FISD Membership

Registration & Networking

Opening Remarks

David Anderson, FIA, Program Director, FISD/Atradia

Raphael Pont, President, Swiss IPUG (SIPUG)

Host Welcome – UBS

Our hosts UBS share insights into their data business and the broader data landscape, including what UBS Evidence Lab is all about and the interesting ideas being worked on there.

Elliott Hann, Executive Director, UBS Data Solutions, UBS Investment Bank

Dan Wakerly, Evidence Lab Engagement Manager, UBS

The European Leveraged Finance Market Comes of Age

– Barbarians at the Gate: how the U.S. LBO market influenced Europe.
– From a €10 billion to over €200 billion financing market
– A maturing market – and why private capital matters

Taron Wade, Director – Leveraged Commentary & Data, S&P Global Market Intelligence

AI Ethics – doing the ‘right’ thing

There are 9 areas that matter in AI Ethics, which all relate to reputational, privacy and liability risks inherent in AI development. The central argument is that AI Ethics is directly tied to the reduction of risk (“AI Safety”) and can drive policy changes that benefit the business. It is shown that, with a guiding set of values, these risks can be mitigated and the potential is for AI be grasped profitably. Around the world, governmental bodies are forming new legislation on AI risks in response to many public mistakes.

Simon Rodda, Executive Director, Dow Jones Newswires

LIBOR to SARON (CHF) Transition – explained

The financial industry has been shifting from using LIBOR to other benchmark interest rates. In Switzerland, the National Working Group for CHF Reference Rates recommends SARON as successor rate. Also, the Swiss National Bank’s focus turned away from 3 month LIBOR by introducing the SNB policy rate.

Matthias Juttner, Head of Money Market Analysis, Swiss National Bank

The Digital Exchange – Evolving financial market infrastructure

Leveraging Distributed Ledger technology to provide an exchange for digital (crypto) assets is a new idea. What opportunities does this idea unleash and will we see more of this approach in the future.

Patrick Stettler, Senior Sales, Six Digital Exchange

Coffee Break

European Exchange Data – ‘Reasonable Commercial Basis’ and the ‘Consolidated Tape’

ESMA announced on December 5th 2019 a variety of regulatory intentions pertinent to the market data community. ESMA restated its view that market data prices were too high and it further stated that its regulatory efforts in MIFID II had not had the impact they had intended or desired. The intent of the EU regulator seems to be to ‘control’ pricing. There is a renewed focus on the phrase ‘reasonable commercial basis’ and the concept of fair cost-plus based pricing. In turn the exchange community has been vigorously articulating a position that defends their approaches to pricing. In addition to, and to some extent linked with, this intent to regulate on data pricing ESMA has also restated its desire for there to be a real-time European Consolidated Tape. The cat is truly amongst the pigeons again – possibly two cats if one also includes what the SEC has been up to in the US.

Moderator:

John Ikel, DLS, Head of Data Compliance & Licensing, 3d innovations

Panelists:

Marc Berthoud, Head Exchange Data Strategy, Markets, SIX

Maria Borzova, Market Data Business Advisory and Compliance (Applications), UBS

Shelley Oor, Head of Commercial Management, Market Data, Euronext

FISD Update

Tom Davin, FIA, Managing Director, FISD

Networking Reception