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White Papers

  • Testing for T2S with Allied Testing (168kb pdf)

    TARGET2-Securities (T2S) is a new post-trade, delivery-versus-payment settlement system for Europe developed by the European Central Bank (ECB). Settlement using T2S will be less expensive and more flexible than national settlement systems. The ECB’s T2S program includes new settlement logic, new communications protocols, new regulatory requirements and the centralised system service in which European-wide settlements will occur.  Allied Testing is a quality assurance (QA) and testing company with special focus on financial systems and capital markets. We have testing staff with the required knowledge and understanding of T2S who will use our T2S-specific libraries and in-house tools to test readiness and compliance for T2S settlement. Working with Allied Testing will reduce the time spent on testing, the cost of the testing, and ensure that systems work as required.

  • Mondo Visione's How To Build An Exchange (3392kb pdf)

    Exchanges are venues where investors wishing to buy a financial instrument find investors wishing to sell. The exchange brings together a buyer or seller to effect a trade. Central, to an exchange is the trading system on which trades are executed.

  • CMCRC Market Quality Dashboard (557kb pdf)

    The Market Quality Dashboard is designed to allow market participants to quantify the economic impact of market design changes on market quality. Market quality is defined by reference to the near universal mandate of regulators, which seeks to ensure that markets are fair and efficient. It therefore follows that, if one intends to change the design of a market place, and get this signed-off by regulators, those changes are evaluated in terms of how they impact fairness and efficiency.

  • Nasdaq MiQ: Articulating data (3577kb pdf)

    To have information, but to be unable to use it, is a frustration that many businesses experience. Freeing that information, and making it usable alongside other measures, can present real opportunities. Exchange operators and post-trade service providers face rapidly evolving business dynamics and competition. Seizing opportunities is therefore immensely important.

    Data as a by-product of industry is naturally and inevitably growing in the digital age, however its value can be constrained.

    It is often kept segregated in the line of business that has created it and there can be structural issues stemming from technology that maintain this segregation. When looking at the business as a whole, senior managers will often manage according to reports that are derivative of business line data, rather than by observing the data itself.

    These abstracted reports separate out data into financial, risk or operational measures. In doing this they can obscure correlations or cross-business indicators. Business lines are thus managed according to their own profile and according to historical reporting structures; the ‘bigger picture’ has to be created in the minds of managers based on their aggregation of these reports. Too often they paint different pictures.

    Nasdaq has designed an information architecture that can weave the threads of each business line into a single, digital tapestry.

    What Nasdaq achieves with its data-agnostic MiQ platform is to create the picture in front of their eyes, using live data, so that there is no discrepancybetween the views of management and many different metrics can be considered across the business.

    This paper describes the opportunity for market operators to see a fuller picture using the data they already hold.

  • Taking Control of RICs (4302kb pdf)

    Market participants are demanding consistency in symbology (naming convention) to minimise investor confusion, promote stability and mitigate operational risks. Internally they need to reduce the costs that stem from duplication of support for multiple vendor symbologies. Currently each exchange has its own data format and symbology, which means that each data feed must be normalised, renamed and consolidated before the data can actually be used. Through the use of symbology users navigate the data available on a specific instrument. Market data vendors provide their own conventions which allow users to cut across individual exchange symbologies but nevertheless are not compatible. Nirvana for trading firms has been a common symbology to ease navigation between market centres and data vendors, providing a better experience for investors whilst reducing back-office complexities. The market has for some time been crying out for a solution which allows them to integrate data from a myriad of sources seamlessly with trading applications, allowing new content to be added quickly whilst eliminating the difficulty in managing symbology changes and feed updates. As this paper will show, the best contender for a common symbology at present is the RIC.