Event Agenda
View the course agenda here
Market Data London Agenda
Both days led by tutors John Best and David Curran of KSS Training
Day One | Wednesday November 20, 2019
8:30
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Registration and refreshments
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9:00
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The markets
- Evolution of capital markets and securities trading
- Differences between commercial and investment banking
- The role of financial markets today
- The trade lifecycle
Participants in the financial markets
- Buy side and sell side
- IDBs
- Exchanges and the lesser regulated trading venues
- Supporting services
The internal functions of financial institutions
• Front, middle and back office functions
• Trading, research, portfolio management
• Risk management, pricing
• Clearing and settlement
• Direct market access and auto execution
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10:30
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Morning break
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10:45
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Market oversight and regulation
- The supervisory landscape
- Governments
- The bank of international settlement (BIS)
- Central banks
- Types of regulation
- Regulators
Major asset classes
- Equities
- Stocks, shares and equity-linked securities
- Fixed income
- Government, municipal and corporate bonds
- Asset-backed securities
- Floaters, convertibles, islamic bonds
- Short/medium-term debt
- FX markets
- Commodities
- Derivatives
- Futures, options and swaps and credit derivatives
- Structured products
Issues and challenges – the markets
- Global – Basel I, II, III
- The US markets – from RegNMS to Dodd-Frank
- The European Union – from MiFID to MiFID II / MiFIR
- Origins and impacts of the 'credit crunch'
- Challenges in Asia
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12:00
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Lunch
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1:00
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Market data sources
- Contributed data
- Exchange data
- Regulated markets, reported data, data packages
- Lesser regulated trading venues
- Vendor generated data
- Internal sources, added value data
Types of market data
- What do we mean by market data?
- Data packaging
- Fundamental data
- Company and economic fundamentals
- Delivery options
- Historical and time series data
- Types and uses
- Valuations data
- Regulatory drivers
- The importance of independent valuations
- Credit ratings data
- The uses of ratings data
- Ratings scales, ratings agencies
- Indices
- Index calculation methods
- Index providers, index licensing
- News and commentary - types of news and commentary, major providers, machine readable news
- Messaging
- Reference data
- Instrument and counterparty reference data
- Corporate actions
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2:30
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Afternoon break
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3:00
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Standards: essential for straight-through processing and good data quality
- Standards goals for achieving STP
- The challenges for standards - role of ISO
- Instrument and business entity identifiers – CUSIPs, RIC codes, Bloomberg FIGI, LEI etc
- Data model for instruments – ISO 20022 and the EDM Council
- Messaging standards – ISO 15022 and FIX
Issues and trends – the data
- ECB market utility for securities reference data
- Impact of ‘socially responsible investing’
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4:30
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End of day one
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Day Two | Thursday November 21, 2019
8:30
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Refreshments
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9:00
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Summary of technology building blocks
- Hardware
- Operating systems
- Software development, buy or build
- Programming languages
- Connectivity and hosting
- Distribution strategies and protocols
- Network components
- Wide and local area networks
- Bandwidth and latency considerations
- Hosting and co-location
- Reliability and stability
Summary of datafeeds
- Principles of datafeed delivery including data representation
- Primitive data types, datafeed packaging, datafeed protocols
- Aggregated and hybrid datafeeds
- Comparison of vendors
- Direct datafeeds
- Examples from exchanges, MTFs and brokers
Market data distribution systems (workstations and platforms)
- Workstations, Bloomberg and Eikon
- Refinitiv enterprise platform (inc TREP & RMDS)
- Summary of non-Thomson Reuters platforms and messaging systems
- BM, Infomatica (29West), Vela (inc NYSE &Wombat), Activ Financial, Tibco
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10:30
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Morning break
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10:45
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Overview of financial sector specific applications
- Charting & technical analysis
- Risk management
- Traditional trading systems inc OMS & EMS
- Pricing systems
Algorithmic trading from a business perspective
- The anatomy of an algo trading system
- Differentiators
Price publishing and contributions
- Publishing and multi-vendor contributions systems
- Refinitive (Thomson Reuters) Arcontech, MDX
- Fixing rates
- Regulatory concerns inc. the libor and FX fixing scandals
Issues and trends – the technology
- HTML5 & Web 2.0
- Clouds, Grid and Virtual Computing
- The algo and HFT debate
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12:00
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Lunch
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1:00
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Users and uses of market data
- Human use of data
- Local applications
- Shared applications
- Algorithmic-based applications
Market data usage in consumer firms
- Front office
- Mid office and risk management
- Back office
- Compliance
Summary of the commercial frameworks for distribution and use of market data
- Example commercial frameworks - Bloomberg, Refinitiv (Thomson Reuters)
- Unit of count
- Datafeed licensing
- Contracts, compliance and audits
- Data usage reporting and inventory management - DACS, OPEN DACS, DART, MDM, FITS, INFOmatch
The vendor landscape
- Overviews of Bloomberg, Refinitive (Thomson Reuters), ICE Data, Six Financial, Morningstar, Standard & Poor’s, Dow Jones, FactSet, IHS Markit
- Sample Exchanges and MTFs: NYSE, LSE, DBG, BATS, Chi-X
- Regional niche players
- Specialist players
Summary of market data job functions
- Consumer firms
- Vendor firms
- Exchanges & regulators
Providers and industry groups
- General data providers
- Exchanges and trading venues
- Technology providers
- Peer groups and trade associations
Issues and trends – data management and the vendor landscape
- Symbology licensing
- Derived data & data piracy
- SLAs
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2:30
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Afternoon break
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3:00
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FISD and the FIA exam
- FISD the organisation
- The aims and objectives of the FIA exam
- Registration for the FIA exam
- Exam locations
- Moving and rescheduling the exam
- Discounts
Exam preparation - after day one
- Simple sample exam questions
- Vendor and product categorisation exercise
Exam preparation – after day two
- Hard sample exam questions
- Flash cards
- Market data dictionary and glossary
- Accessing additional KSS training support
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4:30
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End of course
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