About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SIIA/FISD to Findac: This industry ain’t big enough for the both of us.

Subscribe to our newsletter

Despite much fanfare, the idea of another industry association focused on market and reference data in the form of Findac has petered out before it even started.

After testing the waters for a couple of months, Mike Atkin’s Financial Data Coalition (RDR, February 2005) concluded that it would not be able achieve critical mass, and has therefore ended its brief dalliance with competing head on with the SIIA’s Financial Information Services Division. This came despite the apparent support of key FISD stalwarts New York Stock Exchange and possibly even Reuters.

The outlined plans for Findac, specifically to ‘promote standards and efficiencies in market and reference data’, featured significant overlap with FISD’s own long-established practice. For members, this presented a tough choice: take a risk by endorsing the new industry body in town, stick with the original tried and tested organization, or try to justify two membership fees to essentially duplicate effort on the same issues.

It seems that most industry practitioners decided to stick with the tried and tested option. This is probably good news for the industry, as although competition can result in improved efficiency and better service, in the case of industry bodies aiming to promote standards it could have impeded progress.
Atkin has since parted ways with Strauss International, which was the intended backer for the venture, and has joined market research firm Outsell. FISD, meanwhile, is continuing to pick up the pace again in the reference data space with its recent MiFID activities and more to come.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Proactive RegTech approaches to fighting financial crime

Date: 17 October 2023 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Financial crime is a global problem that costs the economy trillions of dollars a year, despite best efforts by financial services firms, regulators, and governments to stem the flow. As criminals become more sophisticated in how they commit financial...

BLOG

Alveo DIY Data Modelling Supports Faster Onboarding of New Data Sources

Alveo has responded to market demand for reduced cost of change and faster turnaround when onboarding and operationalising new content in areas such as pricing, security master, ESG, and corporate actions, with new data modelling and onboarding capabilities in its Ops360 platform. The capabilities allow data analysts to graphically model, onboard and maintain new data...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Reporting Handbook – First Edition

Welcome to the inaugural edition of A-Team Group’s Regulatory Reporting Handbook, a comprehensive guide to reporting obligations that must be fulfilled by financial institutions on a global basis. The handbook reviews not only the current state of play within the regulatory reporting space, but also looks ahead to identify how institutions should be preparing for...