Market Data Trading Technology training course March, April 2009

1. Four separately
John Best
bookable days in Director and Senior Consultant,
London and New York Tutor KeNDALe SYSTeMS AND SeRvICeS LTD.
incisive-events.com/marketdata
Market data
& technology
training
New York London
30-31 March & 1-2 April 2009 20-23 April 2009
Introduction to market data
Day Day The regulatory environment
1 3
and dealing room technologies affecting market data systems
and the world of reference data
Technical advances in market
Day Day Data administration and cost
2 4
data systems control in market data systems

2. Market data & New York London
30 March 2009 20 April 2009
technology training
Market Data & Technology Training
— March/April 2009
Day
About the course Introduction to market data and
1
dealing room technologies
Despite challenging business conditions This course unit provides a comprehensive
in the finance sector, banks and other introduction to the world of real time and
reference data, its sourcing, distribution and
institutions continue to implement higher underlying technologies. Additionally a review
performance and broader based market of the competitive landscape is undertaken
highlighting the main vendors and other suppliers
data systems. Some organisations are in the market data industry. This unit is aimed at
focusing on improved market access those new to market data or those wanting to get
upto speed with latest developments.
and others are looking for overall price/
performance value. 0900 Registration & coffee
0930 A summary of the global financial markets
The first, one day course unit, is designed — Brief history of the markets
— Roles and interactions of financial institutions
to provide an overview and introduction — Regulatory frameworks
— Introducing traded securities
to the market data business, its systems Market data types and sources
1015
and vendors. The first day provides a — Exchange and OTC data
— Calculated and pricing reference data
general introduction and each subsequent — Instant messaging
— News, commentary and analytics
day covers in more detail a key subject
1045 Morning break
area. 1100 Market data usage in a typical investment bank
— Roles of front middle and back office
– Price discovery
Attendees will gain key understandings – Risk management
– Trade settlement
of the technical, administrative and – Increasing usage by compliance
regulatory aspects of the market data 1145 Underlying market data system technologies
— The basic building blocks
arena. The latest low latency real-time – Networks/servers/workstations
market data as well as reference data – Network evolution
– Gold builds and managing upgrades
systems are explained and investigated. — Wide area networks
– Private/managed networks
The final day also hones in on the methods – MPLS and other offerings
– Role of the internet
used to deliver cost effective access to — Added Value Network Components
market data, in particular managing costs – NAS and SAN solutions
– Application and database servers
in the current environment. This course — Virtualisation
– New approaches to performance and resilience
is aimed at those who have particular
1230 Lunch
interest or responsibilities for market data Overview of market data systems
1330
in all its forms. — Terminal products
— Real time data feeds
— Reference data feeds
— Market data platforms
— Enterprise data management systems
1400 Disaster Recovery and Business Continuity
Market data vendor landscape
1415 — Overall market shape and size
— Trends over the last 3 years
— Vendor relative market share
— Comparison of relative vendor growth
call— +44 0870 240 8859/ +1 (212) 457 7789

3. 1445 Focus on Reuters
New York London
— Brief history
— Collection and distribution infrastructure
31 March 2009 21 April 2009
— Platform and workstation product offerings
– RMDS, Direct Feeds, 3000xtra, Reuters Trading
— Core strengths and weaknesses
Day Technical advances in market data
1500 Afternoon break
2
systems
1515 Focus on Bloomberg
This course unit focussed in detail on the
— Brief history
— Collection and distribution infrastructures technologies delivering markert data with the
— Product offerings minimum of latency. All components of data
– The Bloomberg Professional, B-Pipe, Data Licence
collection and distribution infrastructure are
— Core strengths and weaknesses
investigated, utilising direct feeds, low latency
1545 Other Vendors – Thomson, IDC, Telekurs etc.
platforms and algo-trading systems. The publishing
— Finding comparable and alternate products
of data is also reviewed including, enterprise wide
– Sector strengths
data publishing, the efficient use of real time data
– Product offerings and demonstrations
in Excel and accessing vendor networks using their
1615 Impact analysis of current vendor merger activities
contributions capabilities.
1630 Principles of market data cost control
0900 Systematic and low latency users of market data
— Typical cost breakdown
— Typical requirements in an investment bank
— Areas of focus in rising & falling markets
— Using Reuters DACS and Bloomberg Usage reports
0930 Low latency & direct exchange feeds
— New Reuters Pricing Model — What really is latency?
1700 — Differences between direct feeds
Questions and Close
— Supplier offerings examined
1730 End of day one
— Issues around feed integration
1030 Morning break
Low latency platforms
1100 — Drivers and technologies explained
— Example platform architectures
– RMDS6, 29West, Caplin, Wombat, IBM and others
explained
— Performance and latency measurement
1200 The Algo-Trading market and concepts
— Market trends and asset class migration
— Programme v algo trading
— Algo trading objectives
— A typical algo trading system examined
1230 Lunch
1330 The real costs of machine usage of market data
— Derived data and redistribution definitions
— Classifications in the new Reuters pricing model
— Wholesale distribution options
1400 Data publishing and contributions - a primer
— Who publishes and why
— Publishing and contribution systems - a summary
1430 Afternoon break
Understanding vendor contributions requirements
1445 — Contributing to Bloomberg via MPF
– Data structures in Bloomberg
– Review of main message types
– Working with the Bloomberg test system
— Contributing to Reuters via Marketlink
– The Reuters data model
– Variations on Marketlink
– Understanding the impact of throttling
1500 Publishing and distributing real time data with excel
— The challenges of using real time data in excel
– Awareness of current limitations
– Advantages of changing from DDE to RTD
– Utilising excel 12 (Office 2007)
– Live examples of exploiting real time data in excel
1600 Excel and compliance
— Regulatory interests and concerns
— Managing excel in the trading room environment
1630 Questions and Close
1700 End of day two
web— www.incisive-events.com/marketdata
email— traininginfo@incisivemedia.com

4. New York London
New York London
2 April 2009 23 April 2009
1 April 2009 22 April 2009
Market Data & Technology Training
Day Day
—March/April 2009
The regulatory environment Data administration and cost control
3 4
affecting market data systems and in market data systems
the world of reference data Market data costs can be some of the largest items on the
budget for financial institutions. This course unit provides
This course provides a comprehensive
a comprehensive breakdown of the costs, their origins and
introduction to the world of reference data,
techniques for managing them. Included are examples from
its sourcing, distribution and underlying real world market data cost management exercises.
technologies. Additionally increasing regulatory
impact on the financial market systems continues 0900 Cost components of market data
to be a key driver and this is reviewed in light of — Exchange & vendor fee liabilities
— Packaging options
the latest developments in this area. — Finding the true cost of market data
0945
0900 Reuters DACS and Bloomberg usage reports
Market Data aspects of regulation and compliance
— Interpreting the reports
— The regulatory driving forces affecting market data — What additional information is required
0930 MiFID regulatory aims and objectives 1015 The Reuters new pricing model
— Comparison of Law against implementation — Reuters objectives
— Potential user exposure
– The key clauses
1030
– Timetable and impact Morning break
— Industry responses and current offerings
1045 Market data management tools
1045 — What addition information is useful for cost
Morning break
management?
1100 Basel II – Vendor comparison tools
— Brief history and objectives – Getting more detail than DACS and Bloomberg
usage reports
— Market data and operational risk
— Other it and market data implications
1130 Market Data and Inventory Systems
— Example systems and outputs
1145 The Scene in the USA
1230 Lunch
— Impact and l essons from RegNMS
1330 Strategies for cost control
1215 Future Trends in Regulation
— Alternate data sources
— What’s next in the pipeline? — 2nd tier vendors
1230 — Can direct feeds be used to reduce costs?
Lunch
— Using delayed, snapshot and end of day data
1330 Reference Data
1415 Maintaining Savings
— A definition of reference data as opposed to real time market — User level reporting
data — Techniques for getting management support
— How reference data is used within large financial institutions
1445 Afternoon break
1400 Sources of Reference Data Market data control and cost saving case studies
1500
— Reference data“Feeds” — Examples from Investment banks perspective
— Online databases – Savings realised by
– Negotiation, data replacement, technology
1430 Corporate Actions — Examples from consultants perspective
— Overview of ISO 15022
1545 Course Session workshop (1)
— Examples of corporate and class actions — Delegate review of market data cost control initiatives
— Vendors and products
1615 Course Session workshop (2)
1515 Afternoon break — Delegate driven review of topics raised over the whole
course
1530 Special Regulation Affecting Reference Data
1645 Questions & Close
— UCITS III
1700 End of course
1600 Storage and Management of Reference Data
— Symbology
— Ownership of data
— Data Repositories
1630 Enterprise Data Management
— Challenges facing EDM implementations
— Example based on the worlds largest EDM implementation
1645 Questions and Close
1700 End of day three
call— +44 0870 240 8859/ +1 (212) 457 7789

5. Copenhagen
Financial
Information FREE
attendance
Summit 2009 for qualified
delegates
from financial
institutions
Upcoming Financial Information Summits
in 2009
Market data
North
Reference data
American
Enterprise data
management
New York,
Data infrastructures
May 20, 2009
Algorithmic trading www.financialinformationsummit.com/na
Regulation and
market structure
European
London,
September 22, 2009
www.financialinformationsummit.com/eu
Asia Pacific
To discuss specific
sponsorship packages that
would suit your individual Hong Kong,
requirements please November 2009
contact: www.financialinformationsummit.com/ap
Lee Hartt
T: +44 (0)20 7484 9907
E: lee.hartt@
incisivemedia.com
www.financialinformationsummit.com
email— traininginfo@incisivemedia.com web— www.incisive-events.com/marketdata

6. Market data &
technology
training
Market Data & Technology Training
—March/April 2009
I would like to attend:
New York London
US$1999 per day £1099*per day
20 April 2009 22 April 2009
30 March 2009 1 April 2009
21 April 2009 23 April 2009
31 March 2009 2 April 2009
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7. Market data &
technology
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Market Data & Technology Training
— March/April 2009
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Inside Market Data www.insidemarketdata.com
February 2, 2009
Tibco Rolls Out Rendezvous Appliance Volume 24, Number 18
GFI Launches Eastern European Data
—Later this architecture, Tibco officials nents. Tibco also plans to it; however, they haven’t had
week, Tibco Software plans to claim that the new platform release a limited edition that many requests for it yet.
Interdealer broker GFI will this month launch the broker is planning to release, officials say.
announce the availability of the can support up to 10 mil- will offer four 1 Gbps Ethernet Tibco and Solace Systems
a new data product that will provide foreign GFI will distribute the Eastern European
5 Delivery Technologies
new appliance-based version lion messages per second. “It ports, but will be exactly the announced the new platform
exchange rates and money market data from data through its existing channels, including
Chi-Tech Ups Euro Coverage
of its Rendezvous messaging can completely saturate either same in all other features and in May 2008 (DWT, May 5,
Russia, Ukraine and Kazakhstan, officials say. via the broker’s direct feeds and redistribution
platform. eight 1 Gbps Ethernet net- functionality. McNamara says 2008). Beta testing with cli-
The data is being sourced directly from GFI’s licenses with third-party data vendors. “We’ll
5 euNetworks Expands
Developed with content work connections or two 10 the limited edition offering will ents commenced in September
Eastern European broking desk in London, distribute the data via our FTP servers and
in Germany
router provider Solace Systems, Gbps Ethernet connections,” be targeted for firms looking 2008. The vendors have eight
which trades a range of derivatives instruments, data downloads from our Web site, as well as
the new platform has Tibco’s says McNamara. for low latency and improved to 10 beta units installed in a
including non-deliverable forwards (NDFs), via vendor feeds,” says Philip Winstone, global
6 Research & Commentary
Rendezvous 8 burned into the Tibco plans to offer two ver- predictability, but without the mix of large banks and small
forward rate agreements (FRAs), basis, cross- head of data sales at GFI.
appliance’s field programmable sions of the product. The pri- messaging volume require- and midsize hedge funds. YouDevise Improves TIM
currency and interest rate swaps (IRSs). Non-deliverable forwards prices are available
gate arrays (FPGAs) and appli- mary offering will be a 4-U ments of its larger sibling unit. With the appliance offering’s Analysis
The new product, dubbed Emerging Mar- denominated in Russian rouble, Kazakhstan
cation-specific integrated cir- rack-mountable unit that can Vendor officials say that if performance improvement
cuits (ASICs), explains Rourke be configured with eight 1 they receive demand from over Tibco’s strictly software- kets—Eastern Europe, comprises data that was tenge and Ukrainian hryvnia, and include a
7 Data Display & Analytics
McNamara, director of prod- Gbps Ethernet connections or customers asking for Infini- based implementations of Ren- previously not distributed, and is the first in a
Aleri Bolsters Risk Analytics
uct marketing with Tibco. two 10 Gbps Ethernet ports Band connectivity capabilities, series of new emerging markets data products continued on page
By adopting a purpose-built and fully redundant compo- they will develop support for continued on page 4 9 Organization Strategy
First Derivatives Boosts
Tibco Debuts Messaging ‘Appliance’
Baikal Selects TradElect
Equiduct Trading Sets
Data Focus
Tibco will this week unveil its new hardware- The clients are mainly trading and invest-
New Launch Date
9 Industry Issues
—The London to conduct a review proc- based messaging appliance, which embeds the ment firms that have large existing installations
Data Certification Gets Nod
Stock Exchange’s (LSE’s) ess through the end of last vendor’s Rendezvous middleware product into of Rendezvous and are looking to reduce the
—After pushing back the process and are now in dark-liquidity trading plat- year.”
networking hardware to reduce messaging number of servers required to support their
the launch date for Equiduct talks with firms, he says. form, Baikal, will run on the Last month, the LSE
latency and server space requirements while messaging functions, as well as firms that co-
Trading, the multilateral trad- The undisclosed members exchange’s TradElect trading announced two senior
handling rising data throughput. locate trading engines at exchange datacenters,
ing facility’s (MTF’s) officials are testing Equiduct’s plat- platform and is scheduled to appointments to Baikal (DWT,
Almost 10 clients are now testing the appli- who can save rack space and eliminate network
4 Opening Cross
expect the venue to go live form, which was developed go live in June this year, Jan. 19). The exchange has
ance, which entered beta testing in September switches to further cut latency using the appli-
later this quarter. in 2000 and adapted for the according to recent industry appointed Natan Tiefenbrun
after Tibco announced the new product last ance, says Rourke McNamara, director of
5 Herd
A soft launch was originally European Association of reports. and Chris Rennoldson com-
May with messaging hardware provider Solace product marketing at Tibco.
scheduled for July (DWT, Securities Dealers Automated “TradElect is likely to play mercial director and COO,
Systems, which is Tibco’s manufacturing part-
6 Scrolling News
June 16, 2008) and then for Quotation (Easdaq), Nasdaq some part in Baikal, but we respectively. Both will report
ner for the appliance (IMD, May 5, 2008). continued on page
September last year (DWT, Europe and Nasdaq Deutsch- won’t be in a position to to John Wilson, who was
• Breaking News
July 14, 2008). Artur Fischer, land. The technology is set announce or confirm this, or named CEO of Baikal last
co-CEO of Equiduct Trad- to offer an average message any other vendors and part- November (DWT, Nov. 3,
PhaseCap Rolls Out StreamBase CEP
MDSL Shuffles Execs
ing, attributes the delay to the latency of 2 to 3 milliseconds, ners, for another few weeks,” 2008).
UK-based market data cost
current market turmoil, which says Fischer. says an LSE spokesperson. LSE officials expect to
Boston-based PhaseCapital, a new quantitative reflect orders and fills captured from markets
management software vendor
has affected member firms as Equiduct maintains its orig- The original technology plan announce Baikal’s CTO this
investment firm that will launch next month, via its execution management system—which
MDSL has realigned its senior
well as potential new clients. for Baikal has changed, the
has rolled out technology from complex event is also built using StreamBase’s platform—and
staff to take over the duties of
MTF officials have restarted spokesperson says. “We had
continued on page 4 continued on page 4
processing software vendor StreamBase Systems for building adapters between different compo-
for managing market and trade data within the nents of the system and each datafeed.
continued on page 6
firm’s proprietary algorithmic trading system. “The StreamBase technology enables us to
The firm, which will initially focus on trading generate signals from our Thomson Datafeed.
US equities, exchange-traded funds, real estate The signaling is highly optimized to each
investment trusts and futures, has used the soft- individual data thread, and then feeds into the
ware to build its trading system and feed inter- ‘brain’ of the system, our Portfolio Manage-
faces to support algorithmic-based trading. ment and Risk engine,” says Eric Pritchett,
© 2009 Incisive Media Investments Limited
This includes managing state handling of its chief executive and portfolio manager at Phase-
Unauthorized photocopying or facsimile
distribution of this copyrighted
consolidated order book to combine price data
newsletter is prohibited.
from incoming feeds and FIX messages that continued on page 4
All rights reserved. ISSN 1047-2908.
DWT020209.indd 1 30/1/09 13:56:35
IMD090202.indd 1 30/1/09 19:58:23
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