Vendors Urge Respect for Local Cultures

"Asia is not unique. We are going to see significant changes in the way the markets operate, and I think regulation will be introduced at a global level," said Frank Desmond, head of Europe and Asia at Tullett Prebon Information. "Arguably, it will be a positive thing, with some negative implications... and high-quality information is very much becoming an in-demand commodity."

However, Asia has come through the crisis "in relatively better shape than the rest of the world," with markets such as Japan and Singapore benefiting from a mature regulatory environment, said James Farrer, managing director for Asia Pacific at Interactive Data. "But valuation is still very difficult, spreads have never been greater, and it is becoming harder to mark to market."

"We see a lot of clients struggling to mark to market," agreed Natasha Hung, data product manager for Asia at GFI. "And not end of day, but intraday. People want prices throughout the day because the market is so volatile."

Key to attracting those clients will be local datasets and truly local operations and expertise, the panel agreed.

"One shouldn't underestimate cultural issues-you have to understand each market and the sensitivities within those markets," Desmond said.

"The most important thing is respecting cultures," said Will Mateu, business development and sales executive for Asia at Icap. "You must look at each local market... and partner with locals that understand the market," rather than merely flying in executives from other regions.

However, finding the right people with local knowledge can prove to be a challenge, Farrer said.

"One of the challenges of an Asia management team is to push back on the US or European idea that 'if you just localize the interface, you become local'," said Mark Loader, head of mid- and back-office sales in Asia for Thomson Reuters' Enterprise division.