FISD Membership

Registration and Networking

What is the impact of the JFSA registration procedure for HFTs?

The growing presence of HFT has raised concerns high-speed trading could destabilize markets and leave retail investors at a disadvantage. Japan tightened regulations on high-frequency trading (HFT) passing into law measures that will require HFT firms to register with regulators. The JFSA definition of HFT requires automated decision making and reduced latency. However, unlike the “high-frequency algorithmic trading technique” in MiFID II, it does not refer to high message intraday rates which constitute orders, quotes or cancellations.

• How much information are HFT’s required to reveal about their trading strategies, market data usage and price publishing as part of the registration process?
• Are HFT investors uncomfortable having to provide JFSA with certain information on the outline of their HFT strategies, key compliance, and risk controls?
• Is this impacting foreign HFT investor presence, as they are now required to have a local agent/representative to have expertise in the financial regulation of HFT and the capacity to communicate effectively with JFSA?

Moderator:

Matthew Hassan, Head, Platform Sales, Nomura Securities

Panelists:

Richard Man, Sales Director, Asia Pacific, Fixnetix

Satoshi Sakayori, Manager, Equity Department, Tokyo Stock Exchange, Inc.

Koji Yamamoto, Partner, DT Legal Japan

Member Update – Fixnetix

Presenter:

Richard Man, Sales Director, Asia Pacific, Fixnetix

Cloud Computing and Market Data Analysis

Cloud computing and big data analysis are coming to capital markets and investment banking:  how do you combine third party content across multiple asset classes and proprietary data to make use of it, and what can you do with it?  We will have a leading computing provider, a market data vendor, and consumers to discuss the logistics, policy issues, and actual experiments that can be conducted combining diverse structured data sources and unstructured content to identify patterns, correlations, and predictive outcomes.

• What type of experiments can be conducted?  
• What sort of APIs are used to give cloud computing platforms access to data?
• Can the cloud vendor access data on the vendor / consumer platform for analysis without “making a copy?”
• What market data policy have to be observed for this type of analysis?
• Is this a “three way” relationship among the data vendor, cloud provider and the prospective client? Who sells the proposition?

Moderator:

Scott Cooper, FIA, FISD Asia-Pac Regional Representative & Partner, Saquish Partners

Panelists:

Kazuhisa Matsuda, Head of Technical Relationship Management, Thomson Reuters

Etsuji Nakai, Solutions Architect, Google Cloud

Miguel Ortega, APAC Regional Head of Market Data, Deutsche Bank

The benefits of managing data in a utility.

Providing the financial industry commonality, collaboration and cleanliness in securities reference data management.

• How does it work?
• How can it help me?
• How can I get access to it?

Presenter:

Stephen Murphy, Sales Director, THE SMARTSTREAM REFERENCE DATA UTILITY (RDU)

FISD update and closing remarks

Facilitator:

Nick Merritt, FIA, Program Director, FISD

Networking Reception