This year’s FISD Christmas Party wasn’t just about mulled wine and festive cheer – it was a melting pot of ideas, with leading voices in the Market Data industry discussing some of the most pressing topics of the day. Here’s a recap of the standout panel sessions:
Panel 1: Clarifying Regulatory Implementation
Regulation continues to be one of the most challenging areas for the Market Data ecosystem. This panel, moderated by Mark Schaedel (DataBP), featured Rafailia-Maria Gkilla (Cboe Europe) and Stephen Hanks (FCA), who provided valuable insights into simplifying regulatory compliance.
Key takeaways included:
Bridging the communication gap: There’s often a disconnect between regulators, data providers, and end users, leading to unnecessary complexity. Better channels for dialogue can help ensure clarity and alignment on compliance requirements.
Education is key: Misinterpretation of regulatory frameworks can lead to costly mistakes. The panel highlighted the importance of ongoing education for market participants to understand their responsibilities fully.
Collaboration is essential: Effective regulation requires collaboration between the industry and regulators to create rules that encourage innovation while maintaining transparency and fairness.
The panel reminded us that while the regulatory landscape may be daunting, it is also an opportunity to improve trust and efficiency in the market.
Panel 2: Solving the Symbology Spaghetti
The financial industry has long grappled with the complexities of financial instrument identifiers, or “symbology spaghetti.” Tim Baker (Expero), Steven Davis (Morgan Stanley), and Richard Young (Bloomberg) tackled this challenging topic, offering both frustrations and solutions.
Key points and solutions discussed included:
Standardisation is vital: Symbology systems like FIGI represent a step toward a unified, open-source identifier ecosystem, but resistance from legacy systems like CUSIP slows progress. Industry-wide adoption of a universal standard could reduce inefficiencies.
Data quality matters: Inconsistent and inaccurate identifiers create friction in trade processing and reconciliation. Implementing rigorous validation and regular audits could help eliminate errors and build trust in the data.
Technology can transform: Artificial intelligence and machine learning offer scalable solutions to map, reconcile, and manage identifiers. Cloud platforms can enable real-time updates and foster better collaboration across teams.
Collaboration is a must: The solution to symbology fragmentation lies in joint efforts between financial institutions, regulators, and data providers. Forums like FISD play a crucial role in fostering the dialogue needed for meaningful progress.
Licensing reform: The high cost of proprietary identifiers such as CUSIP acts as a barrier, particularly for smaller institutions. Adopting open-source solutions like FIGI could democratise access and reduce operational costs across the board.
The panel left attendees with a clear message: solving symbology spaghetti is not just a technical challenge but a collective responsibility that demands bold action and innovative thinking.
Panel 3: Wanted – Superheroes
The final panel explored a pressing industry issue: attracting and retaining the next generation of Market Data professionals. Moderated by Yousaf Hafeez (Radianz), with insights from Craig Scott (Datagum), Catherine Ottway (CJC) and Leslie Nutakor (Bloomberg) the discussion focused on how the industry can shake off its ‘boring’ reputation and appeal to fresh talent.
Key takeaways included:
Broaden the search: The panel urged companies to go beyond traditional hiring criteria, advocating for recruitment strategies that value curiosity, adaptability, and problem-solving over rigid qualifications. Candidates from non-typical backgrounds can bring fresh ideas and innovative approaches.
Diversity is key: Younger generations bring a wealth of diverse skills and perspectives. Embracing this diversity fosters creativity and makes teams more adaptable to change.
Internships as gateways: Structured internship programmes can help bridge the gap between education and full-time employment, giving young professionals hands-on experience while allowing organisations to identify promising talent.
Real responsibility from day one: To engage and retain young talent, companies must offer meaningful work that allows them to showcase their skills and contribute to key projects. Empowering junior employees builds confidence and fosters loyalty.
Company culture matters: A supportive and inclusive culture, combined with mentoring and structured development programmes, plays a critical role in attracting and retaining top talent. As the panel noted, employees want to feel part of a team where they can grow both professionally and personally.
As Craig Scott remarked, “Young professionals want to see the impact of their work. Give them the tools, the guidance, and the responsibility, and they’ll reward you with fresh perspectives and long-term commitment.”
These panels showcased the best of what the FISD Christmas Party had to offer – sharp insights, engaging debates, and plenty of food for thought. Now, who’s ready for 2025?
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