Singapore

1
Singapore

• 29 October 2007

2
FISD Local MeetingSingapore

• Nick Merritt
• Director, Programs
• Financial Information Services Division
• Software Information Industry Association
• 29 October 2007

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Thank you to our hostSingapore Exchange
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FISD Local Meetings in Asia/PacRim

• FISD Executive Committee stresses increased
  involvement in region
• Several events and meetings since 2004
• Role of Local Meetings
• Semi-annual series of events in major Asia/Pac
  financial centers
• Open to FISD members and non-members for 2007
• Provide opportunity for Asian members to
• Engage more actively in FISD agenda
• Address issues that are unique to the region
• Brief local colleagues on developments within
  their organizations

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Todays Agenda

• Outlook for Asian Markets in the Aftermath of the
  Sub-Prime Turmoil
• ---Rosalind Mathieson Billy Mallard, Dow Jones
• FISD Briefing
• ---Liz Cummings, FISD
• Sourcing Data in a Global Environment
• ---Tee Williams, Tee Williams Associates
• FISD Briefing
• ---Nick Merritt, FISD
• Billing and Invoicing Briefing
• ---David Toomey-Wilson, MDSL
• Networking Reception

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Notice to Members of the Media Please be
advised that quotation or attribution of any
speaker must be granted directly by an individual
speaker. Because companies operate with
potentially different policies, and to give
presenters the freedom to speak candidly, we
assure them that presentations and comments are
off-the-record unless express permission is
granted by an individual to use information from
a presentation or a quote from this conference.

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Singapore

• 29 October 2007

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Outlook for Asia Markets in the Aftermath of
the Subprime TurmoilRosalind Mathieson and
Billy MallardDow Jones Newswires

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Dow Jones Newswires Mission

• The worlds premier independent provider of
  real-time, market-moving financial news for
  financial professionals and their clients.

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Dow Jones Newswires Overview

• Delivers equities, fixed income, foreign
  exchange, commodities and energy news analysis.
• 24 hours a day, seven days a week
• 438,000 subscribers, excluding Website users
• Available through distributors (Reuters, etc.) as
  well as email delivery and DJ Websites.
• License content sets to financial firm intranets
  and customer extranets.

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Real-Time News And Analysis

• Thoughtful coverage of markets and economies
  around the globe
• Instant analysis of breaking news and events.
  Going beyond the what is happening to the why
  it is happening, and the what happens next.
  Using the popular Market Talk format and regular
  market-based columns
• Giving readers the material they need to make
  quick investment decisions
• Utilizing a team of experienced reporters,
  editors and columnists. In-house analysis of
  currencies, derivatives, equities and commodities
  provided via CommentaryPlus
• Tapping market experts for their views

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DJN Editorial Resources

• 1,800 editors and reporters
• 850 DJ Newswires - 90 bureaus (200 staff members
  in Asia-Pacific with 19 bureaus in 15 countries
  in the region).
• 740 Wall Street Journal, including its overseas
  editions.
• 210 other DJ publications (MarketWatch, Barrons,
  SmartMoney).

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Dow Jones Newswires Services

• Flash Headlines Single lines of information
  containing potentially market-moving news that
  subscribers must see immediately.
• Spot News Breaking news that is written about as
  it happens.
• Market Talk Brief, real time commentary about
  events affecting the markets. Updated constantly
  throughout the day and one of the most popular
  features of DJN.
• Market Comments Midday or end-of-day summaries
  on what specific markets are doing. Wraps up
  coverage included in Market Talk throughout the
  day. Broader market wraps on days when markets
  are particularly volatile
• Enterprise Stories or Columns These stories
  provide in-depth, forward looking analysis and
  perspective on spot developments, trends and
  major news. Includes columns filed on a regular
  basis, like Money Talks, Taking Stock and FX
  Asia.

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August Market Crisis

• U.S. subprime mortgage-related worries had been
  around for a while, but snowballed in August,
  sending credit and stock markets around the globe
  into disarray, hurting risk appetite and leading
  to the Federal Reserves 50 basis point interest
  rate cut in September
• It was a busy, challenging and exciting time to
  be writing about financial markets. Each day the
  story changed - sometimes several times within
  the one day. Markets were extremely volatile.

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How we covered markets in August

• Provided 24 hour, global coverage and analysis of
  a constantly evolving story.
• Delivered scoops as the credit crisis unfolded
  in the U.S. and in places like the UK and the
  Australia (e.g. Basis Capital). Far ahead on
  Aussie FX intervention.
• Focused on how funds and banks were coping.
  Looked for points of tension in credit markets.
• Detailed analysis of the effects on stocks,
  currencies, bonds, derivatives, energy and
  commodities. Frequent pan-Asian market update
  stories
• Flows where is the money coming from? And where
  is it going?
• Market columns from experienced writers

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Market Columns

• Volatility Mark II To Be Courtesy Of China? 30
  August 2007 With all eyes on the U.S. economy and
  the fallout from housing sector weakness, some
  are starting to wonder when the next shoe may
  drop - and where.
• Widespread Selling A Stock Picking Opportunity 29
  August 2007 For all the lip service paid to
  decoupling, stock traders in Asia certainly don't
  seem to be willing to put their money behind the
  concept.
• A Fresh Headwind But Not The Beginning Of The End
  28 August 2007 Asia's stock markets and
  currencies have a big headwind Wednesday in the
  form of a slump on Wall Street, but this latest
  wobble doesn't mean we are yet living in
  extraordinary times.
• Hey Mate, What's The Hurry With The Carry Trade?
  23 August 2007 Risk aversion is slowly receding,
  pulling the yen back down with it, and the gap
  between interest rates in Japan and overseas is
  still tantalizingly large.
• Check The Money Supply Speedometer Too 15 August
  2007 Any boy racer will tell you that it's not
  just the size that matters, it's also the speed.
  And so it is with high octane money supply in
  Asia where economies are also in top gear.
• Investors May Find Value Among CDO Wreckage 5
  August 2007 As a lot of dust continues to be
  kicked up around the U.S. subprime and structured
  credit markets, and specifically the
  collateralized debt obligation market, it's
  understandable that investors are fleeing without
  much discretion.

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Outlook For Asian Markets

• Global economy still in good shape, U.S. housing
  slowdown sectoral in nature.
• Debate on whether Asia is decoupling
• Feds Sept 50bp cut both insurance policy,
  preemptive measure. Is likely to cut again Oct.
  31, given weakness in the housing sector and
  despite solid payrolls. In part because markets
  expect action. Some chatter about 50 basis points
  but this could be an over-reaction.
• May be more easing in the pipe after that.
  Question remains the health of the U.S. consumer.
  Stagflation appears highly unlikely.

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Outlook For Asian Markets

• Our general view less sophisticated financial
  markets a positive, Asia to outperform on
  fundamentals
• User-friendly risky assets such as equities to
  benefit most from fund outflows from CDOs, ABS,
  etc. Fund flows to Asia set to continue.
• Relative-value strategies, rather than
  directional exposure, preferred for most asset
  classes, especially fixed income

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Outlook For Asian Markets

• Foreign Exchange Market
• - Further USD weakening after G7 meeting but
  dollar may reassert strength in 2H08.
• USD fall likely more pronounced vs Asian units,
  on stronger local fundamentals, currency
  appreciation hopes intervention risks remain
  though central banks may tolerate some currency
  gains.
• G7 singling out China on the yuan. Periodic
  rumors of one-off revaluation but this seems
  unlikely. Given strong economic data, though,
  China may let the yuan rise faster.

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Outlook For Asian Markets

• Fixed Income Market
• Generally bearish in Asia over local-currency
  bonds, high-grade credits. Cautiously bullish
  over high-yielders.
• Directional bets extremely risky given policy
  uncertainty. Curve trades, swap spread plays
  preferred.
• Dow Jones CommentaryPlus recommends short-term
  2/10 UST curve flattener. Sees opportunities in
  curve steepener in HK, Korea, Taiwan. Swap spread
  tightener in Malaysia, widener in Taiwan, basis
  tightener in Korea.

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Outlook For Asian Markets

• Stock Markets
• Fund inflows have led to repeated record highs in
  Korea, HK, India, Australia and Singapore
• Considerable amount of demand from real money
  coming from structured debt markets
• Valuation concerns growing, especially in China.
  What happens if the China bubble bursts?
  Beijings policy response is key, here
• Room for further Asian rallies though investment
  may become more selective near term
• Techs cutting capex which may help that sector

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Outlook For Asian Markets

• China
• Economy still in robust shape, inflation in
  uptrend but may slow 2H08 at least 1-2 hikes in
  interest rates, RRR before end of 1Q08
• No major breakthrough for CNY regime 5 annual
  appreciation rate remains consensus
• Shanghai stocks expected to set new highs, 8,000
  within reach liquidity, liquidity, liquidity
• More financial sector reforms. Derivatives to
  play bigger role
• Focus on sovereign wealth fund, corporate
  expansion overseas

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Outlook For Asian Markets
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Dow Jones CommentaryPlus Trading Ideas

• Long EUR 2-to-10-Year Butterfly On Hawkish ECB
  Comments
• Consider long EUR IRS 2-5-10-year butterfly given
  normalization of euro money market, recent
  hawkish ECB rhetoric. Belly of curve may rise
  faster vs wings as markets increasingly expect
  ECB to continue rate hikes into 2008.
• Butterfly spread now minus 12 bps (left wing
  parity, right wing 12 bps), could rise to revisit
  June/July year peak at parity, possibly in 2-3
  months. Daily MACD positive since Sept should
  help trade. Stop-loss minus 16 bps.
• Rationale curve's 2-to-5-year section likely to
  normalize further, steepen more than
  5-to-10-year. Butterfly better riskreward than
  playing volatile 5-year tenor vs short or long
  end alone.
• Fundamentals agree. ECB members Axel Weber,
  Nicholas Garganas voiced concerns last week over
  increased inflationary risks in euro-zone
  economy. Weber warned Friday central bank's
  policy stance could even become restrictive, said
  "there is a danger that...there will be a need
  for additional action (on rates), especially
  since the price rises are taking place on a broad
  front and are no longer only attributable to
  energy and food prices." -- Alfred Yeo,
  alfred.yeo_at_dowjones.com

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Dow Jones CommentaryPlus Trading Ideas

• Put On TWD 5-Year Basis-Swap Tightener
• Consider TWD 5-year currency basis-swap
  tightener, taking advantage of excessive widening
  trend in past few months to position for
  medium-term correction.
• IRS now 52 bps above CCS. Basis has potential to
  narrow back toward 37-42 bps in 2-3 months.
  Stop-loss 60 bps. Entry attractive current
  level slightly below late Jan's year high of 62
  bps, well above late May's year low of parity.
• Basis has been widening sharply since early Jun,
  initially driven by sharp receiving spree in CCS
  early Aug but exacerbated by rise in IRS,
  residual CCS receiving in past week or so.
• Market seems to be forming consensus current
  basis level too wide, should correct in coming
  months as CCS needs to catch up with paying trend
  in IRS Taiwan fixed income fundamentals fast
  deteriorating on higher-than-expected domestic
  inflation, resilient local economy, persistent
  central bank hawkishness.
• That said, trade not meant for faint-hearted as
  Taiwan's CCS market notoriously illiquid,
  volatile due to influence of isolated flows.
  However, reward could be equally huge. -- Shen
  Hong, hong.shen_at_dowjones.com

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Singapore

• 29 October 2007

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About FISD

• Financial Information Services Division of the
  Software and Information Industry Association
• Non-profit trade organization that provides a
  global, neutral forum for the financial
  information industry
• Broad areas of focus
• Business issues policies, commercial terms,
  contracts
• Government affairs e.g., MiFID (EU), Reg NMS
  (U.S.)
• Securities processing automation standards,
  technology
• Executive Committee
• - Annual Elections
• - All members eligible to serve

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About FISD

• Membership development
• 140 member companies
• Data Consumers - Banks, Brokerage, Buy-side
• Exchanges and Markets
• Data Vendors Reuters, Bloomberg, Thomson,
  IDC,Telekurs
• Service Providers software, consulting, network
  providers
• Events
• -networking
• -education
• Role of Constituent Groups Opportunity for
  members to meet with their colleagues in similar
  organizations
• Exchanges
• Consumers Banks, Brokerages, and Investment
  Managers
• Vendor all other members
• Data Vendor Sub-group

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FISD Events

• Free to FISD Members
• General Membership Meetings
• London 4 December (Holiday party)
• Thanks to our host Reuters
• Europe 2008 March
• NYC 12 June - in conjunction with SIFMA
  conference Thanks to our host Reuters
• FISD Issue Briefs
• New York 13 December (Holiday party)Thanks to
  our host Credit Suisse
• New York February 2008
• London May 2008
• Master Calendar www.fisd.net/schedules

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Asia Pacific Events

• Local meetings
• Spring 2008
• Asia Pacific Financial Information Summit
• Hong Kong
• Joint event with Incisive Media
• Fall 2008

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Committees and Working Groups

• Participation open to all members
• Meetings held quarterly or as needed
• May attend in person or via teleconference
• Agendas and notes emailed to committee
  participants
• Updates provided to members monthly

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Committees and Working Groups

• FISD Executive Committee
• Securities Processing Automation
• Business Issues
• Operations/Governance
• Standards
• Steering Committee
• WG1 (ISIN) shadow Group
• Entity Identification (IBEI)
• MiFID
• Real-time Market Data
• Contract/Commercial
• MiFID Joint Working Group

• Consumer Reference Data
• Business Issues
• Policy Practice
• Billing Invoice
• Service Level/Communication
• Anti-Piracy
• Constituent Groups
• Consumers
• Vendors
• Data Vendors
• Exchanges
• Training/Certification Study Group

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Training and Certification

• Recent member focus on training and certification
  of industry staff members
• Industry needs more variety and access to quality
  training courses on financial information topics
• Industry would benefit from the creation of one
  or more market data credentials
• Criteria for hiring and promotion
• Staff development goals and opportunities

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Training and CertificationPotential FISD Roles

• Leverage FISDs role as a neutral player in
  industry
• Facilitate delivery of training courses
• Leverage FISD communication, logistic, and
  registration competencies
• Course content and trainers are independent of
  FISD
• Seek companies and individuals with interest and
  aptitude
• Develop and administer qualification tests
• Manage industry database of individuals
  credentials

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Communication

• Monthly Newsletter
• Bi-Monthly Upgrade Magazine
• Weekly Event Announcements
• Year in Review
• Website

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• 29 October 2007

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FISD Working Groups

• Business Issues Agenda
• Business Issues Policy and Practice Standards
  (BIPPS)
• Service Level and Communications
• Anti-Piracy
• Billing and Invoice

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BIPPS Working Group

• Unit of Count
• Metric used by exchanges for measurement of
  fee liability for consumers display of data

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Unit-of-CountAlternative approaches

• Per device/unique user ID
• Basic policy used by many major exchanges
  globally
• Multiple charges for a users access through
  multiple data vendors
• Per user (i.e., per person) across all delivery
  channels (data vendors, internal distributions
  systems, etc.)
• Desired by consumers
• Flexibility in usage and reduces administrative
  burdens
• Requires direct relationship between exchange and
  consumer for reporting, billing, and possibly
  contracting
• Different fee level than per device/unique user
  ID

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Unit-of-CountExchange Concerns Approaches

• Exchange concerns about Per User approach
• Revenue loss in situations where a single user
  accesses through multiple instances/sessions/IDs
• Administrative complexity
• Burden of maintaining direct exchange-consumer
  relationship
• Exchange developments
• Chicago Mercantile Exchange enterprise license
  policy
• DeutscheBoerse
• NASDAQ

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Market Data Audits

• Consumers acknowledge that exchanges need to
  verify revenue streams
• Consumers concern increasing burden of market
  data audits
• More exchanges are auditing
• More frequent audits
• Varying levels of skill/knowledge among exchange
  auditors
• Financial concerns
• Auditor incentives based on amount of back fees
  identified and collected Consumers believe that
  this distorts the objectivity of the audit
• Limits on back fee liability for under-reporting
  situations

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Potential Solutions

• Must maintain exchange confidence in accuracy of
  reporting and fee collection
• Consolidation of exchanges audit activities
• Outside auditor does single review on behalf of
  multiple exchanges
• Use of a single technical review of entitlement
  system (by an outside auditor) that satisfied
  multiple exchanges
• Joint audits by exchange personnel
• More coordination of schedules among exchanges
• More uniform practices across exchanges
• Better training of audit personnel

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Non-display Usage of Data

• Ongoing discussions in BIPPS working group and
  Exchange and Consumer Constituent Groups
• www.fisd.net/mdadmin/BIPPS_20Derived20Data_Non-
  Display_20Definitions_White20Paper.pdf
• Exchange concern As use of algorithmic trading
  (black boxes etc.) increases, more use of
  exchange data does not involve display of data to
  users
• Data value continues, or increases, but data
  revenues decline because fewer people are looking
  at it

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Non-Display Usage

• Vendor and consumers concerns that exchanges
  approaches may
• Inhibit flexibility in usage
• Increase administrative burden unnecessarily
• Inadvertent exposure to back fees from honest
  misunderstanding of policies
• Consumers are seeking
• Simple fee structures
• Low administrative burden on them (and exchanges
  too)

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Service Level and Communications

• Group originally created in 2004 and published
  best practices document
• http//www.fisd.net/Mdadmin/BPR_033105.pdf
• Five areas of focus
• Scheduled Interruptions and Change Management
• Unplanned Interruptions
• Notification Periods for General Activities
• Systems Considerations and Data Recovery
• Administrative and Policy Changes
• Document is being reviewed and revised

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Anti-Piracy Working Group

• Members concerns regarding misuse of members
  content
• Exchanges
• Market operators and data consolidators
• News services
• Rating agencies
• Three types of pirates
• Inadvertent
• Rationalizer
• Malicious

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Anti-Piracy Working Group

• Focus on Two Functions
• Education
• Communication

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Singapore

• 29 October 2007

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Billing and Invoice Working GroupBriefing on
Best Practice Recommendations

• 29 October 2007

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Billing and Invoice Working Group

• Open member forum to discuss billing and invoice
  issues
• Participants
• Consumers
• Vendors
• Exchanges
• Inventory Management System providers
• Consultants
• Formed in December 2005
• Group meets monthly (approximately)
• New members welcome

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Best Practice Recommendations

• Billing/Invoice Recommendations - support
  electronic invoicing
• Standard Data Elements
• Billing best practices
• Sample Invoice
• Draft Recommendations recently distributed to
  major Consumer member firms seeking
• Understanding
• Feedback
• Endorsement
• Final version
• Will incorporate Consumer comments and
  endorsements
• Will be provided to exchanges, content providers,
  and vendors (Invoice Providers)
• Adoption of full recommendations by Invoice
  Providers is a long-term proposition
  recommendations prioritized

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Contributions from a variety of member firms

• Alliance Bernstein Goldman Sachs Putnam
  Investments
• Amex HSBC RBC
• ASX ixPartners Reuters
• Bank of America Jordan Jordan TCB Data Systems
• Bloomberg Lehman Brothers TD Ameritrade
• Caxton MDSL The Capital Group
• Charles Schwab Merrill Lynch TRG
• Credit Suisse Morgan Stanley TSX
• Fidelity NASDAQ UBS
• FISD NYBOT

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The Six Recommendations

• Billing Options
• Invoice Information
• Payment
• Customer Service
• Billing Cycles
• Reporting
• High Priority Items are in bold, italics

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Billing Options

• Invoice in an electronic format - not .pdf!
• Offer the option of Self-invoicing
• Customer controls its users access to a
  Providers services (e.g., data feeds) and
  reports those users to the Provider.
• Customer creates its own invoice for a Providers
  service, based on the its control of its users
  access to the service
• Customer submits the invoice and associated
  payment
• Offer options
• Multiple copies to multiple contacts
• Hardcopy and/or electronic
• Electronic access to invoice copies
• Providers should initiate the billing process
• an invoice
• a notice that an invoice has been created and is
  ready to be accessed

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Invoice Information

• Customers can review the usage reporting that
  vendors provide to exchanges
• Electronic files should be synchronized with the
  paper invoice that it supports
• Invoiced amount matches inventory data on the
  invoice.
• Offer different levels of detail
• a notice that a new invoice is available
• a summary with high-level break-outs
• a complete detail report current inventory and
  current period changes

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Invoice Information(continued)

• Product descriptions on invoices should match
  product descriptions in Providers contracts.
• Invoices should indicate whether the population
  was taken from current reporting, or a prior
  month.
• Flag (current vs. prior month)
• Date of receipt of the report used to create the
  invoice.
• Invoices should include the Customers
  Provider-assigned account numbers

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Payment

• Invoices in the currency that best allows the
  Customer to process and pay the invoice
• Automated electronic payment should be
  facilitated.
• Provider should provide all necessary electronic
  payment information
• ABA number and routing instructions
• Wire transfer numbers
• ACH numbers

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Customer Service

• Each customer should have a dedicated
  representative
• or at least each question/issue owned by a
  representative until resolution
• Telephone and e-mail access to billing
  departments for questions, complaints,
  corrections etc.
• Mechanism that allows Customers to track the
  resolution of issues
• Web access for Customers to view their
  populations, recent invoices, and payments

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Billing Cycles

• Uniform monthly cut-off date for reporting across
  Providers
• All Providers include all reporting received
  prior to the standard cut-off date (e.g., the
  15th of each month).
• Bill in full-month increments
• No billing based on pro-rated monthly usage.
• Pro-rated billing adds complexity without
  economic benefit.
• Bill in advance for amounts that are
  contractually or otherwise committed and
  therefore unlikely to be subsequently adjusted.
• Billing in arrears for charges and populations
  that can fluctuate on a monthly basis.
• Monthly billing periods are preferred over
  quarterly billing periods for charges and
  populations that can fluctuate on a monthly
  basis.

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Reporting

• Zero populations should be reported using the
  numeral 0 i.e., not a blank, space, etc.
• Each reporting organization should take its
  snapshot consistently at the same time of the
  month, each month.
• Providers should not require that all vendors and
  customers take their population snapshots on the
  same specific day of the month.

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Market Data Billing Schema

• Standard data elements used to generate invoices
  and report product inventory
• Defined and organized in the Market Data
  Invoicing Schema (MDI Schema).
• Model invoice included that demonstrates how the
  various data elements could be presented.

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Market Data Billing Schema

• Four groups of data elements
• Invoice description information
• Information about the invoice producer
• Information about the invoice recipient
• Invoice detail that lists each location, the
  product inventory, and charges
• Required data elements
• Invoice and account numbers
• Effective dates
• Population usage counts
• Optional data elements - Customers option
• Customer PO s
• Customer identifiers locations etc.

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Time to take Action

• Please join in the effort to benefit all of us
• Review the recommendations and give your support
• Copies of the Best Practices Document are
  available here with sample invoices

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Customer Involvement

• Best Practice Recommendations
• Review
• Comment
• Endorse
• Participate in Billing Invoice Working Group
• Join monthly calls/meetings
• Join mailing list to receive agendas and meeting
  reports
• Let Tom Davin (tdavin_at_siia.net) know
• Link to Best Practice Recommendations
• http//www.fisd.net/mdadmin/biwg_project06.asp

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Thank you

• Contact details
• David Toomey-Wilson
• President, MDSL
• 381 Fifth Avenue, 6th Floor
• New York, NY 10016
• Telephone [phone]
• Mobile [phone]
• Email david.toomey-wilson_at_mdsl.com

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• 29 October 2007

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FISD Working Group Activities

• Securities Processing and Standards

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MDDL

• Market Data Definition Language
• Open, XML-based standard for interchange of
  financial information
• Pricing
• Securities set-up
• Corporate actions
• MDDL 3.0 has been completed
• Completes initial scope for standard
• Includes full documentation
• See www.MDDL.org

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ISO Standards Activities

• WG1 ISO 6166 (ISIN)
• Re-certification WG1 Task
• FISD Shadow Group has been influential
• Significant variances in ISO participants
  agendas around licensing terms

• WG8 ISO 16372 (IBEI)
• 10 year attempt to create a standard just failed
  for the second time.
• Increasing pressure KYC and AML
• Member Group forming

• WG11 ISO 19312 (Securities Data Model)
• Subset of MDDL model
• May be incorporated into 20022 Repository
• Final revision occurring now
• Member Group in discussion

• WG4 ISO 20022 (UNIFI)
• Modeling Methodology and Repository for all
  Financial Services
• FISD Staff active on WG4
• www.iso20022.org

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FISD Technology Track

• Technology companies comprise a growing portion
  of FISD membership
• FISD seeking to create an agenda track to serve
  them
• Variety of potential media working groups,
  seminars, speaker series, white papers, blogs
• Potential subject areas
• Security/threat tracking - track and quantify
  risk exposure
• Mobile Applications
• Compliance
• Tool Tracking
• Others?

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