Overview
Accurate and consistent data is essential for reliable Shareholding Disclosure calculations. Incorrect identifiers, market identifier codes (MICs), share counts, or market values can produce inaccurate results and increase the risk of missed disclosures.
Our Shareholding Disclosure property specifications page lists all required data properties and explains how to populate them. This article highlights the properties that require particular attention.
Important Properties
IssuerId
Provide a unique identifier for the issuer and keep it consistent over time.
Do not use the issuer's Legal Entity Identifier (LEI) or name as the IssuerId. For more information, see the InstrumentId, AssetId, and IssuerId article.
Market
Provide a market segment MIC for the Market property.
The ISO MIC FAQ document defines market segment MICs and operating MICs under the MIC levels section. Market segment MICs identify individual trading venues or market segments more precisely than operating MICs.
An operating MIC may also be the correct segment MIC when it represents the exchange's main board or only trading venue.
This property is used to determine which jurisdictions may apply to a security. An inaccurate MIC can result in incorrect rule calculations and increase the risk of missed disclosures.
We cannot verify whether a submitted MIC represents the appropriate market segment. If you are unsure, ask your data provider to confirm that it supplies MICs at the market segment level.
MarketsListedIn
Include every market segment MIC for every venue where the instrument trades.
See the section titled MIC levels in the ISO MIC FAQ for definitions and guidance.
MaturityDate
For Convertibles, Rights, and Warrants, provide the first date on which the security can be converted into the underlying instrument.
AssetId
Provide a unique identifier for the asset and keep it consistent over time.
For more information, see the InstrumentId, AssetId, and IssuerId article.
TotalSharesOutstanding
Provide the total number of issued shares in circulation across all of the issuer's share classes. Exclude treasury shares.
If you source this value from Bloomberg, confirm with Bloomberg whether its figure includes treasury shares in any relevant country. Including treasury shares overstates the denominator and can produce inaccurate holding calculations.
ClassSharesOutstanding vs TotalSharesOutstanding
These properties represent different share counts:
ClassSharesOutstanding is the total number of shares in circulation for the relevant share class.
TotalSharesOutstanding is the total number of issued shares in circulation across all of the issuer's share classes. It excludes treasury shares.
If an issuer has more than one share class in circulation, TotalSharesOutstanding should be greater than ClassSharesOutstanding.
See our Shareholding Disclosure property specifications page for the complete property definitions.
MarketValue
Populate MarketValue as follows:
For derivatives, include accrued interest.
For non-derivative assets, exclude accrued interest.
For bonds, calculate market value by multiplying the face value by the dirty price. The dirty price includes accrued interest.
Important Considerations Before Uploading
Confirm that:
IssuerId and AssetId remain consistent over time.
Market and MarketsListedIn contain market segment MICs.
MarketsListedIn includes every venue where the instrument trades.
MaturityDate contains the first conversion date for Convertibles, Rights, and Warrants.
TotalSharesOutstanding excludes treasury shares.
ClassSharesOutstanding represents only the relevant share class.
MarketValue follows the correct treatment for the asset type.