The Financial Information Services Division of the Software and Information Industry Association (FISD) today announced the release of updated guidelines on market data service levels, response times and communication procedures.
The FISD Best Practice Recommendations on Market Data Service Levels, Response Times and Communication Procedures specifies product management best practices for content providers' distributed market data products. Recommendations cover launch, modification, operations and communications about changes in products. The complete recommendations are available at fisd.net. This 28 page document revises and updates the original recommendations which were approved by the FISD Executive Committee in March 2005.
"The market data industry is growing and changing at a rapid pace. Our Service Level and Communications Working Group recognized a different environment today from that in early 2005 and saw the need to update this document to reflect the current state of the industry and the changing need of our customers. Service resilience and change management are major issues for Reuters' customers and this updated document clearly reflects those needs", said Justin Corp, Global Data Supplier Manager of Reuters, an FISD Service Level and Communications Working Group member.
Both the original document and the updated version set forth a clear and detailed framework on minimum standards for service level response time and escalation procedures to serve as a non-binding best practice for industry wide reference and adoption.
Tom Davin, Vice President of the FISD, said "Over the last three years we've seen a number of firms adopting changes recommended in the original document. We're optimistic that more of these recommendations will be adopted with the release of the updated version."
Several changes are noted in the new document, including additional guidance on scheduled interruptions and change management, a new core section on Administrative and Policy Changes, and a user-friendly Executive Summary.
The Service Level and Communications Working Group will now seek to educate the market data industry regarding the updated recommendations and promote their adoption.