Event Agenda

View the event agenda here

Market Data NY Agenda

Led across all three days by tutors John Best and Colin Wright of KSS Training.

Day 1 | 17th September

09:00

Registration and Refreshments

09:30

Housekeeping and Personal Introductions

  • The Tutors
  • The Delegates

FISD and the Financial Information Associate Certification

  • About FISD
  • The FIA Accreditation
  • Course objectives for the FIA exam

The Markets

  • Evolution of capital markets and securities trading
  • The role of financial markets today
  • Phases of the trade life cycle; Order through to Reconciliation

11:00

Morning Break

11:30

Participants in the Financial Markets

  • Sell side
  • Buy side
  • Inter-Dealer Brokers
  • Exchanges and the lesser regulated trading venues
  • Support Services

The Internal Functions of Financial Market Institutions

  • Front Office
    • Research, Portfolio Management, Sales/Trading
    • Direct Market Access and Auto Execution
  • Middle Office
    • Risk Management, Pricing
  • Back Office
    • Clearing, Settlement and Custody

13:00

Lunch

14:00

Market Oversight and Regulation

  • The supervisory landscape; the roles and responsibilities of:
    • The Bank for International Settlement (BIS)
    • Central Banks
    • Governments
    • Types of Regulation and the Regulators

Summary of major Asset Classes

  • Derivatives: In general
    • Futures, Options and Swaps
  • Equities
  • Fixed Income
  • Short-term Money Markets
  • The FX market
  • Commodities
  • More on Derivatives
  • Structured Products / Structured Finance

Market Data Sources

  • Contributed data
  • Exchange data
  • Vendor generated data
  • Data over the Internet
  • Data Ownership
  • Derived Data

15:30

Afternoon Break

16:00

Types of Market Data

  • What do we mean by Market Data?
  • History and other time series data
  • Valuations data
  • Indices
  • Credit ratings data
  • News
  • Messaging
  • Analysis and commentary
  • Research and Estimates
  • Fundamental data
  • Corporate Actions and Class Actions
  • Static Reference Data

Market Data Standards

  • Standards Goals and challenges for achieving STP
  • Role of the ISO
  • Instrument Identifiers
    • CUSIPs, RICs, Bloomberg IDs and ISINs etc
  • Business Entity Identification
    • The LEI
  • The Data Model for instruments
    • FIX and ISO 20022 dictionaries
  • Messaging Standards and Protocols
    • SWIFT Message types and FIX protocols

17:30

End of Day One

Day 2 | 18th September

09:00

Refreshments

09:30

Technology Buildings Blocks

  • Hardware
  • Operating Systems
  • Applications
  • Software Development
    • Buy or Build
    • Programming Languages
    • Special Challenges and Solutions in the Financial Industry
  • Connectivity and Hosting
    • Distribution Strategies and Protocols
    • Network Components
    • Wide Area Networks
    • Bandwidth and Latency Considerations
    • Hosting and Co-location
  • Reliability and Stability
    • Monitoring
    • Typical Characteristics under Load

Summary of Datafeeds

  • Principles of Datafeed Delivery including Data Representation
    • Primitive Data Types
    • Datafeed Packaging
    • Datafeed Protocols
  • Aggregated Datafeeds
    • Comparison of Vendors
  • Direct Datafeeds
    • Examples from Exchanges, MTFs and Brokers
  • Hybrid Datafeeds and Co-location
    • Examples and Case Studies

Market Data Distribution Systems

  • Summary of Latest RMDS / Enterprise Platform Developments
  • Summary of non-Thomson Reuters Platforms and Messaging Systems
    • IBM
    • Informatica (29West)
    • SR Labs (Wombat)
    • Activ Financial
    • Tibco

11:00

Morning Break

11:30

Market Data Storage

  • The Master File
  • The Data Warehouse
  • Enterprise Data Management
  • Data Governance

Overview of Financial Sector Specific Applications

  • Charting & Technical Analysis
  • Risk Management
  • Trading Systems
  • OMS & EMS
  • Smart Order Routing
  • Pricing Systems

Algorithmic Trading from a Business Perspective

  • The Challenges of Algo Trading
  • Business Drivers
  • Differentiators
  • Key Issues when implementing Algo Trading Systems

Price Publishing and Contributions

  • Reasons for Contributing Data
    • Internal Data Distribution
    • External Distribution
  • Spreadsheet Contributions
    • Migration Strategies and Issues
  • Publishing and Multi-vendor Contributions Systems
    • Thomson Reuters
    • Arcontech
    • MDX
  • Case Study: Fixing Rates
    • Regulatory Drivers
    • The LIBOR and FX Scandals

13:00

Lunch

14:00

Delivery and Display

  • Aggregated Datafeeds
  • Direct Datafeeds
    • Examples from Exchanges, MTFs and Brokers
  • Platform
    • Terminals/Workstations
    • Excel
  • Batch Downloads

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 Market Data

  • Example Commercial Frameworks
    • Bloomberg    
    • Thomson Reuters Business Principles and the RGA
  • Unit of Count
  • Datafeed Licensing
  • Contracts, Compliance and Audits
  • Data Usage Reporting and Inventory Management
    • DACS, OPEN DACS, DART
    • MDM, FITS, INFOmatch

15:30

Afternoon Break

16:00

The Vendor Landscape

  • Overviews of:
    • Thomson Reuters, Bloomberg
    • Interactive Data, Six Financial, Morningstar
    • Standard & Poor's, Dow Jones
    • FactSet, Markit
  • Exchanges and MTFs
    • NYSE: ICE, Nasdaq, LSE, DBG
    • BATS, Chi-X
  • Regional Niche Players
  • Specialist Players
    • Reference Data focus

Summary of Market Data Job Functions

  • Consumer Firms
    • Commercial & Technical
  • Vendor Firms
    • Customer Facing
    • Office Cross Function
  • Exchanges
  • Regulators

Providers and Industry Groups

  • General Data Providers
  • Exchanges and Trading Venues
  • Technology Providers
  • Peer Groups and Trade Associations

17:30

End of Day Two

Day 3 | 19th September

09:00

Refreshments

09:30

Issues & Trends: The Markets

  • Why do market structures change?
  • The US markets Pre and Post Credit CrisisNMS and RegNMS
  • The EU markets Pre and Post Credit Crisis
  • MiFID and MiFID II
  • Overview of the Credit Crisis and its outcomes
  • Dodd-Frank Act and EMIR
  • Other Drivers for change, including Market Abuse and Rigging
  • Socially Responsible Investing
  • Islamic Banking
  • Challenges in Asia

Issues & Trends: The Data

  • The European Consolidated Tape
  • Big Data
  • ECB market utility for Securities Reference Data

11:00

Morning Break

11:30

Issues & Trends: The Technology

  • HTML5 & Web 2.0
  • Grid and Virtual Computing
  • Private Clouds
  • The HFT Debate
  • Did HFT cause the Flash Crash
  • Regulatory limits to HFT

Issues & Trends: Data Management and Vendor Landscape

  • Symbology Licensing
  • Derived Data
  • Data Piracy
  • SLAs

13:00

Lunch

14:00

FISD/FIA Exam Preparation

  • Resources for Revision
  • Candidate Registration
  • The Exam Process

15:30

Afternoon Break

16:00

FISD/FIA Course Review

  • Sample Questions
  • Syllabus Walkthrough: Interactive Session
    • The Markets
      • The Role of the Financial Markets
      • Major Classes of Assets
      • Participants in the Financial Markets
      • Role of Government, Central Banks and Regulatory Authorities
      • Primary Business Functions and Responsibilities
         
    • The Data
      • Sources of Market Data 
      • Market Data Vendors 
      • Types of Market Data 
      • Standards 
      • Delivery and Display 
      • Uses of Data
      • Commercials (Pricing and Contractual Terms)
      • Market and Reference Data Job Functions
         
    • The Technology
      • Technology Basics & Terminology
      • Datafeeds and Data Distribution
      • Desktops, Central Applications and Associated Technology
      • Development, Implementation, Management and Support
      • Enterprise and Reference Data Management
    • Industry Issues and Trends
      • Market Regulation and Market Structure 
      • Commercial, Contractual, Economic and Political
    • Appendix
      • The Data & Service Providers

17:30

End of Course