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2	Hedge Funds: Their Market Data Needs & Its Influence on the Industry Moderator: Rich Shriver, Jordan & Jordan Panelists: Mehmet Batman, Consultant, Open Systems Technologies, Inc. Nigel Cheetham, Product Manager - JRisk, Reuters Darren Duffy, Vice President - Global Head of Production, Lipper Carl Lennartson, Halcyon Asset Management
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5	Why We Buy What You Want to Sell: The Customers Opine Moderator: Ludwig D'Angelo, Vice President, JP Morgan Chase Panelists: Chip Fauver, Executive Director and Global Business Manager for Corporate Research, JPMorgan Chase Patrick Kerr, Vice President, Deutsche Bank Marc W. Lowenthal, Vice President, Investment Analytics, Pyramis Global Advisors, A Fidelity Investments Company
6	A Spin Around the Pac-Rim Moderator: Ferdy Rusdiyono, Assistant Vice President, Data Services, Singapore Exchange Panelists: Saji Cherian, Bombay Stock Exchange Limited Columba Cryan, Head of Information Products and Fund Services, New Zealand Exchange Kiang Dalaroy, Chief Information Officer, Shanghai Stock Exchange Information and Network (Infonet) Ltd. Sun Young Chung, Senior Vice President, Market Data Business Dept., Korea Exchange
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8	India
9	SENSEX
10	Indian Capital Market
11	Bombay Stock Exchange Ltd
12	Data Products
13	Customers
14	Trading Technology
15	Technology Data feed
16	NZX Group – more than an exchange by Columba Cryan, Head of Information Products & Fund Services The New Zealand market, and more….. 35% of revenues derived from data services 50% holder of AXE ECN in Australia Emerging force in carbon markets Investing in infrastruture for growth Global niches – exchanges, data & networks Future growth – asia pacific & southern hemisphere
17	Information Services of Shanghai Stock Exchange Presented by Kiang Dalaroy Chief Information Officer, SSE Infonet Ltd. Sept. 23, 2007
18	SSE Organizational Structure Membership institution directly governed by China Securities Regulatory Commission (CSRC) 420 employees in 17 departments Shareholder of China Securities Depository & Clearing Corporation (CSDCC) and China Securities Indices Corporation (CSIC) Major shareholder of Shanghai Securities Communication Corporation (SSCC) and SSE Information and Network (InfoNet) Ltd.
19	SSE Infonet Ltd. Business Scope Market data Level-1 and Level-2 services TopView statistical data services Listed company announcement feed and fundamental data (XBRL) services Operates SSE official website Commercial investor web services Cerification Authority (CA) for China securities industry
20	Market Overview Trading Products Equities A shares B shares Fixed Incomes Treasury Bonds Corporation Bonds Convertible Bonds Repo Mutual Funds ETFs Warrants
21	Market Overview Shanghai Composite Index has risen from 1200 – 5421 points (From Oct. 05 – Sept. 17, 07) USD 2.3 trillions market capitalization (Sept.,2007) Trading Summary USD 2.79 trillions of annual turnover of share trading USD 23.6 billion average daily turnover of share trading Market Ratios P/E ratio at 59.9 on Average Market data ended up to Sept.,2007
22	Market Transformation The successful implementation of equity-division reform has removed the historical state-owned shares floating issues Dual listing of blue chip companies such as ICBC and BOC has strengthened Shanghai Stock Exchange’s direct financing function The securities brokerage firms have completed M&A to form more competitive firms and improve governance Quota for Qualified Foreign Institution Investors (QFII’s) increased to USD20 billions, QDII launched and direct retail investment in Hong Kong market is underway
23	Market Data Services Launched fee-liable market data Level-2 service in August last year, the current terminal users have reached 90,000 Featuring 10 bid/ask prices, order queue on best bid/ask, VWAP on order book, order withdrawal stat, industry ranking and T-bond YTM Adopt STEP protocol (A FIX variant) with data rebuild function Client site Vendor Data Engine (VDE) deployment with CA authentication, 2 x 2Mbps leased line required 15 vendors have been certified to distribute the Level-2
24	TopView Statistical Data Services After trade statistic service Trading statistic service Listed company tailored service Individual investor services Brokerage member tailored service
25	XBRL Applied for Disclosure Trial run in 2004 for several listed companies’ year 03 annual report summary filing Made compulsory in 2004 for the mid year summary filing In 2006, full text annual reports are submitted in XBRL In 2007, fine tuned taxonomy to suit certain industries. Is now working on company announcement filing in XBRL 6yr. XBRL instant documents of listed companies are available through Edgar Online and other distributors
26	Closing Remark China's capital market has gone through fundamental changes, but still faces "a bumpy road ahead." quoted recently by Mr. Shang Fulin, head of CSRC SSE Infonet Ltd. has successfully created a value chain for the securities information industry in China SSE Infonet Ltd. established core competencies in data processing, distribution and commercial services Continues our efforts in conforming to standards such as FIX, FAST, XML, XBRL, and FISD best business practices
27	Market Data Services in Korea Exchange September 24, 2007
28	Presentation Topics Introduction of KRX Overview of Market Data Services Future Plans
29	"Brief History" Brief History Organizational Chart Product Line
30	Brief History Korea Stock Exchange (KSE) established in 1956 KSE established subsidiaries : KSD(1974), KOSCOM(1977) KOSDAQ market established in 1996 Derivatives products introduced KOSPI 200 futures in 1996 KOSPI 200 options in 1997 Market data distribution system developed in 1989 Korea Futures Exchange (KOFEX) established in 1999 Korea Exchange (KRX) launched of January 27, 2005 by the consolidation of KSE, KOSDAQ and KOFEX
31	Organizational Chart 5 Divisions 25 Departments & 3 Offices 91 Teams 687 Staff (including 19 officers)
32	Product Line
33	Overview of Market Data Service Market Data Products Market Data Revenue System Configuration
34	Market Data Products Equity products Stock ETF, Subscription right, Warrant Mutual fund, subscription warrant Bond products Government bond (treasury bond, monetary stabilization bond) Public bond (municipal bond) Equity-linked bond Repo
35	Futures and Options Products
36	Market Data Revenue
37	System Configuration
38	Future Plans For Profit Company Master Plans
39	Future Plans KRX is in a TRANSITION PERIOD: KRX is becoming a “For Profit” company Diversifying revenue sources Focusing on market data services Managing the market data services by itself Master Plans To improve the data distribution channel To strengthen the marketing activity To establish the data distribution order
40	Thank you
41	FISD – Business Issues Nick Merritt Program Director
42	"FISD Working Groups" FISD Working Groups Business Issues Policy and Practice Standards Billing and Invoice Service Level and Communications Anti-Piracy
43	"BIPPS" BIPPS Usage of Non-Display and Derived Data Unit of Count Service Facilitation Internal Data Usage by Vendors and Consumers
44	"Billing and Invoice Working Group" Billing and Invoice Working Group Best Practice Recommendations approved March 2007 Follow up and outreach primarily “one-to-one”
45	"Service Level and Communications WG" Service Level and Communications WG Formed in 2003 20+ page document of BPRs approved in 2004
46	"Service Level and Communications WG" Service Level and Communications WG Scheduled Interruptions and Change Management Unplanned Interruptions Notification Periods System Considerations
47	"Anti-Piracy Working Group" Anti-Piracy Working Group Formed June 2007 Focused on unauthorized use or “piracy” of market data
48	"Anti-Piracy Working Group" Anti-Piracy Working Group Three Types of “Pirates” Inadvertent Rationalizer Malicious
49	"Anti-Piracy Working Group" Anti-Piracy Working Group Education Communication
50	Traffic & Latency: The more things change... Moderator: Kevin Formby, Head of Provider Development, BT Global Financial Services Panelists: Mike Bournes, Head of Real Time Data Sales and Vendor Alliances, London Stock Exchange Mark Hepsworth, President, Interactive Data Real-Time Services Jeff Wells, Vice President of Product Management, Exegy
51	"Who invented the Telegraph" Who invented the Telegraph?
52	"Who invented the Telegraphe" Who invented the Telegraphe?
53	"Claude Chappe" Claude Chappe Telegraphe – ‘far writer’ France 1791 First message – “If you succeed, you will bask in glory” Ten Miles Range Problems: Data rate –too low. Too expensive – Capex and Opex. Fog or rain - poor bit error rate. Poor security. Latency.
54	"Electric Telegraph Invented by" Electric Telegraph Invented by… Gauss/Weber Germany – 1833 Cooke UK (GWR) – 1837 Patent Morse US – 1837 Patent. First message in US – “What hath God wrought”. Problems: Data rate too low Too expensive – Capex and Opex. Error rates. Latency. Multicast was not efficient.
55	"Ticker Machine" Ticker Machine Several inventors First practical invention - Thomas Edison 1869 Combined with Telegram Switching (Telex) – latency reduced to mins. Lower cost – as anyone could read the ‘tape’. Solidified New York as a trading center – as data could be sent everyone and encouraged centralised stock/commodity exchanges.
56	Trends in Transparency and Liquidity: Dark Pools Moderator: David Anderson, Atradia Consulting Panelists: Randall Hopkins, Vice President, Nasdaq Jeromee Johnson, 3D Markets Brian Pears, Senior Vice President at NYFIX Transaction Services Matt Simon, TABB Group
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63	Sourcing Data in a Global Environment Moderator: Tee Williams, Tee Williams Associates Panelists: Ruben Perera, Manager, Information & Products, Bolsa Mexicana de Valores Socrates G. Lazaridis, Vice President, Athens Exchange S.A. Bill Lee, Morgan Stanley Andrew McLean, Vice President - Third Party Content, Interactive Data Claus Thorball, Head Market Data, OMX AB Rich Urian, Managing Director, TD Ameritrade
64	"Track 2" Track 2 ROSE ISLAND ROOM
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66	FISD Organizational Update Tom Davin Vice President & Managing Director
67	Membership Growth since last 2005 WFIC Members: 47% growth (92 -> 135) Revenue: 39% growth Growth has funded new resources for members: Staff additions Asia events MDDL documentation suite New working groups: MiFID, Anti-Piracy etc.
68	Upcoming Events Fall 2007: Asia: Local membership meetings October 18: Shanghai October 29: Singapore November 5: Sydney December 5: London: General Meeting & Market Data Holiday Party December 13: New York: Issue Brief & Market Data Holiday Party 2008 February: New York: Issue Brief March: Europe: General Meeting April: Asia: Local Meetings May: London: Issue Brief June 12 NYC: General Meeting & Reception (after SIFMA) September London: General Meeting October Asia Pacific Financial Information Summit 2008 Joint two-day event with Inside Market Data
69	Committees and Working Groups FISD Executive Committee Securities Processing Automation Business Issues Operations/Governance Standards Steering Committee WG1 (ISIN) shadow Group Entity Identification MiFID Real-time Market Data Contract/Commercial MiFID Joint Working Group Consumer Reference Data Business Issues BIPPS Billing & Invoice Service Level/Communication Anti-Piracy Constituent Groups Consumers Vendors Data Vendors Exchanges Training/Certification Study Group
70	Training and Certification Recent member focus on training and certification of industry staff members Need better variety and quality of training courses on financial information topics Industry would benefit from the creation of one or more market data credentials Criteria for hiring and promotion Staff development goals and opportunities
71	Training and Certification Potential FISD Roles Leverage FISD’s role as a neutral player in industry Facilitate delivery of training courses Leverage FISD communication, logistic, and registration competencies Course content and trainers are independent of FISD Seek companies and individuals with interest and aptitude Develop and administer qualification tests Manage industry database of individuals’ credentials