FISD Welcomes NYSE GDLA Consultation
Members of industry association FISD’s Consumer Constituency Group have welcomed efforts by NYSE Euronext to consult end-user firms over its upcoming Global Data License Agreement, which will introduce new policy for usage reporting, unit of count, and how it charges for use of derived data and data in non-display applications (IMD, July 9).
NYSE Euronext first approached the CCG last month to communicate its proposals to members among banks, brokerages, investment firms and hedge funds, who were then given the opportunity to respond to the proposals and put questions directly to the exchange, says CCG co-chair Tristan Dehaan.
“Not only has NYSE spoken to the CCG and its members, but it has also given us a period of consultation—an extended period to shape and reshape the policy to make sure everyone is happy,” before the policy is finalized later this year and rolled out in 2013, Dehaan says
In recent months, exchanges and vendors—such as Nasdaq and S&P Indices (IMD, March 12; July 2)—have come under fire from data consumer groups for introducing policy changes too quickly. In contrast, Dehaan says NYSE’s move to engage customers in developing the new policy over a year-long time period is valuable not just to the exchange in terms of receiving feedback, but also to end-users, who typically make a one-year plan of data projects and spend, whereas data providers typically provide only 90 days’ notice—at best—of new policies and fees.
“Exchanges and vendors don’t think these [changes] up on the spur of the moment,” Dehaan says. “We’ve always said in the past, ‘Tell us at the time of development, then we can work together.’ That way, the customer feels listened to and valued, and he also has time to inform the business internally and make the necessary changes” in preparation for new requirements.
Dehaan says the CCG’s decision to present the London Stock Exchange with a Best of the Best in Excellence (“Bobbie”) award at the FISD Europe Conference in Paris in March, in recognition of the clarity of its commercial policies, played a role in encouraging NYSE to engage with customers.
“The Bobie award is purely about the fact that the LSE went to do something that had impact for the client, and they recognized this by engaging and giving end-users time to reconstruct budgets and time to implement. Mike Hodgson, [head of licensing for global market data at NYSE Euronext] saw this and understood that if a vendor is going to change something, it can either go ahead and do what it wants, or can try to do it the more sensible way and work together and create something which the customer is satisfied with,” Dehaan adds.
Looking forward, he says the CCG is hopeful that similar levels of customer engagement will be a new trend for vendors and exchanges seeking to implement fee or policy changes, and is encouraging NYSE Euronext to share its experiences with other data sources among vendors and exchanges, to alleviate fears that consulting with customers will only lead to confrontation over fee increases.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Hub to lay off 20% of staff, sources say
Hub’s CEO says this is simply a case of a startup trying to stay nimble and efficient; others say it points to deeper issues.
TS Imagine integrates LTX’s pre-trade analytics tool
Users of the fixed-income EMS will now have access to LTX’s Liquidity Cloud tool, which provides a pre-trade score for the likelihood of trading success.
After contentious Opra upgrades, vendors brace for a faster future
Upgrades to the datafeed widely used to gauge the current market price for options contracts went into effect in February after three separate delays, which market participants say were caused by persistent bandwidth issues at some important recipients.
The IMD Wrap: No more turf wars, or why CDOs should heed the Voice of the CTO
Max reviews how our recent Voice of the CTO series has implications for those beyond a firm’s technology function, and how communication and collaboration between tech, data, and leadership will deliver better results.
Dark horse: Deutsche Börse building dark pool
New functionality allowing exchange members to execute sweep trades comes hot on the heels of European rival Euronext launching its own dark pool.
Man Group’s proprietary data platform is a timesaver for quants
The investment firm’s head of data delves into its alt data strategy and use of AI tools to boost quant efficiency.
Waters Wrap: The tough climb for startups
Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.
As crypto ETFs become reality, benchmark providers take center stage
The SEC’s approval of the first spot bitcoin ETFs will expose a growing number of traditional market participants to the maturing world of crypto data, a moment that some—such as CF Benchmarks, BlackRock’s benchmark provider—have been eagerly awaiting.
Most read
- Women in Technology & Data Awards 2024: All the winners and why they won
- Witad Awards 2024: Above and beyond award (vendor)—Susan Bennett, Tradeweb
- Fighting FAIRR: Inside the bill aiming to keep AI and algos honest