Market Data Training Courses: There is still space available in the Market Data Basics and Re-thinking Market Data courses being offered in Boston on September 10 and 11. To review course content and registration fees visit: www.fisd.net/schedules/md_training.asp

FISD will be hosting these courses in Chicago in November and London in December. Contact Elizabeth Cummings for more details 202-789-4452.

BUSINESS ISSUES AGENDA

New Anti-Piracy Working Group: At the request of several FISD members, a new FISD Working Group has been formed to deal with the "piracy" of market data. The group held its inaugural meeting in New York on July 20 and discussed examples and situations involving the unauthorized use of market data. The consensus of the Working Group was to segment "pirates" into three broadly defined groups:

Malicious - those that knowingly and with forethought and intent pirate the information

Rationalizer - those that, in all probability, pay for some of the firm’s information and “rationalize” their misuse of data/content via the payment they make

Inadvertent - those that are not cognizant of their piracy

The efforts of the Working Group will initially focus on two areas. Working Group members and FISD staff will find and develop effective means of educating all parties involved as to what constitutes "piracy" (focusing primarily on those in the Rationalizer Group and Inadvertent Group) and the WG will continue to communicate and share information with fellow members regarding situations where they have been the victims of "piracy" (focusing primarily on those in the Malicious Group). Please contact Nick Merritt (202) 789 - 4441 if you would like to be added to this Working Group.

 Service Level and Communications Working Group: After an 18-month hiatus, the Service Level and Communications Working Group is re-convening. The SL&C WG was originally formed in mid-2004 and created Best Practice Recommendations regarding minimum standards for levels of service and communications which were approved by the FISD Executive Committee in March 2005. Several FISD members recently suggested it would be prudent to thoroughly review and update the original version of the Recommendations given the changes in the market data industry over the past two years.

The WG met in New York on July 22 and discussed changes and additions to the original Recommendations and agreed to forward FISD staff additional comments for revising the original document. Once the document has been updated, the group will evaluate ways to promote the document to the broad market data community, especially exchanges and other content providers.

The Best Practice Recommendations approved in 2005 can be viewed on the FISD website at www.fisd.net/Mdadmin/BPR_033105.pdf.

Please contact Nick Merritt  (202) 789 - 4441 if you or a colleague would like to be included in this Working Group.
 
SECURITIES PROCESSING AUTOMATION

Standards Steering Group: This group was formed to enhance and formalize member input and guidance regarding:

• Which Standards areas and groups should FISD engage in or with?
• What are the best methods for encouraging member participation and coordinating the sharing of that experience with other members?
• How can FISD’s participation in Standards processes be of more value to members?

We held our first meeting in June and members are developing an initial “map” of generic standards that underlie specific standards used in financial services.

There are two open chairs on this Group, if you are interested in participating please contact Bill Nichols at Bnichols@siia.net

Standards Shadow Groups: These consist of members interested in tracking particular standards efforts and providing input into the composition of the Standard. We currently have two active Shadow Groups, and are open to creating new ones based upon member input. The existing groups are:

• ISO WG1 – Dealing with the ISIN (IS0 6166) and related concerns.
• ISO WG8 – The IBEI, or International Business Entity Identifier. After being relatively quiet for almost two years, this Standard is coming up for a country vote in September. This group is still accepting members.

LEGISLATIVE/REGULATORY AGENDA

MiFID Real-time Transparency: The FISD Real-time Market Data Subject Group (RTMDSG) continues to seek to identify organizations that are announced or likely sources of real-time OTC market transparency information under the rules of MiFID. The identified organizations will be included on the MiFID Data Source Web-site that FISD created at the behest of the RTMDSG. New sources of MiFID real-time transparency information will likely include Systematic Internalisers, Multi-Lateral Trading Facilities, Data Aggregators, and Investment Firms fulfilling their real-time trade reporting obligations

EVENTS

World Financial Information Conference Speaker Line-Up Announced: Industry leaders from around the world will participate in the 8th biennial World Financial Information Conference (WFIC), taking place September 23-26 in Newport, Rhode Island. Newly announced speakers include:

Keynote speaker: Rick Lazio, Executive Vice President, Global Government Affairs and Public Policy, JPMorgan Chase, will address “Political and Policy Perspectives”

Keynote speaker: Jeff Sprecher, Founder and CEO, IntercontinentalExchange (ICE), will address “Building a Global Marketplace through Technology and Innovation”

Additional Speakers include:

Brennan Carley, Chief Strategy Officer / Global Head of Operations, NYFIX, Inc.
Ray D’Arcy, President, Interactive Data
Ludwig D’Angelo, Head of Trading Technology North America, JPMorgan Chase
Randall Hopkins, Vice President, NASDAQ
Lai Kok Leong, Vice President & Head – Data Services & Markets, Singapore Exchange
Phil Lynch, President & CEO, Asset Control
Bernie Weinstein, Senior Managing Director, Cantor Market Data
David Wessel, Deputy Bureau Chief, The Wall Street Journal
Ian Williams, Global Head of Market Information, Credit Suisse
Holgar Wohlenberg, Head of Market Data & Analytics, Deutsche Börse

Register now to join more than 300 executives at the only world-wide gathering of the global financial information industry.

To view the complete WFIC line-up of speakers and our conference program visit www.fisd.net/wfic/2007

Issue Brief, 13 September, London: Save the date and join your peers for a 90 minute in-depth panel discussion on the state of MiFID preparedness "MiFID - Ready or Not...", taking place 13 September in London. This is a 90-minute, financial information issue based discussion followed by a networking reception. Issue Briefs are free for FISD Members. Online registration is required.

Gain Corporate Visibility through sponsorship! FISD events have earned a strong reputation in the marketplace for delivering quality programming and valuable networking. There is a limit of 2 sponsorship opportunities for this issue brief. For more information contact Brian Rosenberg  (+1.646.649.2027) or Elizabeth Cummings (+1.202.789.4452).

We are grateful for the support of our host, BT Radianz.

FISD Asia: Regional Meeting, October 29 in Singapore  Gather with local market data executives to discuss industry issues and learn about FISD’s current initiatives including:

* Market data policy issues, including audits, unit-of-count, and the use of data in non-display applications or to create derivative products
* Anti-piracy initiatives
* Service Level and Communication issues
* Billing and invoice issues
* The latest developments in key ISO committees and FISD’s role
* FISD’s Market Data Definition Language – an open standard for the interchange of financial information

FISD members are invited to provide brief updates regarding new developments within their organizations. Contact Nick Merritt if you are interested in presenting.

We encourage FISD Members from across the globe to coordinate their Asian business travel around this meeting date. There is no cost to attend, but online registration is required. Many thanks to our event host the Singapore Exchange for their support of this event.
 

Mark Your Calendars: December FISD Holiday Events

December 4 - London: FISD General Meeting and Holiday Party hosted by Reuters

December 13 – New York: FISD Issue Brief and Holiday Party
 

Financial Information Services Division of the Software & Information Industry Association (SIIA)
1090 Vermont Avenue NW Sixth Floor Washington, DC 20005
+1.202.289.7442  
www.fisd.net    www.siia.net