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.

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: Managing the transaction reporting landscape post Brexit: MiFID II, SFTR, EMIR

The transaction reporting landscape has, for many financial institutions, expanded considerably in size since the end of the UK’s Brexit transition period on 31 December 2020 and the resulting need for double reporting of some transactions to both EU and UK authorities. It has also changed dramatically following the UK government’s failure to reach equivalence...

BLOG

Observational Learning Boosts Data Quality, Improves Reconciliations, Cuts Costs of Exceptions

Large data volumes and manual data validation techniques are making it difficult for firms to achieve levels of data quality required to support seamless transaction processing and regulatory reporting. The problem is exacerbated by MiFID II and other emerging regulations that impose new processes on transaction reporting, including reconciliation of transactions from the trade repository...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in June 2021 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.

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...