Market Data Training - Day 2

The day will begin at 9am

1. Technology Buildings Blocks

  • Hardware
  • Operating Systems
  • Applications
  • Software Development

               o Buy or Build
               o Programming Languages
               o Special Challenges and Solutions in the Financial Industry

  • Connectivity and Hosting

               o Distribution Strategies and Protocols
               o Network Components
               o Wide Area Networks
               o Bandwidth and Latency Considerations
               o Hosting and Co-location

  • Reliability and Stability

               o Monitoring
               o Typical Characteristics under Load

2. Summary of Datafeeds

  • Principles of Datafeed Delivery including Data Representation

               o Primitive Data Types
               o Datafeed Packaging
               o Datafeed Protocols

  • Aggregated Datafeeds

               o Comparison of Vendors

  • Direct Datafeeds

               o Examples from Exchanges, MTFs and Brokers

  • Hybrid Datafeeds and Co-location

               o Examples and Case Studies


3. Market Data Distribution Systems

  • Summary of Latest RMDS / Enterprise Platform Developments
  • Summary of non-Thomson Reuters Platforms and Messaging Systems

                o IBM
                o Informatica (29West)
                o SR Labs (Wombat)
                o Activ Financial
                o Tibco

4. Market Data Storage

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

5. Overview of Financial Sector Specific Applications

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

6. Algorithmic Trading from a Business Perspective

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

7. Price Publishing and Contributions

  • Reasons for Contributing Data

               o Internal Data Distribution
               o External Distribution

  • Spreadsheet Contributions

                o Migration Strategies and Issues

  • Publishing and Multi-vendor Contributions Systems

                o Thomson Reuters
                o Arcontech
                o MDX

  • Case Study: Fixing Rates

                 o Regulatory Drivers
                 o The LIBOR and FX Scandals

8. Delivery and Display

  • Aggregated Datafeeds
  • Direct Datafeeds

                o Examples from Exchanges, MTFs and Brokers

  • Platform

                o Terminals/Workstations
                o Excel

  • Batch Downloads

9. Users and Uses of Market Data

  • Human Use of Data
  • Local Applications
  • Shared Applications
  • Algorithmic-based Applications

10. Market Data Usage in Consumer Firms

  • Front Office
  • Mid office and Risk Management
  • Back Office
  • Compliance

11. Summary of the Commercial Frameworks for Market Data

  • Example Commercial Frameworks

               o Bloomberg
               o Thomson Reuters Business Principles and the RGA

  • Unit of Count
  • Datafeed Licensing
  • Contracts, Compliance and Audits
  • Data Usage Reporting and Inventory Management

               o DACS, OPEN DACS, DART
               o MDM, FITS, INFOmatch

12. The Vendor Landscape

  • Overviews of:

               o Thomson Reuters, Bloomberg
               o Interactive Data, Six Financial, Morningstar
               o Standard & Poor's, Dow Jones
               o FactSet, Markit

  • Exchanges and MTFs

               o NYSE: ICE, Nasdaq, LSE, DBG
               o BATS, Chi-X

  • Regional Niche Players
  • Specialist Players

                o Reference Data focus

13. Summary of Market Data Job Functions

  • Consumer Firms

                o Commercial & Technical

  • Vendor Firms

                o Customer Facing
                o Office Cross Function

  • Exchanges
  • Regulators

14. Providers and Industry Groups

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

 

End of Course Unit

 

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