds fields containing information usually provided on fund factsheets. In short, these fields provide aggregated information about ratios like ‘Yield to Maturity’, and exposures to credit risk, countries or currencies, etc..

Due to the nature of the fields, some of which contain several values in a set (e.g. currency exposure), a new file structure and a new openfunds identifier pre-fix (OFRE) was created. More details can be found in the white paper, which is mentioned in the link section below.

Links

White paper ‘Fund Ratios and Exposures’ – Draft version 0.01 (PDF)
All new openfunds fields of version 1.26.3 – Draft version 0.03 (PDF) (Excel)

Upcoming Versions

At openfunds we consider two general updates in a year as a good compromise between the size of the updates and the flexibility needed to cope with new regulatory requirements. As we have seen an increasing tendency for new fund regulations, not only in Europe but also in many individual countries in and outside Europe, this puts some pressure on openfunds for more releases. The above chart with its 5 updates shows what we think should be the maximum of new releases for 2020 and 2021. However, it might happen that instead of having a version 1.27 in 2020 and another version 1.28 in spring 2021 we will postpone version 1.27 and will instead have another version (not shown on the current chart) in the fourth quarter of 2021.

General Updates (provisionally v1.27 and v1.28)

These updates are a result of general requests for new fields from active members. As mentioned before, we are trying to keep the yearly updates to a maximum of two. Whenever possible, we also try to combine those updates with regulatory updates to reduce implementation efforts and costs.

For the rest of 2020 and 2021 we foresee two general updates. Whether they are released in Q4/2020 and Q2/2021 or rather in Q1/2021 and Q3/2021 depends mainly on the necessary regulatory updates.

Regulatory Updates (provisionally v1.29)

Timing for regulatory data is a big unknown at the moment. However, we expect to see a new version of the EPT and also a new initiative on ESG (Environment, Social, Governance) before the end of 2021. The latter may be a new template published by FinDatEx or alternatively a new set of fields that will be included into the EMT.

Major Release 2.0

One of the planned things that might need a longer notice period is our intention to publish a major release. A major release can be recognized by a big figure change, e.g. from 1.2x to 2.xx.

The main difference between a minor and a major release, however, is the omission of fields that are no longer supported. More information about the version management can be found in the white paper ‘Version Management’. As openfunds follows a field-level versioning approach it is possible to continue to use ‘no longer supported’ (NLS) fields even after they have been declared as NLS and a recommendation for a newer version exists. This approach allows a greater flexibility on implementation dates, but over time leads to a situation where quite a number of NLS fields can be used (and must be maintained) besides their successor field.

For this reason we are planning a major release at the end of Q3/2021, which gives all openfunds users roughly a 15-month lead time to decommission NLS fields. At the moment these are the NLS fields that needed a replacement, if the major release took place right after the launch of version 1.26.x:

Links

List of ‘no longer supported’ (NLS) fields for versions 1.0 until 1.26.3 (Excel).

Additional Improvements

Sets of data fields

Not only the number of fields, but also the number of topics that are covered by openfunds has increased substantially over the last 4 years. Additionally, openfunds includes many more country-specific fields.

Altogether the number of fields increased by roughly 4 times from 160 to around 680 fields, not taking into account field enhancements like country suffixes or language codes.

With the broadened list of fields, the questionnaires sent out to fund houses have also increased in width (number of columns), quite often also asking for data points that are not relevant for a market or the intended way of fund dissemination.

We will therefore create several mostly complementary datasets that can be used to request specific data fields, thus keeping the questionnaires much smaller than today.

White Papers

Although we have added many new fields covering separate topics we have not as yet published associated white papers for these. Over the coming months we will supply these and publish them in the White paper section.