W E D N E S D A Y   M A R C H   8 8:00 am - 8:45 Registration/Continental Breakfast 8:45 am Welcome Andre Went, Managing Director, Information Services, Euronext 9:00 am - 12:00 pm Workshop: Commercial and Administration Issues for Market Data Standardization of Market Data Contracts and Policies Market data vendors and consumers are subject to scores of contracts and must comply with hundreds of policies imposed by exchanges and other content providers. Meeting these diverse contractual terms and policies constitutes a significant burden on the industry. There is general agreement among vendors and consumers that they need more uniformity among the contractual terms and policies of their upstream data providers. This session focuses on the opportunities and new developments in standardization of exchange contractual language and policies. Moderator: Leo Vozel, Industry Consultant, Jordan & Jordan Panelists: Dick Boers, Head of Market Data Services, ING Geraldine Roche, Senior Supplier Account Manager,Global Data Acquisition, Thomson Financial Theo Reijnders, Senior Manager Products, Euronext Michael McCrea, Manager, TSX Datalinx Services, The TSX Group Current Issues and Practical Challenges: Market Data Auditing This panel focuses on the current issues and practical challenges related to market data auditing. Issues addressed will probably include: (1) the increasing audit burden on downstream players – especially consumer firms; (2) audit best practices; (3) audit by exchange staff vs. outsourcing; (4) certification vs. audit. Moderator: David Toomey-Wilson, President, Mardet Data Services Ltd. Panelists: David Berry, Société Générale Stuart Richardson, Reuters Claus Thorball, OMX Craig Bradley, MicroRose If Not Now, When? The Case for a Market Data Administration Utility The commercial infrastructure for the market data industry consists of a web of hundreds (thousands?) of administrative relationships and activities among exchanges, content creators, vendors, and consumers. These relationships and activities, which include contracting, service authorizations, reporting, billing, auditing, policy communications, are largely duplicative and are not a source of significant competitive advantage for any of the parties. This session examines the current environment and the opportunity for consolidating these administrative functions under an industry utility. The discussion will focus on both the opportunities and challenges. Which functions could be delegated to a utility? What should a utility's business model be? Should there be a single utility or a number of firms competing to provide these services to exchanges and content providers? What is the role of standard policies and contracts? Moderator: Herbie Skeete, Mondo Visione Panelists: Steve Allen, Bank of America Frank Desmond, Tullett Prebon Information Peter Fruitema, Screen Consultants Derek Walsh, London Stock Exchange   12:00 pm - 1:30 pm Networking Lunch 1:30 pm - 5:00 pm Quarterly General Meeting Operations/Governance Report Tom Davin, Vice President & Managing Director, FISD/SIIA FAST Protocol Kevin Houstoun, Co-Chair, Global Technical Committee, FIX Protocol Ltd The Market Data World will be Flat Tee Williams, Industry Consultant If market data has died the death of 1000 cuts is there a here after?  Some thoughts on what comes after the end of traditional market data.  Is there a future worth creating?  Tee Williams thinks there is and has some ideas on how to prepare for and profit from the evolving market structure. Update from Euronext Andre Went, Managing Director, Information Services Business Issues Report Tom Davin, Vice President & Managing Director, FISD/SIIA Securities Processing Automation Report Tom Davin, Vice President & Managing Director, FISD/SIIA Constituent Groups 5:00 pm - 7:00 pm Boat Cruise Reception hosted by Euronext T H U R S D A Y   M A R C H   9 9:30 am - 10:00 am Registration/Continental Breakfast 10:00 am - 1:00 pm MiFID JWG Program Welcome Chris Pickles, Chair, Joint Working Group Industry Relations Manager, BT Radianz MiFID: State of Play Carlo Comporti, Deputy Secretary-General, Director for Markets, Committee of European Securities Regulators Real-time Market Data Subject Group Chair, Tom Davin, VP & Managing Director, FISD/SIIA Best Execution Subject Group Report Chris Pickles, Industry Relations Manager, BT Radianz Standard Protocols Subject Group Report Chair, Simon Leighton-Porter, Partner, VSAF Ltd. Reference Data Subject Group Report Simon Leighton-Porter, Partner, VSAF Ltd. Cross Jurisdiction Subject Group Report Chair, Alan Jenkins, Bearing Point Information Technology Subject Group Report Chris Pickles, Industry Relations Manager, BT Radianz Buyside Focus Group Report Co-Chair, Clare Vincent-Silk , Investit MiFID Data Rights & Contracts Richard Kemp, Kemp Little, L.L.P. Bloomberg on MiFID Alexander Clode CFA, Business Manager, Core Product, Bloomberg LP 1:00 pm - 2:00 pm Networking Luncheon - for MiFID Workshop Attendees 2:00 pm - 4:30 pm MiFID Workshop Degrees of freedom - directive vs. regulation Trading 'sans frontieres' - branches, web Non-EU Contentious points - potential impacts on your business model What can you start to do - now/next Alan Jenkins, Bearing Point Paul Kennedy, GoldenSource

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