The Software & Information Industry Association's
(SIIA) Financial Information Services Division (FISD)
was established to provide a neutral
forum for exchanges, third-party providers, market data vendors, brokerage
firms, asset managers, and banks to address and resolve issues related to
the dissemination, management, administration and use of financial
information. Members participate in FISD to exchange ideas, establish new levels of
mutual understanding, and improve the business climate associated with the
worldwide flow of financial information.
FISD was founded in 1985
and is governed by a 27-member Executive Committee consisting of equal
numbers of exchanges, vendors and market data consumer firms.
The FISD agenda is organized into the following activities:
Market Data Business/Commercial Issues -- including activities
related to contracts, administration, market data business policy, billing
and reporting. The goal is to reduce friction within the information
dissemination chain, promote efficiency (and standardization) in procurement
and payment processing, promote the development of market data business
policies that promote commerce and reduce the overall costs of market data
administration.
- Market Data Administration
- Billing and Reporting
- Market Data Contracts
- Market Data Business Policy (data usage and redistribution)
Reference Data – includes activities focused on the
information requirements for automation and straight through processing.
FISD is an active participant and respected voice in a variety of standards
initiatives.
- Commercial/Contractual Issues
- ISIN/Security Numbering Standards
- Unique Security Identification Standards
- Business Entity Identification Standards
Market Data Definition Language (MDDL)
-- an XML-based specification to enable the interchange of information
necessary to account for, analyze and trade financial instruments. MDDL
focuses on the development of a common format so that data can be
efficiently passed from one system to another and the development of a
uniform taxonomy to promote a common understanding of data content and data
relationships. Version 1.0 (equities, indices, mutual funds) was released
November 2001. Version 2.0 (corporate, municipal, government and agency
bonds) was released July 2002.
- XML-Based Schema (technical format)
- Market Data Taxonomy (common vocabulary)
- Liaison with other standards bodies
Regulatory/Legislative --FISD supports members on regulatory
issues including Reg NMS,Sarbanes-Oxley compliance and the Markets in
Financial Instruments Directive (MiFID). Current activities include the
MiFID Joint Working Group.
Facilitation and Industry Representation -- FISD has earned the
trust of industry participants as a neutral business forum and effective
facilitator on a wide spectrum of issues affecting the global market data
industry. FISD’s objective is to promote understanding of complex issues
among all segments of the market data business as well as among other groups
and international regulatory bodies. We do
this through a combination of meetings, networking events and working
sessions.
- Quarterly General Meetings (North America & Europe)
- Issue Briefs (4 annually in North America & Europe)
- Working Groups
- World Financial Information Conference - WFIC (biennial meeting of the global
market data industry)
