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11 August 2016       Albourne Village

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Five years after its launch the Open Protocol has gone from strength to strength becoming a well-established industry standard and Albourne has had multiple encouraging dialogues with various regional regulators about considering Open Protocol for their systemic risk reporting requirements.

Marking the fifth anniversary of the initiative, the Open Protocol template was updated in August 2016 to add Real Estate as the 11th sector, spinning out of the Financials sector. 

This spin-out highlights the significant growth of Real Estate within the GICS framework, which started as just two sub-industries and evolved into 13 sub-industries and two industry groups. The expansion and increasing specialization of real estate firms necessitated the creation of a distinct Real Estate sector, which has unique attributes and was noted by S&P Dow Jones indices to be the least correlated among industry groups within the (GICS) financial sector.