Agenda
Agenda
Agenda
09:00 – 09:30
Registration and refreshments
09:00 - 09:30
09:30 – 11:00
The markets
09:30 - 10:00
- 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
10:00 - 10:30
- Buy Side and Sell Side
- IDBs
- Exchanges and the lesser regulated trading venues
- Supporting services
The internal functions of financial institutions
10:30 - 11:00
- Front, Middle and Back Office Functions
- Trading, Research, Portfolio Management
- Risk Management, Pricing
- Clearing and Settlement
- Direct Market Access and Auto Execution
11:00 – 11:30
Morning break
11:00 - 11:30
11:30 – 13:00
Market oversight and regulation
11:30 - 12:00
- The supervisory landscape
- Governments
- The Bank of International Settlement (BIS)
- Central Banks
- Types of Regulation
- Regulators
Major asset classes
12:00 - 12:30
- 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
12:30 - 13:00
- 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
13:00 – 14:00
Lunch
13:00 - 14:00
14:00 – 15:30
Market data sources
14:00 - 14:30
- 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
14:30 - 15:30
- 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
15:30 – 16:00
Afternoon break
15:30 - 16:00
16:00 – 17:30
Standards: essential for straight-through processing and good data quality
16:00 - 17:30
- 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
17:00 - 17:30
- ECB market utility for securities reference data
- Impact of ‘socially responsible investing’
09:00 – 09:30
Refreshments
09:00 - 09:30
09:30 – 11:00
Summary of technology building blocks
09:30 - 10:00
- 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
10:00 - 10:30
- 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)
10:30 - 11:00
- 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
11:00 – 11:30
Morning break
11:00 - 11:30
11:30 – 13:00
Overview of financial sector specific applications
11:30 - 12:00
- Charting & Technical Analysis
- Risk Management
- Traditional Trading Systems inc OMS & EMS
- Pricing Systems
Algorithmic trading from a business perspective
12:00 - 12:15
- The anatomy of an Algo Trading system
- Differentiators
Price publishing and contributions
12:15 - 12:45
- 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
12:45 - 13:00
- HTML5 & Web 2.0
- Clouds, Grid and Virtual Computing
- The Algo and HFT Debate
13:00 – 14:00
Lunch
13:00 - 14:00
14:00 – 15:30
Users and sses of market data
14:00 - 14:15
- Human Use of Data
- Local Applications
- Shared Applications
- Algorithmic-based Applications
Market data usage in consumer firms
14:15 - 14:30
- Front Office
- Mid office and Risk Management
- Back Office
- Compliance
Summary of the commercial frameworks for distribution and use of market data
14:30 - 14:45
- 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
14:45 - 15:15
- 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
15:15 - 15:30
- Consumer Firms
- Vendor Firms
- Exchanges & Regulators
Providers and industry groups
15:15 - 15:30
- General Data Providers
- Exchanges and Trading Venues
- Technology Providers
- Peer Groups and Trade Associations
Issues and trends – data management and the vendor landscape
15:15 - 15:30
- Symbology Licensing
- Derived Data & Data Piracy
- SLAs
15:30 – 16:00
Afternoon break
15:30 - 16:00
16:00 – 17:30
FISD and the FIA exam
16:00 - 16:30
- FISD the organization
- 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
16:30 - 17:00
- Simple Sample Exam Questions
- Vendor and Product Categorization Exercise
Exam preparation – after day two
17:00 - 17:30
- Hard Sample Exam Questions
- Flash Cards
- Market Data Dictionary and Glossary
- Accessing additional KSS-T training support