Auerbach Grayson Is First Broker To Provide Global Equity Research Reports In XBRL® Format

New York - 29 July 2008

New Technology Makes Research Reports Comparable and Interactive

Auerbach Grayson & Company, Inc., a New York-based brokerage firm that specializes in providing global trade execution and local market research to U.S. institutional investors, today announced it is the first global broker to provide its clients with equity research reports in the eXtensible Business Reporting Language (XBRL®) format. The new offering will enable clients to search, analyze and directly compare financial research across Auerbach Grayson’s global partner network in unprecedented detail using the new international XBRL reporting standard.

In order to adapt the XBRL file format to professional research reports and maximize its analytical value to clients, Auerbach Grayson has partnered with SavaNet LLC, a New York-based financial software company that develops applications for the publication and analysis of XBRL-formatted reports for the institutional investment community. SavaNet’s XBRL software enables portfolio managers and analysts to precisely search for companies of interest to them and automatically perform highly advanced valuation and analytics, which can easily be, incorporated into their existing investment processes.

The partnership provides Auerbach Grayson’s clients direct access to the content of one of the world’s most extensive equity research libraries in never before available detail, providing proprietary analyst coverage on public companies from the firm’s exclusive broker partners in 121 developed, emerging and frontier markets worldwide in a format which allows for global, standardized, line-by-line comparison.

The application of the XBRL standard to research reports enables portfolio managers and analysts to access sell-side research in a much higher value-added format which allows for greater ease of access, interactive viewing, automated analysis and direct, hyper-detailed comparability. The new XBRL format allows the buy-side to focus on investment analysis rather than spending time hunting through static PDF documents line-by-line for information, which needs to be manually standardized, updated, and entered into their investment models.

At present, Auerbach Grayson has more than 10,000 reports from over 50 countries in its global research library available in XBRL format and is converting new reports from PDF into XBRL format on a same-day basis.

Auerbach Grayson is launching its XBRL research platform on the heels of the recently proposed Securities and Exchange Commission rule that would require the largest public companies in the United States to submit corporate financial reports in the XBRL format beginning with reporting periods ending this December.

“The SEC’s call for the standardized XBRL reporting language for corporate filings is aimed at making complex reporting documents easier to digest for investors,” said John Burge, Director of Emerging Market Sales, at Auerbach Grayson. “The institutional community is calling for the same ability to navigate and digest with ease the massive amounts of research available to them. Auerbach Grayson is pleased to be the first global broker to offer this service to its clients, enabling them to make more informed decisions based on better data in a much shorter timeframe.”

“The investment Auerbach Grayson has made in XBRL reporting on the behalf of its clients provides them with an infinitely better industry standard for research reports than the current PDF format, which has become outdated and grossly inefficient. SavaNet’s adaptation of XBRL for institutional equity research community releases the full potential of this flexible format by providing the necessary standardization in conjunction with individual report customization” added SavaNet’s CEO, Eric Linder, CFA.

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