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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. Click here to see working documents [member access only].
- 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? Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
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. Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
- Staff Contact: Bill Nichols, 202-789-4480
Service Level and
Communications Working 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. Click here to see working documents [member access only].
- 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. Click here to see working documents [member access only].
- 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
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