In our role as a neutral
industry forum, FISD creates and supports working groups that work toward
consensus. We encourage all members to engage in the working group
opportunities where it supports/advances their agenda. Listed below are
opportunities for working group participation. For many meetings, you may
participate in person (NYC or London depending on the month) or via
conference call. Agendas are provided to participants prior to the meetings
and followed by meeting notes.
Click Here for
Schedule
Anti-Piracy:
addresses the unauthorized used of
market data primarily through education and communication among the entities
and participants involved.
Staff
Contact:
Nick Merritt 202-789-4441
Audit: Addresses the issues
and topics surrounding the market data audit process. Agreement within the
WG is to create a document of Best Practice Recommendations. Additional work
focuses on new measures that can streamline and improve the audit process
Staff Contact:
Nick Merritt
202-789-4441
Billing and Invoicing (BIWG):
Main areas of activity include: (1) Billing/invoice issues - current events
in the market data billing world; (2) best practices for billing and
invoices - what is good, what can be improved; and (3) electronic invoices -
how desirable, how available, is there a standard?
Staff
Contact:
Nick Merritt 202-789-4441
Business Entity Identifier: This group is
focused on the identification of entities and their relationships to one
another. The primary focus is to explore, from both business and technical
perspectives, the range of options and actions available to the industry
that are germane to the general discussion of Entity Identifiers. An
"Entity" is any person or organization that issues, owns, trades, reports
on, or regulates securities. Accurate identification of entities and their
relationships is critical to meet laws and operations requirements related
to KYC, AML, MiFID etc. Additionally, the group monitors developments within
and provides input to ISO TC68/SC4 WG8, which is tasked with proposing a
standard for the IBEI, or International Business Entity Identifier.
Staff
Contact:
Bill Nichols, 202-789-4480
Business Issues Policy
and Procedures (BIPPS):
Develops and promote best practice recommendations for vendor and exchange
market data distribution policies in several areas. Recent
conversations have focused on Unit of Count , market data auditing, policies
for delayed data products and non-display usage of data.
Staff
Contact:
Nick Merritt 202-789-4441
Consumer Reference Data
Group (CRDG): focuses on commercial and administrative issues related
to reference data. Participation in this group is limited to members from
the Consumer constituency (i.e., banks, brokerage firms, investments
managers).
Staff
Contact:
Tom Davin 202-789-4465
Derived Data & Non Display Usage:
A critical issue for content
providers, data distributors and data consumers is the policy treatment for
non-display applications and derived data products that use content provider
information. This Working Group seeks to create distinct definitions and
terminology along with Best Practice Recommendations to promote greater
consistency and clarity for market data participants dealing with this
issue.
Staff
Contact:
Nick Merritt 202-789-4441
MiFID Joint Working
Group (JWG): The FISD is a member
of the JWG for EU’s Markets in Financial Instruments Directive compliance.
The JWG is comprised of major industry associations including ISITC Europe,
FIX Protocol & TWIST that joined together to address the various
requirements created by the MiFID. There are a total of five MiFID working
groups (and several sub-groups) and all FISD members are eligible to
participate in any or all of these activities:
*Best Execution Subject Group
*Cross Jurisdiction Subject Group
*Reference Data Subject Group
* Standard Protocols Subject Group
*Real-Time Market Data Group
-Commercial/Contract Sub-group
FISD chairs the Real-Time
Market Data Subject Group (RTMDSG) and the Commercial/Contract Sub-group.
The RTMDSG created, and will update as needed, the White Paper on Real-time
Transparency under MiFID which was influential in informing the industry and
regulators on the likely implications of MiFID for the market data
industry. The RTMDSG also maintains a web site that lists likely sources of
real-time transparency data under MiFID. The Contract and Commercial
Sub-group created a Framework for Contracts and Policies as a resource for
new sources of MiFID transparency data. The Framework provides industry
advice on best practices for contracts, policies, and commercial terms.
Staff
Contact:
Tom Davin 202-789-4465
Standards Steering
Committee:
the main focus is to enhance and
formalize member input and guidance regarding which standards areas and
groups should FISD engage in or with and to identify best methods for
encouraging member participation within the ISO standards process.
Staff
Contact:
Bill Nichols, 202-789-4480
Service Level
Improvement Group:
Focuses on Best Practice Recommendations for service level and
communications include four core categories: scheduled interruptions and
change management, unplanned interruptions, notification periods for general
activities, and system considerations and data recovery.
Staff
Contact:
Nick Merritt 202-789-4441
Standards Shadow
Groups: consist of members interested in tracking particular standards
efforts and providing input into the composition of the Standard. Currently
there is one active Shadow Group, dealing with the ISIN (IS0 6166) and related concerns.
Staff
Contact:
Bill Nichols 202-789-4480
Constituency Groups:
provide a unique opportunity to candidly address market data business issues
and practices with your colleagues from firms in your same industry segment.
The Consumer, Exchange and Vendor groups typically meet at the Quarterly
General Meetings. Topics have included Unit of Count, Audits, Reg NMS, Data
Ownership.
Staff Contacts:
Consumer Group:
Tom Davin 202-789-4465
Exchange Group:
Elizabeth Cummings 202-789-4452
Data
Vendor Group:
Nick Merritt
202-789-4441
Vendor Group:
Nick Merritt
202-789-4441
Have an issue that is not being covered by an existing group?
Contact us, that is why we are
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