Event Agenda

View the course agenda here

Market Data London Agenda

Both days led by tutors John Best and David Curran of KSS Training

Day One | Wednesday November 20, 2019


Registration and refreshments


The markets  

  • Evolution of capital markets and securities trading
  • Differences between commercial and investment banking 
  • The role of financial markets today 
  • The trade lifecycle 

Participants in the financial markets 

  • Buy side and sell side 
  • IDBs 
  • Exchanges and the lesser regulated trading venues 
  • Supporting services 

The internal functions of financial institutions 

•    Front, middle and back office functions
•    Trading, research, portfolio management 
•    Risk management, pricing 
•    Clearing and settlement 
•    Direct market access and auto execution 


Morning break


Market oversight and regulation 

  • The supervisory landscape 
  • Governments 
  • The bank of international settlement (BIS) 
  • Central banks 
  • Types of regulation 
  • Regulators 

Major asset classes 

  • Equities
  • Stocks, shares and equity-linked securities
  • Fixed income 
  • Government, municipal and corporate bonds 
  • Asset-backed securities 
  • Floaters, convertibles, islamic bonds
  • Short/medium-term debt 
  • FX markets 
  • Commodities
  • Derivatives
  • Futures, options and swaps and credit derivatives 
  • Structured products  

Issues and challenges – the markets 

  • Global – Basel I, II, III
  • The US markets – from RegNMS to Dodd-Frank
  • The European Union – from MiFID to MiFID II / MiFIR 
  • Origins and impacts of the 'credit crunch' 
  • Challenges in Asia 




Market data sources  

  • Contributed data 
  • Exchange data
  • Regulated markets, reported data, data packages 
  • Lesser regulated trading venues 
  • Vendor generated data 
  • Internal sources, added value data

Types of market data 

  • What do we mean by market data? 
  • Data packaging 
  • Fundamental data 
  • Company and economic fundamentals 
  • Delivery options 
  • Historical and time series data 
  • Types and uses 
  • Valuations data 
  • Regulatory drivers 
  • The importance of independent valuations 
  • Credit ratings data 
  • The uses of ratings data 
  • Ratings scales, ratings agencies 
  • Indices 
  • Index calculation methods 
  • Index providers, index licensing 
  • News and commentary - types of news and commentary, major providers, machine readable news 
  • Messaging 
  • Reference data 
  • Instrument and counterparty reference data 
  • Corporate actions 


Afternoon break


Standards: essential for straight-through processing and good data quality 

  • Standards goals for achieving STP 
  • The challenges for standards - role of ISO 
  • Instrument and business entity identifiers – CUSIPs, RIC codes, Bloomberg FIGI, LEI etc 
  • Data model for instruments – ISO 20022 and the EDM Council 
  • Messaging standards – ISO 15022 and FIX 

Issues and trends – the data 

  • ECB market utility for securities reference data 
  • Impact of ‘socially responsible investing’ 


End of day one

Day Two | Thursday November 21, 2019




Summary of technology building blocks 

  • Hardware
  • Operating systems
  • Software development, buy or build
  • Programming languages
  • Connectivity and hosting
  • Distribution strategies and protocols
  • Network components
  • Wide and local area networks
  • Bandwidth and latency considerations
  • Hosting and co-location
  • Reliability and stability

Summary of datafeeds 

  • Principles of datafeed delivery including data representation
  • Primitive data types, datafeed packaging, datafeed protocols
  • Aggregated and hybrid datafeeds
  • Comparison of vendors
  • Direct datafeeds
  • Examples from exchanges, MTFs and brokers

Market data distribution systems (workstations and platforms)

  • Workstations, Bloomberg and Eikon
  • Refinitiv enterprise platform (inc TREP & RMDS)
  • Summary of non-Thomson Reuters platforms and messaging systems
  • BM, Infomatica (29West), Vela (inc NYSE &Wombat), Activ Financial, Tibco


Morning break


Overview of financial sector specific applications 

  • Charting & technical analysis
  • Risk management
  • Traditional trading systems inc OMS & EMS
  • Pricing systems

Algorithmic trading from a business perspective 

  • The anatomy of an algo trading system 
  • Differentiators 

   Price publishing and contributions 

  • Publishing and multi-vendor contributions systems 
  • Refinitive (Thomson Reuters) Arcontech, MDX
  • Fixing rates
  • Regulatory concerns inc. the libor and FX fixing scandals

Issues and trends – the technology 

  • HTML5 & Web 2.0
  • Clouds, Grid and Virtual Computing
  • The algo and HFT debate




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, Refinitiv (Thomson Reuters)
  • 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 Bloomberg, Refinitive (Thomson Reuters), ICE Data, Six Financial, Morningstar, Standard & Poor’s, Dow Jones, FactSet, IHS Markit
  • Sample Exchanges and MTFs: NYSE, LSE, DBG, BATS, Chi-X
  • Regional niche players
  • Specialist players

Summary of market data job functions 

  • Consumer firms
  • Vendor firms
  • Exchanges & regulators

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


Afternoon break


FISD and the FIA exam 

  • FISD the organisation
  • The aims and objectives of the FIA exam
  • Registration for the FIA exam
  • Exam locations
  • Moving and rescheduling the exam
  • Discounts

Exam preparation - after day one

  • Simple sample exam questions
  • Vendor and product categorisation exercise

Exam preparation – after day two

  • Hard sample exam questions
  • Flash cards
  • Market data dictionary and glossary
  • Accessing additional KSS training support


End of course