According to the GIGO, or more commonly known as the "Garbage In, Garbage Out" principle, the quality of your data input will directly impact the quality of FundApps output. For that reason, it is extremely important to ensure the data being provided is accurate and mapped correctly.
The data spec here contains a full list of all the data elements required and additional background for each one. Here are the noteworthy ones we'd like to highlight:
This value must stay consistent and not change over time. Please don't use LEI or Issuer Name, more on this here.
It is critical that for any market, segment MICs are provided for these properties. In ISO’s official FAQ’s for the MIC standard under the section “MIC LEVELS”, it is important to take note of the definitions of “market segment MIC” and “operating MIC” and the point that “The use of market segment MICs provides more accuracy.” Each operating MIC is also a segment MIC, so in practice, one can only be said to provide an “operating MIC” where it happens to be identical to the segment MIC (e.g. where it is the main board or the only venue for an exchange). These properties help to inform the system which securities are in the scope of which jurisdictions. Especially for these properties, inaccurate data leads to a significant risk of inaccurate rule calculations and therefore a risk of missed disclosures.FundApps is unable to validate whether our clients are providing the MICs at the granularity of segment MIC, so if you are not 100% confident, we strongly recommend that you re-confirm with your data provider(s) that MICs are provided at segment MICs level.
This list must include all MICs, at the segment MIC level (see the ISO MIC FAQ under "MIC LEVELS" for details), where the instrument is trading.
For Convertible, Right, Warrant, it should be the first day the security can be converted into the underlying.
It must remain consistent and not change over time, more on this here.
If sourcing this value from Bloomberg, please reach out to them. We have heard from some clients that Bloomberg value can include Treasury Shares for certain countries in which case your denominator can be overstated, leading to inaccurate holding calculations.
ClassSharesOutstanding vs TotalSharesOutstanding
As per the data spec here, ClassSharesOutstanding is the total amount of shares in circulation for this share class. While TotalSharesOutstanding is the total amount of issued shares in circulation (held by investors) for an issuer, includes the outstanding shares from all share classes (excludes treasury stock). This means if the issuer has multiple share classes, TotalSharesOutstanding will always be greater than ClassSharesOutstanding.
For derivatives, market value should be provided with accrued interest. For non-derivative assets, market value should be provided without accrued interest. For bonds, face value * dirty price to calculate the market value.