Content
About the statistics
Definitions
-
Name and topic
-
Name: Securities registered with the Norwegian Central Securities Depository
Topic: Banking and financial markets
-
Responsible division
-
Division for Financial Accounts
-
Definitions of the main concepts and variables
-
Listed shares entails shares listed for trade at the Oslo Stock Exchange (OSE) or Oslo Axess.
Unlisted shares entails shares not listed for trade at an exchange, do not have a listed market price, and are therefore usually less liquid.
The market value of the stocks of securites is determined by available prices. For listed securities, this will mainly be the market price from the OSE. For unlisted securities, the latest available price from a transaction, annual assessment rate from tax purposes or nominal prices is chosen in a preferred order. From the 4th quarter of 2006 observed transaction rates are used to estimate market values of non-listed securities. From the 4th quarter of 2006 observed transaction prices were used to estimate transaction values for non-listed securities
Transactions build on actual payments registered in the VPS, or calculated amounts if no actual payments are available. Where no acual payments are specified, the market price from OSE is used for the individual trading dates in order to determine a traded amount for transactions. From the 4th quarter of 2006 observed transaction rates are used to estimate transaction values for non-listed securities
Dividends/coupon payments are actual paid out amounts during a period.
-
Standard classifications
-
Sector and industry categorisation informatiuon is based on what is registered at the Coordinating Register for Legal Entities Enterprises. This classification is based on international requirements in SNA2008/ESA2010 and NACE Rev.2.
From the 4th quarter of 2003 the sectors “commercial banks” and “savings banks” were joined together in a new sector “banks”. The reason for being that it is no longer natural to keep this divide after the merger between DnB and Gjensidige NOR. The divide between these two banking sectors was upheld until the 3rd quarter of 2003.
From the 1st quarter of 2004, Hafslund ASA and its subsidiaries changed sector from “private non-financial enterprises” (sector 710) to “municipal non-financial enterprises/independent municipal enterprises” (sector 680).
Norges Bank’s stock of Norwegian government securities was transferred to the Ministry of Finance in December 2004. The background for this is that the central bank no longer can purchase Norwegian government securities in the primary market. Norges Bank began administering this portfolio in January 2005 on behalf of the Ministry of Finance, and these government securities are consequently no longer included in Norges Bank’s accounts. Now they are included in the national accounts.
Administrative information
-
Regional level
-
National level, no regional divisions.
-
Frequency and timeliness
-
Quarterly. Normally published 6-7 weeks after the end of the statistics quarter.
-
International reporting
-
BIS.
-
Microdata
-
Time series are stored in a database solution.
Background
-
Background and purpose
-
The purpose of the statistics is to provide a current overview of the issue and ownership of securities registered in VPS. Parts of the data basis are also input to the balance of payments and financial sector accounts. The statistics have stock data dating back to 1987 and transaction data from 1989.
The responsibility for the statistics was transferred to Statistics Norway on 1 January 2007.
-
Users and applications
-
Major users, in addition to Statistics Norway, are players in the securities market, public authorities and research institutes.
-
Coherence with other statistics
-
Adapted in accordance with the national accounts’ recommendations.
-
Legal authority
-
The Statistics Act § 2-2
-
EEA reference
-
Not relevant
Production
-
Population
-
The statistics are based on stock and transaction data for the following types of securities registered in VPS:
All shares issued by public limited companies (PLC) and a share of private limited companies. Also included are a part of or the whole share capital of foreign registered companies.
Equity certificates, including all equity certificates listed on the Oslo Stock Exchange.
Bonds, including all bonds of short - or long maturity issued in Norway.
From the 4th quarter of 2006 bonds issued in foreign currencies registered with VPS is also included in the statistics. Short-term securities in NOK, including all such short-term securities that are issued in Norway and all treasury bills issued by the Norwegian state since July 2000. From the 4th quarter of 2006 short-term securities issued in foreign currencies registered with VPS is also included in the statistics
-
Data sources and sampling
-
Norwegian Central Securities Depository (VPS) and Oslo Stock Exchange (OSE).
The statistics are a census within the securities that are specified in 3.1, hence no sampling is conducted.
-
Collection of data, editing and estimations
-
Extracts of primary data is received from the Norwegian Central Securities Depository (VPS). Market values are received from Oslo Stock Exchange (OSE) and exchange rate information is received by the Norges Bank.
Data is controlled at an individual security level (ISIN level) against previous reported periods. The development in the value of listed shares and bonds is revised against data published by OSE and VPS. Data series are revised on an ongoing basis and published together with data for the new statistical period.
-
Confidentiality
-
Statistics Norway's standard confidentiality rules apply.
-
Comparability over time and space
-
Changes in legislation, changes in regulations for registration requirements in the VPS, and the introduction of new classificationstandards kan lead to interrupted time series.
2012: New standard for sectorclassification was introduced.
A new instistutional sector classification was introduced from january 2012. One of the most significant changes is that the demarcation between financial – and non-financial sector was shifted so that financial sector increased in size. In addition, some new financial sectors were introduced such as “investment trusts and private equity funds” and “financial holding companies”.
The introduction of the new sectorclassification lead to a break in the statististics. The new tables will contain data from the first quarter of 2012 and onwards. The older tables will not be updated with new time series.
2012: New divide between listed - and unlisted shares
From 2012 and onwards, the statistics the distinguishes between listed - and unlisted registered with the VPS. Listed shares entails shares registered for trade at the Oslo Stock Exchange or Oslo Axess.
2006: Adjustment in securities statistics
An change in the statistics to a more detailed reporting in the 4th quarter of 2006, means that the sector and industry categorisation is based on information from the Central Coordinating Register for Legal Entities Enterprises, and no longer from the Central Security Depository (VPS) itself. This lead to some stocks of securites to be owned by other sectors than before. The sectors “Other financial corporations” and “Other non-financial corporations” and “Local government and municipal enterprises” were significantly affected by this change.
Further, the adjustment in the statistics lead to more use of observed prices from transactions for calculation of market values of securities, which particularly improved the estimation in value of unlisted shares. Calculations showed that the total value of unlisted shares registered with the VPS increased by NOK 107 billion (64 per cent) as a consequence of changed method of calculation.
The adjustment of the securities statistics also meant that bonds issued in foreign currency was included in the statistics. This lead to an increase of NOK 20 billion in the market value in the stocks of bonds.
Accuracy and reliability
-
Sources of error and uncertainty
-
To the degree that the fixed delivery from VPS contains errors or defects, this could affect the statistics. Processing and control routines have been established in order to detect and correct such errors and defects.
In cases where an owner of a security is registered on a nominee account of a financial enterprise, and in cases where different types lending of securities occur, others than the genuine owners will be registered in the VPS register. This can to some extent cause the application of sectors to owners of holdings and transactions to be imperfect.
The statistics is now published as Securities.