FISD Governance Advisory Committee

					                     SIIA / Financial Information Services Division
                             Executive Committee – Zurich
                            March 11, 2008 – Meeting Notes


Participants: Siekerka (Reuters – Chair), Banerjee (Telekurs – Vice-Chair), Gross
(Deutsche Boerse), Williams (Credit Suisse), McElligott (CME Group), Burch (Interactive Data),
McLean (Interactive Data), Jacobi (Citi), Flynn (Fidelity), Lai (SGX), Taylor (Bloomberg),
Pritchard (Rights Management), Pickles (BT), Etheridge (Jordan & Jordan), Mangan (Lehman
Brothers), Merritt (Nasdaq), Pons (Thomson Financial), Roche (Thomson Financial), Wakefield
(Thomson Financial), Preiss (Standard & Poor’s), Sivillica (Telekurs), Wasch, Davin, Cummings,
Merritt (FISD/SIIA)

Operations and Governance Advisory Committee (Chairs: Claire Pons):
 Notes and report from February 25 meeting of the GOAC follow in this document (pages 3
   and 4)
 FISD Financials – The updated FY 2008 forecast was reviewed. The main new observation
   is that FISD net revenues are expected to exceed budget, and previous forecasts, despite a
   significant amount of consolidation among FISD members.
 Annual Update to SIIA-FISD Service Level Analysis – The EC reviewed the latest update to
   the analysis of the services that SIIA provides for FISD and agreed that they were roughly
   appropriate given FISD’s expenditures with SIIA.
 Events
        o 2009 World Financial Information Conference
        o CY 2008 Event Calendar – The EC reviewed the rest of the calendar year.
 Executive Committee Elections – The results were reviewed
 APPROVED ACTION ITEM on Executive Committee Leadership – The Exec Committee
   approved a waiver of Article II, Section 5 of the FISD By-Laws through the end of CY 2008.
   As a result, Niel Siekerka (Reuters) and Sara Banerjee (Telekurs) will be able to serve as
   Chair and Vice-Chair, respectively despite the fact that they both represent vendor members.
 Training and Certification – The EC was advised that the work plan for preliminary research
   stage was approved by Training & Certification Steering Committee, and approved the
   expenditure of an additional $4,000 on the project.
 New FISD.net – FISD expects to introduce in Q2 of 2008 a totally revised version of
   FISD.net which will feature better support for FISD working groups and online collaboration
   tools. The staff will likely be seeking member involvement in testing the new site.
 Membership Development – The EC reviewed the latest activity related to membership
   development including recent member additions and non-renewals. The vast majority of non-
   renewals are related to merger/acquisition situations. The EC suggested some possible new
   member opportunities.

Business Issues Advisory Committee (Co-chairs: Jeannie Merritt and Leo Vozel):
 Staff report for BIAC follow in this document (page 5 and 6)
 BIPPS – Recent focus has been on policies of data providers for usage of data in internal
   administrative functions (sales, marketing, systems development, etc.). The working group
   has forwarded to exchange members a Questionnaire requesting information for their usage
   policies and drafted a Best Practice Recommendation for policy regarding internal data usage.
 Derived Data and Non-Display Usage Group – A new group has been established to discuss
   these issues.
 Audit Working Group – Staff reported that a strong start has been made with the second
   meeting scheduled for March 18.


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   Billing and Invoice Working Group – The staff reported on recent activities.
   Service Level and Communications Working Group – Staff reported that a press release was
    issued regarding the completion and approval of version 2.0 of the best practice document.

Securities Processing Automation Advisory Committee (Co-chairs: John Bottega and John
White):
 Staff report for SPA-AC follows in this document (pages 7 and 8)
 ISO Working Groups
        o WG 8 – International Business Entity Identifier – The EC discussed the activities of
            FISD working group and possible opportunity to coordinate with other industry
            groups.
 MDDL
        o The staff reported that Open Source licensing was completed for MDDL
        o MDDL/ISO 19312 Mapping Activity – The staff reported that this activity was
            underway with a Wiki as an online collaborative tool to allow the industry to share
            information.
 Event content – The staff is developing content focused on Anti-Money Laundering for the
   June meeting in NYC.




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                      SIIA / Financial Information Services Division
                     Governance and Operations Advisory Committee
                      Meeting Notes and Report for Exec Committee
                                    February 25, 2008

Financials:
There are no major new developments since the last forecast. We still expect to add significantly
to the FISD’s reserve. We are starting to see membership dues losses from consolidations but
they have been more than offset by growth of revenue from new and existing members.

Annual Update of SIIA-FISD Service Level Analysis:
The staff has updated the Service Level Analysis that was done in each of the last three years (see
attached Excel workbook). The estimated amount that SIIA spends to support FISD exceeds the
amount that FISD spends on SIIA core support by approximately $30,000. In general, SIIA
management and FISD staff are satisfied with the way the Business Model has worked over the
last year.

Events:
2009 World Financial Information Conference:          FISD/SIIA is researching the following
locations based on the response from the 2007 WFIC regarding 2009 sites:

Athens
Dublin
Madrid

Based on the research completed to date, all locations are viable. Staff will provide a full report to
the Governance Operations Advisory Committee (GOAC) with a recommended destination city.
If other members of the FISD Executive Committee would like to participate in this meeting,
please contact Elizabeth Cummings.

CY 2008 Event Calendar
February 20:         Issue Brief - New York
March 9-11:          General Meeting –Zurich
April:               Local Meetings – Asia
                     Seoul – April 21
                     Tokyo – April 23
                     Sydney – April 29
May 30               Moscow Local Meeting
June 2:              Issue Brief - London
June 12              General Meeting & Reception (in conjunction with SIFMA) - New York
September 10         General Meeting - London
Oct 20-22            Asia-Pacific Financial Information Conference (partner with Incisive)
November 12          Issue Brief – Chicago
December 2           Issue Brief & Market Data Holiday Party - London
December 16          General Meeting & Market Data Holiday Party - New York City




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Executive Committee Elections:
Here are the final results of the Exec Committee selection process for the seats whose term Ends
December 2009 (new member companies are bolded):

Member                           Contact(s)                               Constituent Group
SGX                              Lai Kok Leong                            Exchange
Deutsche Boerse                  Georg Gross                              Exchange
Montreal Exchange                Jean Yves Trempe                         Exchange
NYSE Euronext                    Ron Jordan/Andre Went                    Exchange
The TSX Group                    Michael McCrea                           Exchange
Jordan & Jordan                  Leo Vozel                                Vendor
Reuters                          Niel Siekerka                            Vendor
Rights Management                Reg Pritchard                            Vendor
Standard & Poors                 Samantha Gordon                          Vendor
Thomson Financial                Claire Pons/Jocelyn Killeen              Vendor
Citi                             Rich Jacobi/Julia Sutton                 Consumer
Credit Suisse                    Ian Williams                             Consumer
Fidelity Investments             Ed Flynn                                 Consumer
Lehman Brothers                  Bill Mangan                              Consumer
Deutsche Bank                    Shirley White                            Consumer

Chair/Vice-Chair:       As noted in an earlier e-mail, the FISD By-Laws provide for an annual
election of the Exec Committee's Chair and Vice-Chair. To date, only the incumbents - Sara and
Niel - have nominated themselves. Niel has nominated himself for the Chair position and Sara
has nominated herself for the Vice-Chair position. Sara and Niel represent the same constituency
(Vendor) even though the By-Laws require that the Chair/Vice-Chair be of different
constituencies. This requirement was waived by the EC last year so that Sara and Niel could
serve as Chair and Vice-Chair for one year. It was proposed to the EC that Niel and Sara carry
on as Chair and Vice-Chair through December 2008. No objection to this proposal (or perhaps
more important, no competing nomination) has been made to date.

Certification Facility:
The staff has reached an arrangement with Atradia Consulting to conduct the research phase of
the Certification Facility initiative. Of the total payment to Atradia 60% will be paid by the SIIA
and 40% will be paid by FISD (out of its excess revenues and/or reserve). The GOAC approved
this expenditure.

The work plan for this project was forwarded to the Training & Certification Steering Group for
their meeting on February 27. The Steering Group approved the work plan and FISD/SIIA has
contracted with Atradia for this work.




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                        FISD Business Issues Advisory Committee
                            Report to Executive Committee
                                   March 4, 2008

Audit Working Group:
In December 2007 the FISD Executive Committee approved creation of a WG focused on the
audit process as a result of comments and feedback from BIPPS WG members. The Audit WG
currently consists of 53 FISD members representing all membership constituencies. The
inaugural meeting was held on February 6 and included a thorough review of previous FISD
work on this topic. Agreement within the WG is to focus on creating a document of Best Practice
Recommendations. This document will likely incorporate previous Code of Practice and Concept
Paper work done by FISD. The next meeting is scheduled for March 18, 2008.

BIPPS Working Group:
Internal Administrative Data Usage:
The BIPPS WG is focused on policies of data providers for usage of data in internal
administrative functions such as sales and marketing, customer support, training, systems
development, disaster/back-up sites, etc. WG members are attempting to increase transparency of
the various usage policies for data users and promote greater uniformity in these policies among
data distributors. The WG has forwarded to exchange members a Questionnaire requesting
information for their usage policies. In addition, the WG has drafted a Best Practice
Recommendation for policy regarding internal data usage which is near finalization.

Non-Display and Derived Data:
We have opened this discussion up to those in the ad hoc group (all data vendors and consumers)
with a stated interest in following this issue and the response has been dramatic. The new group
has more than two dozen FISD members who are involved in this topic and want to continue the
discussion. One of the group’s first tasks will be to discuss inclusion of others outside of the
CCG and Data Vendor Sub Group.

Billing and Invoice Working Group:
The December 2007 meeting included a well attended and thorough review of the major
recommendations from the BPR document approved in May 2007. The WG’s current focus is on
a possible survey for invoice recipients to reflect the use of recommended policy by the invoice
providers and the possible inclusion of a recommendation for printing invoices in different
languages. FISD Staff also continues to reach out to member firms not represented in this WG to
encourage their participation and input.

Service Level and Communications Working Group:
The updated and revised BPRs (originally created by this WG in 2004) were approved by the
Executive Committee in our December 2007 meeting. A press release regarding the new
document was issued on February 6, 2008. Updates to the new revised version include adding a
new core section dealing with Administrative and Policy Changes, creating an Executive
Summary section and additional guidance on implementing change. The WG’s primary focus
now will be on communicating these changes and updates to industry participants.




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Anti-Piracy Working Group:
Recent activity within this WG has focused on market data piracy in China. Reuters has identified
firms they feel are pirating market data in China. FISD Staff is working to measure the extent
among other FISD members of data piracy by these firms in China. In addition, the WG is
seeking to educate targeted audiences about piracy and unauthorized use of data through printed
articles in trade journals, magazines and electronic newsletters.




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  FISD Securities Processing Automation Advisory Committee
        Staff Report to Executive Committee - Q1 2008

Standards Activities

        WG8 – IBEI – Entity Identifiers This group is technically
        being re-started. There has been a new “Call for Experts”
        distributed, FISD has nominated staff both through the US
        ANSI committee and directly to the SC4 convenor. In the
        meantime, FISD WG activity has increased its pace. We have
        held several meetings, developed a survey and targets to
        determine what will help Consumers in building an internal
        business case for investment, and identified possible solutions
        from other industries.

        WG1 – ISIN/CUSIP/ANNA The group is moving in slow
        motion toward some type of resolution on the issue or re-
        writing the convenor’s report. Multiple respondents have
        expressed displeasure with the process and results to date,
        but it is unclear what the resolution will be.

        WG11 – 19312 – Data Model As noted previously, the
        work product of this WG is to be incorporated within the ISO
        20022 efforts.

        For discussion:

           1. Questions related to impact on current FISD WG
              activities.
                  IBEI - ISO WG8 is starting over with a new call for
                     experts. No real movement on this on the ISO
                     front, though ANNA and others are apparently
                     meeting on it. Industry interest and activity is
                     significant – participation in FISD Entity
                     Identification WG is brisk. We are discussing a
                     joint working group approach with EDMC, as we
                     did with MiFID issues.
                  WG1 (6166) –Structured Products and Identifiers
                  WG11 (19312-Data Model) – Now a part of 20022
                     Under WG4 –practical implications?

           2. FISD Working Group activities

                    IBEI – Most recent meeting on 2/20 in NY,
                     significant interest. In recent weeks this group


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                     and the EI review group have grown significantly
                     in size. Approximately 30 member organizations
                     are now represented. Members ask that we avoid
                     duplication of efforts with other organizations.
                    19312/MDDL Feed mapping – Staff has been
                     approached by one member who is interested in
                     possibly contributing an “open source” data
                     dictionary mapping. This activity will be among
                     those supported by new Wiki and website
                     capabilities.

           3. Other Standards Organizations

                    FIX – conversations begun at TS68 plenum, they
                     will have a speaker in Zurich and possibly on
                     stops of April “Asia Tour”.
                    OMG/OASIS – Cross industry discussions of
                     horizontal technologies.

Operational/Organizational

  MDDL
     Open Source Licensing – license posted and press
       announcement released, spike in IOIs.
     Moved the mailing list from Yahoo to FISD hosted forum.

  Other
      FISD Web Site
           o Member and Group Functionality
      FISD Wiki – up and running, working on member
        access/editing policies and content organization for initial
        release.
      List of Lists
           o Will be posted to new site.
      Program Content
           o Discussions w/ ABA/Fortent
              1. Anti-Money laundering
              2. Compliance




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