S U N D A Y   S E P T E M B E R   2 3 10:00 AM Golf Tournament: FISD Market Data Cup Newport National Golf Club Sponsored by Tullett Prebon Information 12:30 - 3:30 PM Tour of Newport Enjoy the charm of Newport’s historic buildings and restored homes on this narrated tour covering over 150 points of interest. Take in the rugged beauty of Ten-Mile Ocean Drive and the fabulous mansions along tree-lined Bellevue Avenue, plus a visit to famous Vanderbilt home, The Breakers. 6:00 - 8:00 PM Welcome Reception M O N D A Y   S E P T E M B E R   2 4 7:30 - 8:30 AM Registration/Breakfast/Exhibits 8:30 - 8:45 AM Welcome to WFIC 2007 Program Co-Chairs: Sara Banerjee, Vice President, Data Operations, Telekurs Financial Ludwig D'Angelo, Vice President, JP Morgan Chase 8:45 - 9:15 AM Keynote: Building a Global Marketplace through Technology and Innovation Jeff Sprecher Founder and CEO, IntercontinentalExchange (ICE) 9:15 - 10:15 AM Hedge Funds: Their Market Data Needs & Its Influence on the Industry A look at hedge funds' market data needs and how they are different from those of "traditional" consumers firms like banks, brokerages, and investment managers. Will their needs influence the types of market data products that the industry will see in coming years? Issues could include data timeliness, policy/contractual concerns, and confidentiality. Moderator: Rich Shriver, Jordan & Jordan Speakers: Mehmet Batman, Consultant, Open Systems Technologies, Inc. Nigel Cheetham, Product Manager - JRisk, Reuters Darren Duffy, Vice President - Global Head of Production, Lipper Carl Lennartson, Halcyon Asset Management 10:15 - 10:45 AM Break 10:45 - 11:30 AM Why We Buy What You Want to Sell: The Customers Opine  Financial professionals' success depends on their financial information products, and the success of financial information products depends on the support of financial professionals. In this session, we ask the professional users of market data services - the actual traders, brokers, and analysts themselves - to opine on what they like, what frustrates them, and what they need in the future. Moderator: Ludwig D'Angelo, Vice President, JP Morgan Chase Panelists: Chip Fauver, Executive Director and Global Business Manager for Corporate Research, JPMorgan Chase Patrick Kerr, Vice President, Deutsche Bank Marc W. Lowenthal, Vice President, Investment Analytics, Pyramis Global Advisors, A Fidelity Investments Company 11:30 AM - 12:30 PM A Spin Around the Pac-Rim All exchanges offer a broad range of services many of which are very similar, but there is much to learn from how they are different. This session will offer perspectives from a wide variety of PacRim exchanges with a focus on their uniqueness in the region. Content will include expanding markets, technological advances, consolidation and distinctive business models. Moderator: Ferdy Rusdiyono, Assistant Vice President, Data Services, Singapore Exchange Panelists: Saji Cherian, Bombay Stock Exchange Limited Columba Cryan, Head of Information Products and Fund Services, New Zealand Exchange Kiang Dalaroy, Chief Information Officer, Shanghai Stock Exchange Information and Network (Infonet) Ltd. 12:30 - 1:30 PM Lunch: FISD Briefing Business Issues Nick Merritt, Program Director, FISD/SIIA 1:30 - 2:30 PM Traffic & Latency: The more things change... Timely market data and the provision of adequate data delivery capacity have always been of keen interest to the market data industry. However as the markets evolve, a whole new set of challenges are developing related to algorithmic trading, dark liquidity pools, and MiFID. And what are the prospects for the ever-growing volume of U.S. options data? Listen and be involved in a discussion on the impact of these developments on market data distribution. Moderator: Kevin Formby, Head of Provider Development, BT Global Financial Services Panelists: Mike Bournes, Head of Real Time Data Sales and Vendor Alliances, London Stock Exchange Mark Hepsworth, President, Interactive Data Real-Time Services Jeff Wells, Vice President of Product Management, Exegy 2:30 - 3:30 PM Trends in Transparency and Liquidity: Dark Pools Pools of private liquidity accessible only to institutional traders have emerged in the past two years at a rapid rate - estimates are that from less than 1% of equity trades being crossed in these venues 2 years ago, they may now make up as much as 10% of all equity trades in the US. While utilizing dark pools can greatly reduce market impact for some blocks, they raise a host of questions related to internalization, proprietary trading desks, liquidity dispersal, connectivity between pools, pricing, and other market characteristics. Come join us as we explore the current state and possible future directions of dark pools and related developments. And of course, the question on everyone's mind - When and where will the regulators show up? Moderator: David Anderson, Atradia Consulting Panelists: Randall Hopkins, Vice President, Nasdaq Jeromee Johnson, 3D Markets Brian Pears, Senior Vice President at NYFIX Transaction Services Matt Simon, TABB Group 3:30 - 4:15 PM What is My Data Line Anyway? Data providers and practioners role play to solve a variety of reference data challenges. Moderator: John Bottega, Chief Data Officer, Citi Markets & Banking Panelists: Janet K. Crowley, President, FAME & referencePoint SunGard Barry Raskin, President, Telekurs (USA) Niel Siekerka, Senior VP, Global Head of Market Data Baldwin Smith, Director and Head of the Global Fixed Income Index Group, Credit Suisse John M. White, Global Manager, Investment Management Data Services, State Street Global Advisors 6:30 PM Award Dinner at RoseCliff Mansion Sponsored by BT Global Financial Services & EXFEED Enjoy a gourmet meal in this breathtaking mansion, modeled after the Grand Trianon at Versailles. This semi-formal banquet includes a reception and 5-star meal. The Market Data Lifetime Achievement Award will be presented to one of the four 2007 nominees. T U E S D A Y   S E P T E M B E R   2 5 8:00 - 9:00 AM Registration/Breakfast/Exhibits 9:00 - 9:15 AM Opening Remarks - WFIC Program Co-Chair Ludwig D'Angelo, Vice President, JP Morgan Chase 9:15 - 9:45 AM Keynote: Political and Policy Perspectives Rick Lazio Executive Vice President, Global Government Affairs and Public Policy, JPMorgan Chase 9:45 - 10:45 AM The View from C-Level Senior executives from global players in the financial information industry discuss the challenges and opportunities that their organizations face. What do global customers want? What are the implications of industry consolidation - fewer suppliers, fewer customers? What role do alliances and acquisitions play going forward? Moderator: Ian Williams, Global Head of Market Information Business Management, Credit Suisse Panelists: Ray D'Arcy, President - Sales, Marketing and Institutional Business Development, Interactive Data Corporation Phil Lynch, President and CEO, Asset Control Bernie Weinstein, Senior Managing Director, Cantor Market Data Holger Wohlenberg, Head of Market Data & Analytics, Deutsche Boerse 10:45 - 11:15 AM Break 11:15 AM - 12:15 PM Middle East & African Exchanges: "What's in it for MEA?" This session will explore the financial information environment of this large and incredibly diverse region including: Macro factors driving the growth on each exchange and the speed in which they are growing. Similarities and differences in their communication and administrative practices and polices. Products and services that have been developed and are being developed to support growth and is consolidation likely for this regions. Moderator: Yousaf Hafeez, Director, Provider Development, BT Global Financial Services Panelists: Maher Asham, CEO, Egypt for Information Dissemination Nader Azar, Deputy Chief Executive Officer, Amman Exchange Sunil Benimadhu, CEO, Stock Exchange of Mauritius Ana Forssman, Senior General Manager, Information Products Sales, JSE Ltd. 12:15 - 1:15 PM Lunch: FISD Briefing Securities Processing Automation Bill Nichols, Program Director, FISD/SIIA 1:15 - 2:15 PM Sourcing Data in a Global Environment Vendors and users are continually challenged by market data provider policies and processes that add work and costs to market data sourcing without adding appreciable benefits. Panelists from downstream vendors and consumer firms will propose alternatives to these policies and processes that will reduce this burden without undermining essential interests of the data providers. Exchange panelists will respond to these proposals and the audience will have an opportunity to weigh-in on the proposals via an automated polling system. Moderator: Tee Williams, Tee Williams Associates Panelists: Ruben Perera, Manager, Information & Products, Bolsa Mexicana de Valores Socrates G. Lazaridis, Vice President, Athens Exchange S.A. Bill Lee, Morgan Stanley Andrew McLean, Vice President - Third Party Content, Interactive Data Claus Thorball, Head Market Data, OMX AB Rich Urian, Managing Director, TD Ameritrade 2:15 - 3:15 PM Direct Feeds: Commercial Impacts Whether it be user firms, exchanges, interdealer brokers or data aggregators, all are having to accept and in most cases adapt to the growing demand for and availability of direct feeds. Where has this demand come from and what is driving it? How does it impact on the well known dichotomy within user firms between the market data department’s desire to reduce costs and a business unit’s concern with efficacy of operation? What are the implications for each industry participant not just on a commercial level but also on a technical level? Is this a sign of the industry changing direction? Moderator: David Anderson, Principal, Atradia Consulting Panelists: Chris Dearie, Global Head Direct Feeds, Tullett Prebon Information Paul Ellis, COO, Fixnetix Georg Gross, Head of Front Office Data & Analytics - Deutsche Borse Andy Hunt, Executive Director, Global Head of Trading Technology, JP Morgan Chase Bill Ruvo, Vice President and Business Manager, Reuters Datafeed MiFID: The Storm before the Storm The European Markets in Financial Instruments Directive - MiFID - will go into effect on November 2007. This session will provide an overview of MiFID's key aspects and impacts, discussion of the last-minute implementation challenges, and debate on the likely post-MiFID landscape. Moderator: Chris Pickles, Manager, Industry Relations, BT Global Financial Services Panelists: Mike Bundy, Chief Technology Officer, Instinet Chi-x Markus Heer, Director, Back Office Data & Analytics, Deutsche Boerse Simon Leighton-Porter, FIX Protocol Ltd and Director, Rapid Addition Ltd Edgar Minihan, MiFID Specialist, Interactive Data (Europe) Ltd 3:15 - 4:15 PM Direct Feeds: Technical Challenges Whether it be user firms, exchanges, interdealer brokers or data aggregators, all are having to accept and in most cases adapt to the growing demand for and availability of direct feeds. Where has this demand come from and what is driving it? How does it impact on the well known dichotomy within user firms between the market data department’s desire to reduce costs and a business unit’s concern with efficacy of operation? What are the implications for each industry participant not just on a commercial level but also on a technical level? Is this a sign of the industry changing direction? Moderator: Robert Wallos, Global Head of Market Data Architecture, Citigroup Panelists: Ken Barnes, Vice President, Business & Planning, Wombat Financial Software Don DeLoach, President & CEO, Aleri Peter Lankford, Director, STAC J. Barry Thompson, Founder and CEO, Tervela Off-Shoring & Outsourcing: Who is doing What Where with Whom? In today's global economy, there are more opportunities than ever to hand off key responsibilities and processes to outside contractors and overseas service providers. Where should you be with offshoring and outsourcing your market data ? Are regulatory changes having any impact on this? What about intellectual property rights? What is working in the field of market data and what is not? Moderator: Amy Harkins, SVP, Director of Global Asset Servicing and Managing Director of Market Data, The Bank of New York Mellon Panelists: Michael Aldridge, Managing Partner, Expand Consulting Sara Banerjee, Vice President, Data Operations, Telekurs Financial Michele Kelsey, Senior Vice President, Reuters Terry Shine, Senior Vice President, Standard & Poor's 5:00 - 7:00 PM Boat Cruise Reception: Newport Harbor & Narragansett Bay Sponsored by Deutsche Börse Group The City-by-the-Sea's Most Amazing & Enjoyable Cruise of Historic Newport Harbor & Narragansett Bay. The scenic cruise offers close-up views of the lighthouses, America's Cup yachts, grand estates & much more. 7:00 PM Goat Island Clam Bake Sponsored by Deutsche Börse Group 9:00 PM Dessert/Entertainment Sponsored by Deutsche Börse Group Join your conference colleagues for dessert, coffee and after dinner drinks. Entertainment provided by Synergy, one of the hottest bands on the east coast. For those that haven't yet attended a WFIC "Boogie Down", you don't want to miss seeing your favorite market data professional doing the electric slide! W E D N E S D A Y   S E P T E M B E R   2 6 8:00 - 9:00 AM Registration/Breakfast/Exhibits 9:00 - 9:15 AM Opening Remarks Tom Davin, FISD Vice President & Managing Director 9:15 - 10:15 AM The Latin American Landscape: The Financial Information Story All of the major players in the financial information space are doing business in Latin America, but how much do we really understand about their playing field? This session will explore the current status of the landscape, areas ripe for exploitation - including access to the market, opportunities in fixed income, and the business/exchange relationship. Moderator: Jennifer Bartashus, Product Development & Latin American Data Operations, Bloomberg Panelists: Catalina Clave, Vice President-Market Data Products, BOLSA Mexicana de Valores Leonardo Jafet, Unibanco Hernando Lascarro, Business Development, Latin America, Tullett Prebon Information Inc. 10:15 - 10:30 AM Break 10:30 - 11:30 AM The Global Economic and Geopolitical Picture Senior editors and industry analysts discuss and offer candid opinions on the global political and economic outlook and potential impacts on the financial markets. Topics will include increasing regulation, trends and impacts of consolidation, and the global effects of the upcoming U.S. Presidential Election. Moderator: David Wessel, Deputy Bureau Chief, The Wall Street Journal Panelists: Dr. Nariman Behravesh, Chief Economist and Executive Vice President, Global Insight Joseph E. Gagnon, Deputy Associate Director, Division of International Finance, U.S. Federal Reserve Board Robert Glauber, Kennedy School of Government, Harvard University 11:30 - 11:45 AM Closing Remarks 11:45 AM- 1:30 PM Constituency Group Meetings & Networking Lunch Buffet The FISD constituency group sessions provide a unique opportunity to candidly address market data business issues and practices with your colleagues from firms in your same industry segment.