FISD Issue Brief: "The Proprietary
Content Challenge: Ratings and Numbering Agencies"
February 9, 2005
The Yale Club
When commercial entities perform as ratings or numbering agencies, their content can be of unique value to the financial and market data industries. Though this value is often a result of regulatory mandate, these entities create valuable content for which they are entitled to seek fair compensation. But, users of the content are concerned that the agencies' unique role creates a monopolistic or oligopolistic situation in which the agencies have less incentive to be responsive to the concerns and needs of their ultimate customers.
Issue Brief will focus on three areas related to numbering agencies and ratings agencies:
1) Vendor and subscriber perspectives on the agencies, their policies and
responsiveness to customer needs
2) The intellectual property rights of numbering agencies and ratings agencies
3) The current status of various governmental and regulatory activities focused
on the ratings agencies