The leading knowledge platform for the financial technology industry
The leading 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.

Share article

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.

Related content

WEBINAR

Recorded Webinar: The Transformation of Buy-Side Market Surveillance

Asset managers, hedge funds, insurance firms, and other buy-side firms globally are becoming more active in their approach to market surveillance, as regulatory pressure to up their game mounts. Buy-side firms are now building out their surveillance infrastructure as they seek to respond to the requirements posed by Dodd-Frank, MiFID II and the Market Abuse...

BLOG

New Managed Data Service from Bloomberg Opens up Enterprise-Wide Access

Bloomberg has launched a new managed service, Data License Plus (DL+), to aggregate a client’s Bloomberg data into a single dataset, enabling users to explore and interact with it through a web-based user interface. The new service aims to make DL data easier to access throughout the enterprise, while reducing the need for data processing....

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual which took place in June 2020 was a huge success with over 1,100 delegates registered. We are currently working on our plans for 2021 and we hope to be back with an in-person event. Whatever the future holds you can guarantee our 2021 event will be back with an exceptional guest speaker line up of Regtech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment. Can't wait until 2021? make sure you sign up to our RegTech Summit Virtual, November 2020. More info...

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...