Market Data and Trading Technology Training

Transcription

1 Market Data and Trading Technology Training Join us on our 4-day separately bookable course Day 1 Introduction to the Financial Markets and Market Data Day 2 The Technology, Vendors and Market Data Management Day 3 Enterprise Data Management Day 4 Market Data Regulatory Developments Days 1 & 2 FIA/FISD Preparation Days! About the tutors John Best, Principal Consultant, KSS Training Ltd John Best is a well-known market data industry expert with over 25 years of experience. He is renowned for insightful commentary and a deep understanding of market data systems and vendors. John subsequently moved into the financial markets arena; his experience includes a six-year stint at Salomon Brothers, gaining responsibility for networks and dealing rooms across Europe, and six years with Dow Jones Telerate where he undertook presales support and product management for the Trading Room Systems division. He then moved back to the client environment with West LB, developing a range of systems utilising market data including Real-Time Market Risk Management and a Virtual Dealing Room Systems linking multiple offices and functions. Colin Wright, Training Consultant and Partner, KSS Training Ltd Colin Wright has over 40 years of experience in the financial services and technology business sectors. Colin has worked in technical support roles and as a systems programmer on the development of realtime online mainframe and mini-computer systems for companies including STC plc, Girobank, Pan Am airlines, the BBC and JP Morgan. When JPM outsourced its entire market data, telecoms and IT infrastructures, Colin became market data procurement manager for all of JPM s European offices before leaving the bank to pursue a career as a market data consultant in He is now a well-known figure in the industry through his many contract positions as a market data manager or on cost cutting projects for several tier one banks, plus 10 years service as part-time co-ordinator for the IPUG industry lobby group.

2 About Days 1 & 2 FIA/FISD Exam Preparation Syllabus Inside Market Data have created a two day training course aimed at professionals who wish to take the FISD/FIA Exam or to gain a better understanding of market data and systems. The content fully covers, but is not limited to, the whole of Version 2 of the FISD Syllabus. In line with FISD s objectives, the course not only prepares you for the exam but in the process provides a broad background in all aspects of market data, the markets, the wide range of financial data itself and the technologies used to process and distribute data and access markets electronically. About Days 3 & 4 In addition, we are delighted to offer two new optional modules on financial regulation and enterprise data management respectively. The Financial Markets Regulation Primer will not only examine the core financial regulatory initiatives facing the markets, but more importantly look at the technology and data implications. Who should attend? Overall, the course is of particular relevance to those executives within the following areas: Market Data Services, Client Data Services, Reference Data Strategy, Market Data Commercial, Market Data Management IT Infrastructure, Data Administration Investment Data Analysis, IT Administration, Product Management The Enterprise Data Management module will analyse how data should be used, where it comes from and the challenges faced within the industry as well as individual organisations. Data governance is a significant theme which will be covered, as well as the issue of Big Data. Learning outcomes Identifying alternative data sources and services Comparing the product offerings delivered by the key vendors Maintaining reporting on business unit market data inventories and product utilisation Strengthening your vendor knowledge to better understand end user requirements The fundamental elements of managing data at the enterprise level Exposure to the latest technical developments as used by the Finance Industry The latest regulatory developments and how they impact data and technology professionals FISD/FIA Level 1 exam taker readiness London Prices 2015 Discount Price with Discount Attend 1 Day 1199* Attend 2 Days SAVE * Attend 3 Days SAVE * Attend 4 Days SAVE * IF YOUR ORGANISATION IS VAT REGISTERED, YOUR VAT NO. MUST BE SUPPLIED AT THE TIME OF REGISTRATION *Above delegate fees are exclusive of 20%. HOW TO BOOK Register online: marketdatalondon lauren.roberts@incisivemedia.com Phone: +44 (0)

3 Day One Tuesday 20 October 2015 Introduction to the financial markets and market data Introduction to the Financial Markets and Market Data This one day course unit is designed to provide a broad overview of the financial market infrastructure, its participants, the assets traded and the market data which is created. Housekeeping and personal introductions 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 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 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 Issues and Trends: The Markets Why do market structures change? The US markets Pre and Post Credit Crisis NMS 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 Market data sources Contributed data Exchange data Vendor generated data Data over the Internet Data Ownership Derived Data 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 Instrument/Entity Identifiers and Descriptors Market Data Storage The Master File The Data Warehouse Enterprise Data Management Data Governance The Standards essential to STP and good data quality 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 dictionaries Messaging Standards and Protocols SWIFT Message types and FIX protocols Issues and Trends: The Data The European Consolidated Tape Big Data ECB market utility for Securities Reference Data 1700 End of day one

4 Day Two Wednesday 21 October 2015 The Technology, Vendors and Market Data Management The technology, vendors and market data management financial institutions are making increasing use of technology to process the market data generated through research and trading to assist and automate securities trading and processing. This course unit overviews the technology used, the vendors who supply the systems and data and the steps necessary within user firms to manage their use. Summary of Technology Building 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 (Messaging Systems and Platforms) Summary of Latest RMDS / Enterprise Platform Developments Summary of non-thomson Reuters Platforms and Messaging Systems IBM 29West NYSE (Wombat) Activ Financial Tibco 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 Fixing Rates Regulatory Drivers The Libor and FX Scandals Issues and 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 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 Distribution and Use of 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 The Vendor Landscape Overviews of: Thomson Reuters, Bloomberg Interactive Data, Six Financial, Morningstar Standard & Poor s, Dow Jones FactSet, Markit Exchanges and MTFs NYSE, 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 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 1700 End of day two

5 Day Three Thursday 22 October 2015 Enterprise Data Management This module begins with an introduction to the data sets that comprises the Enterprise Data universe and goes on to explain why it s important, where it comes from, who uses it, and some of the challenges that surround the management of it, both on an industry-wide basis and within individual financial firms. The organizational and technical aspects and impacts of Enterprise Data Management will be investigated. On the organizational side the challenges of introducing a Data Governance Framework will be explored and on the technical side products for handling price data thru to big data systems will be outlined and case studies reviewed Overview of Data Management and the Enterprise Introducing Markets and Data Evolution Inter-dependence Enterprise Data Usage Requirements and Challenges Exchanges Sell Side Buy Side Regulators Terminology and Types of Enterprise Data Reference Data Market Data Big Data Summary of the Current Data Related Regulation Regulatory Aspects of Enterprise Data Management The regulators concerns and objectives EDM as part of Current Regulatory Initiatives Consolidated Data Requirements as a Result of Regulation Individual Business Units and their Use of Data Product Creation Description & Classification Client On-boarding Know Your Customer & Anti Money Laundering Suitability Trading Pricing Reporting Risk Management Valuation Exposures Reporting Clearing and Settlement Identification Confirmation Settlement Security Management Enterprise Wide Data Utilisation Case Study FED and ECB Regulatory Stress Testing Exercises Objectives and Scenarios Areas of Business to be Assessed Data Requirements Case Study Results Challenges of Managing Different types of Data Reference Data Sourcing and Availability Managing multiple sources Market Data Quotes, Orders and News Sources Regulated Exchanges Lesser Regulated Sources ECN & MTF, SEF & OTF OTC How to Assess Quality Latency, Accuracy, Coverage Big Data Introducing Data from beyond the Financial Markets Structured Data Scientific Data, Research Data Unstructured Data Social Networking, Music, & Video Internal Data System Monitoring, Trade Tracking Front to Back Implementing Governance of Data in the Enterprise Company Politics and Operational considerations Data Governance and Stewardship What is Data Governance Data Governance in the Enterprise Data Standards and Data Quality Golden Copies Single Version(s) of the Truth Examples and Case studies Investment Bank Regulator Overview of Enterprise Data Management Products and Technology Data Storage Systems types and evolution Static Data Systems Reference Data Systems Market Data Systems BIG Data Systems Technical challenges of BIG Data Sources of BIG Data Using BIG Data (Case study) Commercial and Legal Considerations Commercial Considerations Vendor Pricing and Packaging policies Limits to Scope of Use Example Costs for data and Fines for out of scope data usage Legal Considerations Data Ownership and IPR Early Disclosure Privacy Regulatory storage Requirements 1700 End of day three

6 Day Four Friday 23 October 2015 Market Data Regulatory Developments This course sets out to provide some insight (for non-legal & Compliance practitioners) into the reasons why the most topical reforms are considered necessary; how are they being implemented; and what impact they are having on the industry in general and on specific operational processes and systems within individual firms Housekeeping and personal introductions Drivers for Market Reform: Bubbles, Defaults, Scandals, Crashes and Crises Bubbles South-Sea, Wall St Crash and.com Sovereign Defaults Globally, Repeatedly and Costly Scandals and Mismanagement Enron, Worldcom, BCCI and Madoff Investment Securities Barings LTCM and Lehman Price Rigging of LIBOR/SIBOR, FX, Gold and Oil Technology Crashes Black Monday, Facebook IPO and The Flash Crash Systemic Crises Case Study: The Credit Crunch Drivers for Market Reform: Economic and Social Desire for global monetary cooperation, financial stability and international trade Developing Economic Trade Areas and Emerging Markets Advancing Technology Consumer benefit from improved competition and protection Threats to Market Integrity Greed, Fraud Terrorism Social Impact Austerity Loss of Trust Drive towards Alternative Investment options SRI, Crowd Sourcing, Cyber Currency Personal Accountability Political Responses Main Responses to the Credit Crunch Global IMF, G20, BCBS FSB and its issuing bodies: IOSCO, CPMI, IAIS, IASB US and Europe: FSOC and OFR, ESRB and ESFS The mechanics of implementing regulation Regulation of Banks and Markets Directives and Regulations Achieving relevant market consensus The role of SROs, Industry Bodies and Trade Associations New Regulations breed Acronyms Regulatory Responses Market Competition / Harmony NMS / RegNMS MiFID, UCITS and AIFMD Crisis Resolution - Financial Stability Basel I / II / III and BCBS239 CRD IV and Solvency II Crisis Resolution Markets and Infrastructure Dodd-Frank MiFID II (MiFIR) and EMIR CSDR and BCBS 239 Fraud and Terrorism SOX KYC and AML FATF and Patriot Act Scandals and Market Abuse REMIT and MAD / MAR Regulating Benchmarks, Ratings Agencies and CSDs Other FATCA SEPA and RDR Business Operational Impacts Legal and Compliance Revolution Balance Sheet Rebuild Risk Management Explosion Business Model Re-think Business Transparency and Reporting Life as a SIFI Market Data, Reference Data and Big Data - The expanding universe Industry Responses (with Vendor/Product Examples) Trading Venue Landscape New Industry utilities OTC Derivatives Clearing Houses Identifier Management Trade Reporting Trade Repositories NBBO/EBBO and Consolidated Tapes Vendor Solutions Compliance Management Regulatory Change Management Enterprise Risk Management Enterprise Data Management and Data Aggregation Course Round-up: Outlook for the Financial Services Industry What s in the pipeline? When (and how) might it all end? 1700 End of Course