FINANCIAL MARKETS TRAINING
MARKET DATA BASICS Training
Module Descriptions
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Market Data Basics
: In the securities markets it’s a well-known fact: learning about Financial
Market Data is a challenge. This program is designed for anyone who is new to
the industry and will provide the framework and key tools for understanding this
complex business segment.
1. Overview
A broad summary to the securities markets including the players, the types of
securities, operational functions, a description of the eight steps in the
trading process,
taxonomy of information, and an overview of regulation.
2. Prices
An introduction to real-time market data that focuses on the information for
different
types of instruments including indexes, a discussion of the data presented in a
typical
“snap quote” and a full quote display. We describe how information is collected,
aggregated normalized and distributed. We also explain the differences in
information coming from physical exchanges, dealer markets and automated markets
as well as bulletin boards and other inactive instruments.
3. Display and distribution technology
Market data is now provided to users in a variety of different formats including
traditional displays, the Internet, and both rich-content and low-latency feeds.
We
explore the presentation technologies including browsers, dedicated display
applications and presentation suites associated with distribution middleware.
4. Information other than prices
News, commentary and research information are also part of market data. We
explore
these categories and the tools that are available to display and process
non-price data.
5. Reference data
Reference data is a relatively new term for a diverse set of information that
includes
terms and conditions, tick history and official daily prices, institutional
holdings,
corporate changes, and statutory reports. We will define reference data and
understand the challenges it presents to producers and users alike.
6. Market data costs & management
One of the most contentious areas in the market data industry deals with
intellectual
property, distribution rights, cost structures, management systems and
techniques.
Users and vendors are responsible for controlling and verifying usage. We focus
on
how market data is sourced, the negotiation process, ongoing contract
management,
the reporting and accounting for fees and revenues and finally the growing
problems
of capacity planning and the management of the growing volumes of market data.
7. Major vendor services & strategies
We look at the primary distributors of market data. We will profile
representative
firms and describe how they compete for customers and their changing strategies.
8. Future Issues
The securities industry is in a state of flux as exchanges merge, markets
fragment and
new regulations including Regulation NMS (U.S.) and MiFID (Europe). These
changes are changing the nature of te securities and market data industries and
they
have a major impact on all industry participants.
Schedule:
8:30 - 9:00 Registration & Breakfast
9:00 - 11:00 Training
11:00 - 11:15 Break
11:15 - 1:00 Training
1:00 - 1:45 Lunch
2:00 - 4:30 Training
Course Instructor:
Tee Williams is a well-known consultant and Principal of Tee Williams
Associates. Tee is an expert on market data operations and strategy, helping
exchanges, vendors and financial institutions with the information
technology. He wrote “Death of 1000 cuts: Strategic Peril and Potential in
the New Market Data Industry.”
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