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FISD unveils MiFID data source Web site

31 May 2007  |  1706 views  |  0 Source: Software & Information Industry Association

The Financial Information Services Division of the Software & Information Industry Association (FISD) is pleased to announce the completion of two key initiatives related to the collection and distribution of real-time market transparency information in conformance with the EU’s Markets in Financial Information Directive [MiFID].

The Data Source Website provides contact and product information for new sources of real-time MiFID transparency information. The MiFID Contract and Policy Framework provides industry recommendations for sources of MiFID transparency information for their data usage and distribution agreements and their related policies.

New sources of MiFID real-time transparency information will likely include Systematic Internalisers, Multi-Lateral Trading Facilities, Data Aggregators, and Investment Firms fulfilling their real-time trade reporting obligations.

The Data Source Website was developed by FISD at the direction of its Real-time Market Data Subject Group (RTMDSG). The RTMDSG identified those organizations that are announced or likely sources of real-time OTC market transparency information under the rules of MiFID. For each listed organization, the RTMDSG has compiled product and contact information that has been contributed by RTMDSG members or is available through public sources.

"We hope that this web site will permit data vendors and consumers to more easily identify the various new sources of data that they need to fulfill their customers' needs for MiFID compliance." said Tom Davin, FISD Managing Director. Wherever possible, the FISD and the RTMDSG have attempted to verify the attached information with the individual data sources. While the information that is provided is believed to be correct, the RTMDSG and FISD take no responsibility for its accuracy.

The MiFID Contract and Policy Framework was developed by the FISD's MiFID Contract and Commercial Group. Davin added, "The Framework is a resource for new data sources drafting their distribution and usage agreements and implementing related policies. The Contract/Commercial Group is very interested in engaging with new data providers as they contemplate their contract and polices approaches."

The Framework covers a number of critical areas related to the collection, consolidation, distributioion, and usage of real-time MiFID transparency information, including:
  • Scope of agreements
  • Data usage and distribution policies
  • Commercial terms
  • Notice and lead-time practices
  • Display requirements and data formats
  • Warranty and Liability

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