Are Direct Feeds For You? Successfully Building A Business Case For A Direct Feed Infrastructure To Unleash The Benefits Of Ultra-Low Latency Market Data

Peter Sharp,
European Head of Market Data,
MORGAN STANLEY

Peter Sharp is currently European head of market data for Morgan Stanley, a role he has occupied since 2006. Prior to this he was head of the Morgan Stanley market data projects group. In his current role he has overall responsibility for European market data techology, including direct feeds. Taking a look at the many factors which market data managers have to be aware of when making a case for direct feeds, Peter will examine the most effective approaches to:

• Benchmarking against your competitors to determine average latency levels within your particular market
• Achieving clarity over the minimum latency levels needed to deliver competitive advantage for your business
• Getting to grips with the infrastructure puzzle in order to calculate the total cost of ownership of a direct feed infrastructure:
• Ticker plants
• Feed handlers
• Stream processors
• Event processors
• High-speed messaging
• Gaining top-level visibility over all costs associated with the feeds themselves, including a thorough understanding of pricing models
• Measuring the total cost versus the total expected competitive advantage

Successfully Aligning Feed Coverage With Business Requirements To Maximise Cost-Effectiveness & Promote Efficiency

Dejan Polomcic,
Lead Architect,
CITI

For any organisation considering the transition to a direct feed infrastructure, one of the most pressing questions to be addressed is precisely how many direct feed connections are needed, and from which sources. In this key presentation, Dejan Polomcic will examine CITI’s approach to aligning feed coverage with business requirements, specifically looking at:

• Establishing dialogue with business units to achieve top-level visibility over trading strategies and latency requirements
• Implementing utilisation and consumption monitoring strategies to confirm actual, as opposed to estimated, usage levels
• Performing historical analyses of real-time data series to quantify the competitive advantage of latency improvements
• Creating the optimal mix of direct feeds and aggregated feeds for your business

Effectively Managing The Transition From An Aggregated Feed To Multiple Direct Feeds In Order To Minimise Disruption & Reduce Future Scalability Issues

Nick Morrison,
Head of Market Data Technology,
LEHMAN BROTHERS

Making the move to a direct feed infrastructure is inevitably an expensive decision, but it also involves significant challenges from a technological point of view. For example, what changes do you need to make to your existing market data infrastructure to successfully integrate direct feeds? How do you keep up with data format alterations from exchanges? Nick Morrison, Head of Market Data Technology at Lehman Brothers, will here examine:

• Overcoming the challenges of integrating direct feeds with your existing market data infrastructure
• Reconfiguring your infrastructure to compensate for the absence of 3rd party data enhancements and modifications
• Moving from a single API to multiple and changing feed formats
• Creating an agile, nimble architecture capable of responding to data delivery changes within business-critical timeframes

Developing A Proprietary Feed Handler For Minimal Latency And Reduced Future Capacity Issues

Karsten Strøbæk,
Lead Developer & Global Head of FIX,
SAXO BANK

Karsten Strøbæk is Principal Developer and Global Head of FIX at Saxo Bank. His responsibilities include the development, maintenance and troubleshooting of all trading connections and order routing connections to the banks providers, as well as assisting clients getting connected to the banks own B2B FIX Server. Saxo Bank is heavily involved in FPLwhere Karsten serves on the EMEA Governance board and several of the committees. Instead of using a commercial offering, Saxo Bank has developed its own FIX library. Here Karsten will guide you through:

• Achieving clarity over the different solutions currently available:
• Hardware-based vs. software-based
• Buy vs. build
• Benchmarking against your competitors to determine the most popular solutions to comparable requirements
• Making a financial decision between internally developed vs. off-the-shelf solutions on the basis of:
  • Time to market
  • Maintenance costs
  • Scalability
• Creating a proprietary feed handler to draw in multiple exchange data feeds via the same interface

Confronting The Reality Of Real-Time Risk: Creating A Sturdy, Resilient Infrastructure In Order To Minimise The Dangers Of Malfunctioning Direct Feeds

Adam Honoré,
Senior Analyst,
AITE GROUP

Adam Honoré is a senior analyst at Aite Group, LLC, specializing in brokerage and financial services technology. Prior to joining Aite Group, Mr. Honoré was the Product Director responsible for front office solutions at Comprehensive Software Systems, Inc, including CRM, portfolio & account management, content management, and business intelligence platforms. Mr. Honoré has been quoted in media publications like Banking Wire, Securities Industry News, Securities Week, Wall Street & Technology, Hedge Fund & Investment Technology, and American Banker. In this key presentation he will address some of the contractual issues around direct feeds, and examine:

• Understanding the risks associated with unfiltered data:
• Spikes
• Inconsistencies
• Duplications
• Filtering data intelligently to preserve low latency while ironing out anomalies & imposing a standard symbology
• Diversifying your feeds to diversify your exposure: Determining the optimal blend of direct and aggregated feeds to minimise market risk

Panel Discussion: Are We Witnessing The Death Of The Aggregated Feed?

Karsten Strøbæk,
Lead Developer & Global Head of FIX,
SAXO BANK

Peter Sharp,
European Head of Market Data,
MORGAN STANLEY

Nick Morrison,
Head of Market Data Technology,
LEHMAN BROTHERS

Moderator: Adam Honoré,
Senior Analyst,
AITE GROUP

Karsten Strøbæk is Principal Developer and Global Head of FIX at Saxo Bank. His responsibilities include the development, maintenance and troubleshooting of all trading connections and order routing connections to the banks providers, as well as assisting clients getting connected to the banks own B2B FIX Server. Saxo Bank is heavily involved in FPLwhere Karsten serves on the EMEA Governance board and several of the committees. Instead of using a commercial offering, Saxo Bank has developed its own FIX library.

Peter Sharp is currently European head of market data for Morgan Stanley, a role he has occupied since 2006. Prior to this he was head of the Morgan Stanley market data projects group. In his current role he has overall responsibility for European market data techology, including direct feeds.

Adam Honoré is a senior analyst at Aite Group, LLC, specializing in brokerage and financial services technology. Prior to joining Aite Group, Mr. Honoré was the Product Director responsible for front office solutions at Comprehensive Software Systems, Inc, including CRM, portfolio & account management, content management, and business intelligence platforms. Mr. Honoré has been quoted in media publications like Banking Wire, Securities Industry News, Securities Week, Wall Street & Technology, Hedge Fund & Investment Technology, and American Banker.

• Comparing the cost-effectiveness of aggregated vs. direct feeds
• What will be the impact of fragmented liquidity on the balance between aggregated and direct feeds?
• What opportunity exists for providers of aggregated feeds to work alongside direct feed providers?
• Are aggregated feeds too embedded in most businesses to be superseded by direct feeds?

OPENING KEYNOTE Navigating The Data Storm: Enhancing The Capacity Of Your Infrastructure To Minimise The Impact Of Future Data Volumes

Vinny Patrizio,
Global Head of Market Data,
MERRILL LYNCH

Vincent Patrizio is the global head of Market Data Services for Merrill Lynch, responsible for all aspects of real time Market Data for the firm. This includes engineering and support for Merrill Lynch’s critical Ultra Low Latency distribution and Reuters Market Data System (RMDS) platforms. Vincent is also responsible for overall vendor and expense management across the spectrum of Real Time and Referential Data.

• Understanding the factors threatening to boost data volumes over the months and years ahead:
• Penny options pricing in the US
• The relentless growth of algo trading
• The best execution requirements of MiFID and RegNMS
• Growth in Level 2 data volumes
• Boosting capacity at the same time as reducing latency: Can you have your cake and eat it too?
• Examining the emergence of next generation market data messaging technologies
• Does the future depend on software, or hardware, or both?

Getting To Grips With Market Data Contracts: Gaining Top-Level Visibility Over Your Contractual Obligations To Ensure Compliance With Diverse & Frequently Changing Pricing Models

John White,
Principal, Data Management,
STATE STREET GLOBAL ADVISORS

John manages the Investment Management Data Services group for State Street Global Advisors, which is responsible for investment data vendor relationships worldwide. In addition, his team provides investment content expertise and support for various internal data applications and to the company's technical and investment groups (including security master). John has over 20 years of experience in the investment data field.

• Optimising supply- and demand-side management of market data
• Improving data content and application functionality at the individual user level
• Ensuring the most cost-effective data distribution across your enterprise, with a particular focus on the redistribution of direct feeds
• Leveraging a central point of control to help facilitate data administration and regulatory compliance

PANEL DISCUSSION The Future Of Market Data: Positioning Your Business For Success In The Changing Global Data Landscape

Vinny Patrizio,
Global Head of Market Data,
MERRILL LYNCH

Amy Harkins,
SVP, Global Asset Servicing & MD, Market Data,
THE BANK OF NEW YORK MELLON

Michael Watrous,
European Head of Market Data,
GOLDMAN SACHS

Vincent Patrizio is the global head of Market Data Services for Merrill Lynch, responsible for all aspects of real time Market Data for the firm. This includes engineering and support for Merrill Lynch’s critical Ultra Low Latency distribution and Reuters Market Data System (RMDS) platforms. Vincent is also responsible for overall vendor and expense management across the spectrum of Real Time and Referential Data.

Amy G. Harkins is a Senior Vice President at The Bank of New York Mellon. Her direct responsibilities are for Worldwide Global Corporate Event Operations, including corporate actions, class actions, and proxy processing for the combined entity. In addition to her operational responsibilities, Amy is involved in theMarket Data Committee at The Bank of New York Mellon. Ms. Harkins serves on the Broadridge (formerly ADP), DTC Advisory Mellon Security Trust Company of New York, FIMA Market Data Advisory and Enterprise Data Management Council Boards. In addition, Ms. Harkins is actively involved in the Securities Industry Association FISDWFIC and FIMA Program Committees.

Michael Watrous is currently EMEA head of market data for Goldman Sachs, a role he has had since February 2007. Prior to heading up the EMEA market data function, Michael was vice president of market data platform implementation at Goldman Sachs in New York.

• Forecasting the impact of rising data volumes & latency demands on the market data landscape
• Examining the future of market data technology: What are the most promising developments on the horizon?
• Can we expect to see further consolidation in the vendor market, and what are the consequences likely to be for innovation and market data pricing?
• Understanding how the emergence of alternative trading venues is likely to impact volumes & latency concerns

Achieving Best Practice In Market Data Vendor Management: Saving Costs & Creating Synergies

Amy Harkins,
SVP, Global Asset Servicing & MD, Market Data,
THE BANK OF NEW YORK MELLON

Amy G. Harkins is a Senior Vice President at The Bank of New York Mellon. Her direct responsibilities are for Worldwide Global Corporate Event Operations, including corporate actions, class actions, and proxy processing for the combined entity. In addition to her operational responsibilities, Amy is involved in theMarket Data Committee at The Bank of New York Mellon. Ms. Harkins serves on the Broadridge (formerly ADP), DTC Advisory Mellon Security Trust Company of New York, FIMA Market Data Advisory and Enterprise Data Management Council Boards. In addition, Ms. Harkins is actively involved in the Securities Industry Association FISDWFIC and FIMA Program Committees.

• Understanding how an organisation can save costs and creating synergies or self funding through effective vendor management
• Reengineering enterprise vendor management effectively to save cost to the bottom line
• Combining multiple contracts into a single, more effective contract to creates valuable synergies throughout the organisation
• Establishing a professional partnership with vendors to increase service levels to clients

Administering An Enterprise Market Data Licensing Agreement: Learning From The Field

Ken Richmond,
Global Head of Market Data,
CITI

Kenneth Richmond is currently Managing Director and Global Head of Market Data at Citigroup. Previously, he headed applications development at The NASDAQ Stock Market, including market data applications, and the UTP SIP Tape C plan. Prior to that, he served as Senior Vice President, and head of applications development at Charles Schwab Capital Markets. He has been involved with Market Data and it’s evolution for over 20 years. He holds an MBA from the University of Michigan, and a BA in Economics from Clark University.

• What to look for in an ELA, and how to avoid common pitfalls
• How to successfully administer an ELA: what tools, processes, and staffing are pre-requisites for a successful ELA
• Strategies and options available to allocate out ELA fixed fees in a variable unit count world
• Measuring the value of the ELA … your view vs. the vendor’s view
• The importance of selling and re-selling the value of the ELA internally
• Managing your ELA vendor, and ensuring that you keep them as a strategic partner

Panel Discussion: Are ELAs Good Value?

Sally Hinds,
Global Head of Enterprise Data Management,
HSBC

Ken Richmond,
Global Head of Market Data,
CITI

Charles Hermans,
Head of Market Data Management,
HVB

Amy Harkins,
SVP, Global Asset Servicing & MD, Market Data,
THE BANK OF NEW YORK MELLON

Sally Hinds has worked for over 25 years in the Financial Services industry. She has an extremely diverse background, having worked for end-user firms (Morgan Grenfell, UBS and CSFB), exchanges (London Stock Exchange) and market data vendors (Telerate, Reuters and Pont Data). She joined HSBC in October 2005 to head up the global market data team, and in April 2006 also took on responsibility for instrument reference data. Prior to joining HSBC she worked for two consultancy firms (BCS and Capco) where she managed a number of market and reference data projects for global investment banks. Sally was the founding member of the Information Providers User Group (IPUG), the market data industry pressure group and is on the board of the EDM Council.

Charles Hermans is Head of Market Data Management at HVB in Munich, serving around 2000 market data users across the world. He has over 16 years of experience in market data management through numerous market data and trading room projects around the globe for Dutch consultancies Heyligers (1993 – 1999) and Screen Consultants (1999 – 2007). He has spent the last 4 years as an external consultant at HVB in Munich, running several trading room projects, restructuring the market data management organization and optimizing market data costs.

Amy G. Harkins is a Senior Vice President at The Bank of New York Mellon. Her direct responsibilities are for Worldwide Global Corporate Event Operations, including corporate actions, class actions, and proxy processing for the combined entity. In addition to her operational responsibilities, Amy is involved in theMarket Data Committee at The Bank of New York Mellon. Ms. Harkins serves on the Broadridge (formerly ADP), DTC Advisory Mellon Security Trust Company of New York, FIMA Market Data Advisory and Enterprise Data Management Council Boards. In addition, Ms. Harkins is actively involved in the Securities Industry Association FISDWFIC and FIMA Program Committees.

Our panellists will debate:

• Determining when an ELA offers better value than existing pricing arrangements
• Understanding the dangers associated with ELAs, and ensuring your own agreement addresses these
• Does the pricing of ELAs always presuppose an optimistic model of future growth?
• Building flexibility into an ELA to enable renegotiation of terms in the event of a market down-turn or change in circumstances
• Leveraging an ELA to form a strategic partnership with your supplier
• Ensuring enterprise-wide visibility of the ELA to ensure maximum organisational benefits and cost savings

Low Latency And Algorithmic Trading: A Case Study From A Market Maker’s Point Of View

Karel Janecek,
Chief Analyst & Board Director,
RSJ INVEST

Karel Janecek is chief analyst and board director of RSJ Invest, the Czech brokerage firm he helped found in 1997. Previously he was a lecturer at the prestigious Carnegie Mellon University in Pittsburgh, USA. He is a graduate of Charles University in Prague, and he also has an MBA from Bradley University in the USA. In this presentation Karel will examine:

• A closer look at the design of a trading algorithm
• Investigating the impact of latency on the functioning of a trading algorithm, and avoiding possible pitfalls
• Adjusting the trading algorithm for latency
• Examining the quantitative importance of low latency for successful trading

Scalability, Latency, Flexibility and Cost: a step by step guide to optimising your network for competitive advantage

Mike Ainger,
Operations Director,
GEO

Mike’s responsibilities within Geo include bespoke solution development for Geo’s customers, procurement from and partnership with technology suppliers, development of Geo’s reach and customer access capabilities and delivery of Geo’s customer commitments. A chartered engineer and member of The Institution of Electrical Engineers, Mike spent ten years working in British Rail’s telecommunications before moving on to Racal Telecom where he was General Manager. Here he developed the technology strategy and business case for a 10,000km high-capacity optical network, which was implemented into 350 BT local exchanges. The network not only significantly reduced bandwidth cost but also increased company turnover.

• Scalability - Future proofing your network against inexorable capacity growth
• Latency – Causes, impacts and techniques for minimisation
• Cost – Alternative approaches to network cost management
• Flexibility – Short term and long term thinking

High-Speed Market Data – Differentiating Factors For Delivering High Quality, Cost Efficient, Low Latency Data

Johan Carlsson,
Head of
NeoNet XG

Neonet XG offers an aggregated, low latency feed for all major European marketplaces, enabling the distribution of an integrated montage from exchanges, MTFs, ECNs and execution venues that trade fungible securities, and also enables a consolidated market-wide BBO.

In his presentation, Johan Carlsson will discuss his views on what the differentiating factors are for delivering a low latent market data feed from the point the message leaves the exchange towhen it is displayed on the trader screen. He will cover the following points:

• Direct connections to the exchanges
• Proximity hosting of server farms
• Bandwidth / high speed connection requirements
• Network Infrastructure and topology
• Aggregating data – consolidated protocol
• FIX FAST
• Reference Data

Making Effective Preparations For An Exchange Audit In Order To Prove Compliance Painlessly And Minimise Disruption To Your Business

Shirley White,
Global Head of Market Data Services,
DEUTSCHE BANK

Shirley White started in the financial industry back in 1989 working for Telerate as a Client Support executive on TTS (The Trading Service). She moved into a core sales environment selling Dow Jones Telerate Data to mid tier investment institutions in the City of London before leaving DowJones Telerate in June 1998 and starting at Deutsche Bank in the Market Data Technology Department as a Senior Business Analyst. In 2006 was promoted to the role of Global Market Data Manager for the Global Markets Division, responsible for driving the GM strategy for Market Data and being the main face off to Global Markets Market Data vendors along with management of the market data budget for the division.

• Analysing market data desktop usage
• Measuring consumption levels of applications
• Achieving complete clarity over exchange agreements covering the audit period
• Making effective submissions

Creating A Scalable, Enterprise-Wide Entitlements Solution To Minimise Your Exposure To Fiscal Penalties & Reputational Risk

SPEAKER FROM REUTERS TO BE CONFIRMED

• Re-engineering existing applications to restrict data flows to licensed users
• Deciding between alternative restriction mechanisms:
• Username/Password entitlement system
• Quote counting mechanism
• Responding to changes in pricing models within timelines provided by exchanges and vendors
• Precisely determining how compliance is tested, and redesigning applications to record appropriate data
• Achieving clarity over enterprise-wide applications and data consuming assets, and exploiting economies of scale in the re-design process
• Resolving disagreements

Evaluating The Progress Towards Standardisation Of Market Data Contracts: Reaching A Fairer Deal For Suppliers And Consumers Of Market Data

Mike Hodgson,
Director, Market Data Sourcing,
UBS

Mike Hodgson has been director of market data sourcing at UBS for over three years, a role which oversees the commercial relationships between UBS and its market data suppliers. Prior to this he spent 14 years working at the London Stock Exchange, where he was head of product service development in the information services division. He has recently been appointed chairman of a newworking groupwithin the London Investment Banking Association (LIBA) overseeing contract negotiation, and in this presentation he will look into:

• Understanding whether the commercial landscape tends towards greater divergence or convergence of pricing models
• Examining LIBA’s efforts to encourage standardisation of market data contracts
• What parts of market data contracts are appropriate for greater standardisation?
• Is it just the consumers of market data who stand to benefit from more standardised contracts?

Leveraging A Hosted Co-Location Service In Order To Harness The Benefits Of Ultra-Low Latency Whilst Exploiting Economies Of Scale & Minimising Your Hardware Footprint

SESSION RESERVED FOR LEADING PROVIDER OF HOSTED CO-LOCATION SERVICES

• Understanding the increasing appeal of exchange proximity hosting:
• Latency reduction through geographical proximity
• The rising cost of physical space
• The increasing importance of energy saving
• Are security concerns associated with proximity hosting unfounded?
• Understanding how the costs of hosted co-location compare with:
• Independent co-location
• An infrastructure based around direct feeds
• How does the scalability of hosted services compare with the scalability of in-house solutions?

Panel: Milliseconds, Microseconds… Nanoseconds? Looking Into The Future Of The Latency Battle

Nick Morrison,
Head of Market Data Technology,
LEHMAN BROTHERS

Andrew Hunt,
Global Head of Trading Technology,
JPMORGAN

Adam Honoré,
Senior Analyst,
AITE GROUP

Andy Hunt leads the Trading Technology organisation within JPMorgan. He is globally responsible for Market Data, Trader Voice and a growing portfolio of ECN and venue connectivity. He has been with the firm for 15 years.

• Examining the major causes of latency in market data infrastructures
• Forecasting the impact of light-speed data transfer technologies on the future of the latency battle
• Will future latency improvements be driven more by innovations in software or in hardware?
• Evaluating future spending patterns on latency reduction

OPENING KEYNOTE Looking Into The Future Of The Execution Landscape: What Are The Implications For Your Market Data Strategy?

Robert Barnes,
Managing Director, Market Structures,
UBS

Robert Barnes is currently Managing Director, Equities, at UBS Investment Bank, Chairman of the Securities Trading Committee of the London Investment Banking Association, a member of user advisory groups for a number of Stock Exchanges and pro-competitive initiatives, the FSA’s Capital Markets Sector Senior Practitioners Committee, Euroclear’s UK Market Advisory Committee, a Fellow of the Securities & Investment Institute sitting on its Membership Committee, the UBS high level representative to the EU Commission’s CESAME group, and a member of the FTSE Country Classification Committee. In recent years Robert has emerged as one of the world authorities on the subject of market structures, and in this highly anticipated keynote address he’ll examine howchanges in the global execution landscape will impact upon your market data strategy. Key highlights include:

• Examining emerging trends in trading and technology
• Understanding how the future of the execution landscape will influence the movement of market data globally
• Assessing the rise of dark pools of liquidity: What will be implications for market data dynamics?

Hard Data & Hard Decisions Separating Myth From Reality In A Post MiFID, Fragmented Data Landscape

Graeme Austin,
Director, Product Management,
XTRAKTER

Graeme Austin spearheads the product management function at Xtrakter, a leading provider of fixed income (reference and pricing) data, operational riskmanagement, trade matching and regulatory reporting services to the global capital markets. Graeme has over 20 years of senior management experience. Previously he was Managing Director at STP Information Services Limited, the market leader in benchmarking, publishing and events business in the capital markets technology arena. In this capacity, he led the various areas of the business including business sales, account, product management, as well as their consultancy/professional services. He has been responsible for a number of high profile product launches including benchmarking analytics services, new publications and international events.

• Market Data vs Raw Data
• Assessment of the post-MiFID landscape for market data
• So where are the venues of execution?
• State of the fixed income market
• New issuance analysis

PANEL: Is Data Fragmentation The True Meaning Of MiFID?

Juan Carlos Nieto,
President & Co-Founder,
INDEX INTELLIGENCE

Andre Kelekis,
Head of Market Data Projects,
BNP PARIBAS

Robert Barnes,
Managing Director, Market Structures,
UBS

David Lawton,
Head of Markets Policy,
FSA

Brian Taylor,
Strategic Advisor,
PLUS MARKETS

Juan Carlos co-founded Index Intelligence, a private hedge fund active in U.S. proprietary equity trading. Prior to this he was also co-founder of EuroLink Network Inc, an international broker-dealer and Best Execution Specialist providing clients with DMA to the U.S. equity markets, and most recently he was global head of business development at Rabobank Securities. Andre KELEKIS is currently Head of Strategy for Market Data at BNP Paribas. His role is to analyse the market data landscape including all factors such as regulations, mergers, IT innovations, etc, that can impact it. He works on the offer side (vendors, new ventures to widen the offer) as well as the demand side (BNP Paribas business lines). Recently, he focused on the MiFID directive and its impacts on Market Data and Market structure for the different BNP Paribas business lines. He was previously Head of Market Data projects from 2002 to 2006. See talk at 9.00am for Robert’s biography. David Lawton is Head of Markets Policy at the Financial Services Authority, where his responsibilities encompass both primary and secondary markets policy issues. The Markets Policy Department also takes responsibility for the FSA's capital markets and accounting and audit sector teams. Key current challenges include: ensuring that the implementation of the markets aspects of MiFID proceeds smoothly, both domestically and, working with European counterparts, across Europe; the regulatory consequences of greater global integration and competition in primary and secondary markets; and policy towards exchanges, other trading platforms and clearing and settlement systems.

Brian Taylor, Strategic Advisor for Plus Markets Group, has over 22 years’ experience as a financial markets expert. He is also Managing Director of BTA Consulting, and has performed high-level consultancy work for clients as diverse as UBS, OMX, and the Qatar Ministry of Economy & Commerce.

In a highly anticipated and controversial panel discussion, our panellists will ask:

• Do the markets stand to benefit from the breaking of exchange monopolies?
• Are we really levelling the playing field, or simply preparing the way for new kinds of monopolies?
• How will the exchanges respond to new market initiatives like Project Boat?
• Are the exchanges destined to lose market share to new entrants?

How Much Market Data Are You Using? Achieving Transparency Over Your Market Data Inventory To Eliminate Redundancies & Negotiate More Favourable Pricing Models

Steve Allen,
Principal, UK Market Data Management,
BANK OF AMERICA

Steve Allen is the Market Data Manager for the International business within Bank of America. His role within the COO office of Global Markets is to establish and maintain a market data strategy that will provide the EMEA & Asia business with the most competitive content, tools and services, which scale to the business requirements in the region. Steve works closely with the supplier community, technology, supply chain, finance and compliance to deliver market data solutions that increase the performance of his bank.

• Combining your entire market data inventory in a single view
• Gaining visibility over contracts, invoices, users & consumption levels
• Identifying & eliminating redundant market data sources to drive cost efficiencies
• Using results from usage reports to negotiate more competitive arrangements with vendors & exchanges

…And How Much Market Data Do You Really Need? Understanding How Market Data Is Utilised By The Business In Order To Create A Tighter Alignment With User Requirements

Koenraad De Vos,
Manager, Global Market Data Services,
KBC GROUP

For over eight years Koenraad De Vos has specialised in consultancy services with a particular focus on market data, market data distribution and trading systems. In 2003 he joined the KBC Group where he has led numerous technology implementations across different domains – from sales & trading towards riskmanagement. For the last 2 years Koenraad De Vos has had particular focus in determining and delivering a market data service strategy across the KBC Group. The globalisation,management and expansion of real-time data across differing business lines is today one of his primary targets.

• Beyond consumption: How do your users utilise market data to achieve results?
• Tracking utilisation levels across the business to achieve deeper insight about the strategic value of different data streams
• Leveraging utilisation reports to educate users about their consumption levels, and if necessary to justify the curtailment of unhelpful market data services

Panel: How Much Is Market Data Really Worth? Debating The Future Of Market Data Pricing

Shirley White,
Global Head of Market Data Services,
DEUTSCHE BANK

Ken Richmond,
Global Head of Market Data,
CITI

Katherine Grantham,
Global Head of Change Management, Enterprise Data Management,
HSBC

John Serocold,
Director,
LONDON INVESTMENT BANKING ASSOCIATION

John has been a director of the London Investment Banking Association (LIBA) since July 2000. He is currently heavily involved in LIBA’s work on the Code of Conduct and target2-Securities. In addition to clearing and settlement issues, his responsibilities include LIBA’s work on possible exchange consolidation, securities trading issues generally, exchange fees, conflicts of interest, enhanced disclosure and market abuse. During his time at LIBA, John has acted as secretary to both the Securities Trading and Corporate Finance Committees. He led LIBA’s work on the proposals for a clearing and settlement directive and its work on the prospectus and market abuse directives, as well as contributing to work on the Markets in Financial Instruments Directive. Katherine Grantham is the Global Head of Change Management for Enterprise Data Management, HSBC. In her current role, Katherine and her team manage significant programmes across both market data and instrument reference data for HSBC's Global Banking & Markets division. Recent programmes have included a Global Market Data Cost Saving Programme, which generated savings of over $10min 2006, and delivering value on the Enterprise License Agreement with Reuters (2007). 2008 initiatives include a Data Operations Transformation Programme, migrating global reference data maintenance tasks to a single hub in Bangalore, India, as well as implementing GRDS, HSBC's strategic reference data solution, working closely with IT to deliver a single strategic source of reference data to credit, fixed income & equities asset classes as well as generic services such as calendar, ratings and cross reference.

Shirley White started in the financial industry back in 1989 working for Telerate as a Client Support executive on TTS (The Trading Service). She moved into a core sales environment selling Dow Jones Telerate Data to mid tier investment institutions in the City of London before leaving DowJones Telerate in June 1998 and starting at Deutsche Bank in the Market Data Technology Department as a Senior Business Analyst. In 2006 was promoted to the role of Global Market Data Manager for the Global Markets Division, responsible for driving the GM strategy for Market Data and being the main face off to Global Markets Market Data vendors along with management of the market data budget for the division.

Kenneth Richmond is currently Managing Director and Global Head of Market Data at Citigroup. Previously, he headed applications development at The NASDAQ Stock Market, including market data applications, and the UTP SIP Tape C plan. Prior to that, he served as Senior Vice President, and head of applications development at Charles Schwab Capital Markets. He has been involved with Market Data and it’s evolution for over 20 years. He holds an MBA from the University of Michigan, and a BA in Economics from Clark University.

Examining the emergence of new market data pricing models:

• Pay per device
• Pay per application
• Pay per server
• Does charging on a per-user basis take into account the growth of algorithmic (ie non-human) trading?
• What are the compliance implications of moving to a per-application or per-server pricing model?
• Should exchanges charge for delayed data?

Getting To Grips With Emerging Market Data In Order To Boost Your Activity In High-Growth Markets & Diversify Your Investment Risk

• Establishing dialogue with business lines to determine the suitability of emerging market data for new and existing trading strategies
• Which markets should you connect to? Making your decision on the basis of:
• Growth potential
• Volatility
• Data cleanliness & reliability
• Is latency an issue? Making your decision about whether to source the data directly or do so through a vendor
• Managing emerging market risk: Implementing intelligent filtering technologies to remove errors caused by unsophisticated systems and a high degree manual processing at the source

Managing Market Data For The Long Term, And Making It Productive

Duncan Ash,
SYBASE

Duncan has worked in the software industry for 15 years and focussed on delivering a diverse range of solutions to the Banking and Retail markets. In the past few years Duncan's focus has been Business Intelligence and its applications within the financial services industry. Duncan is working to deliver solutions for Market Data and Reference Data that allow users to manage and analyse many years of data in the same environment.

The capital markets industry creates and consumes vast quantities of market data. In this key presentation, Sybase will explore the potential of quickly capturing and consolidating high volumes of live market data with vast stores of historical data in a single, powerful risk and trade data repository to enable faster reactions to market opportunities.

Evaluating The Progress Towards Standardisation In The Market Data Industry In Order To Avoid Frequently Repeated Mistakes & Accelerate Future Progress

Mike Atkin,
President,
EDM COUNCIL

Michael Atkin is the Managing Director of the EDM Council. The Council is a business forum for financial institutions and has been designed to enable senior officers responsible for content management to share information on the business strategies and practical implementation realities associated achieving enterprise-wide control over data content. Mike has been a facilitator and financial information industry advocate for over 20 years and has previously managed the SIIA’s Financial Information Services Division (FISD) and established it as a neutral business forum for exchanges, data vendors and financial institutions to address the strategic and commercial issues associated with market and reference data management. He has also been involved with many other organizations including the Reference Data Coalition (REDAC) and the UK Reference Data User Group (RDUG). He was a member of the SEC’s Advisory Committee on Market Data and a member of both ISO TC68 and ANSI X9D.

• Examining the need for a common language for market data professionals
• Achieving consensus on the meaning of important terminology
• Identifying the mistakes which are most frequently repeated by junior and mid-level market data professionals
• Retaining intellectual capital & improving training to avoid the mistakes of the past

Making Sense Of Data

Mark Elkins,
Strategy Manager, Financial Services,
SAS UK

Mark Elkins is the market strategy manager for financial services, SAS UK. His role involves working with the financial services sales and alliance teams to define the strategic direction of SAS in the UK financial sector.

Mark has more that 12 years experience in the financial services industry, beginning his career as a retail bank manager. Since then he has worked in a marketing capacity for various technology and banking organisations including Lucent Technologies, Telewest Communications, Logica and HSBC. His most recently role was with Market- Smart Ltd as a director developing strategies and marketing programmes targeting the financial services sector.

The ability to access any data source; cleanse, transform, aggregate, load and manage that data to support business initiatives is of utmost importance. Therefore, the ability to integrate data from different applications (prices, commodities, financial instruments, etc) and bring them together in a unified format is the foundation for successful decision making.

Mark’s presentation will focus on the following key areas:

• Performance, speed and timeliness of information is key. The ability to process massive volumes of data and make sense of this is the challenge
• The need for data quality/accuracy to ensure correct information is being acted upon
• The use of analytics to uncover patterns/ trends in huge volumes of data is the true source of competitive advantage

Panel: Does Consolidation Mean The End Of Competition? Understanding How Consolidation Of Exchanges & Vendors Will Affect The Market Landscape In 2009

Alexandra Balloff,
Global Head of Market Data,
WEST LB

John White,
Principal, Data Management,
STATE STREET GLOBAL ADVISORS

Sally Hinds,
Global Head of Enterprise Data Management,
HSBC

John Serocold,
Director,
LONDON INVESTMENT BANKING ASSOCIATION

Alexandra Balloff is Global Head of Market Data Management at West LB, responsible for all market data issues (MD Admin, MD Analysis, MD Technical) for WestLB group worldwide. Her most notable achievement was founding and setting up a global market data management team (beforehand market data was handled by individual business units) and optimising the market data and market data systems landscape.

John manages the Investment Management Data Services group for State Street Global Advisors, which is responsible for investment data vendor relationships worldwide. In addition, his team provides investment content expertise and support for various internal data applications and to the company's technical and investment groups (including security master). John has over 20 years of experience in the investment data field.

Sally Hinds has worked for over 25 years in the Financial Services industry. She has an extremely diverse background, having worked for end-user firms (Morgan Grenfell, UBS and CSFB), exchanges (London Stock Exchange) and market data vendors (Telerate, Reuters and Pont Data). She joined HSBC in October 2005 to head up the global market data team, and in April 2006 also took on responsibility for instrument reference data. Prior to joining HSBC she worked for two consultancy firms (BCS and Capco) where she managed a number of market and reference data projects for global investment banks. Sally was the founding member of the Information Providers User Group (IPUG), the market data industry pressure group and is on the board of the EDM Council.

John has been a director of the London Investment Banking Association (LIBA) since July 2000. He is currently heavily involved in LIBA’s work on the Code of Conduct and target2-Securities. In addition to clearing and settlement issues, his responsibilities include LIBA’s work on possible exchange consolidation, securities trading issues generally, exchange fees, conflicts of interest, enhanced disclosure and market abuse. During his time at LIBA, John has acted as secretary to both the Securities Trading and Corporate Finance Committees. He led LIBA’s work on the proposals for a clearing and settlement directive and its work on the prospectus and market abuse directives, as well as contributing to work on the Markets in Financial Instruments Directive. Katherine Grantham is the Global Head of Change Management for Enterprise Data Management, HSBC. In her current role, Katherine and her team manage significant programmes across both market data and instrument reference data for HSBC's Global Banking & Markets division. Recent programmes have included a Global Market Data Cost Saving Programme, which generated savings of over $10min 2006, and delivering value on the Enterprise License Agreement with Reuters (2007). 2008 initiatives include a Data Operations Transformation Programme, migrating global reference data maintenance tasks to a single hub in Bangalore, India, as well as implementing GRDS, HSBC's strategic reference data solution, working closely with IT to deliver a single strategic source of reference data to credit, fixed income & equities asset classes as well as generic services such as calendar, ratings and cross reference.

• Understanding the factors at work in today’s competitive landscape:
• Increased pressure to control rising market data costs
• Difficulty of keeping up with feed change orders from exchanges
• Regulatory requirements
• Stricter enforcement of constantly changing pricing models
• How successfully are vendors currently meeting the concerns of market data consumers?
• Understanding how the motivation to innovate will change in a more consolidated environment