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Revolutionising the Overpriced Market Data Industry Simon Barnby 20 May 2004

Revolutionising the Overpriced Market Data Industry Simon Barnby 20 May 2004. This is an abridged version of the presentation given at DWT. For further information please contact royal blue on… (tel) 020 7929 9200 (email) fidessaworkstation@royalblue.com. Mission Statement.

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Revolutionising the Overpriced Market Data Industry Simon Barnby 20 May 2004

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  1. Revolutionising the Overpriced Market Data Industry Simon Barnby20 May 2004 This is an abridged version of the presentation given at DWT. For further information please contact royalblue on… (tel) 020 7929 9200 (email) fidessaworkstation@royalblue.com

  2. Mission Statement “Fidessa is built on the clear vision of providing the richest functionality, coverage and distribution to all tiers of the financial community.” Trading Systems Market Data Global Connectivity Workstation Enterprise Hosted

  3. Fidessa Overview Originally Fidessa provided tier-one sell-side member firms with global equity trading systems and market- data. Over the last 5 years this has expanded to… • Hosted trading solutions to target other tiers • Workstation platform for trading and data solutions • Basket management and program trading support • Global connectivity networkExchanges, ECNs, RSPs, Brokers, DMA • Buy-side workstation for order routing to brokers

  4. Fidessa Market-Data • Market-data has always underpinned our trading & connectivity offerings for member firms • To deliver on our mission, we’re well down the road on becoming a global market-data vendor for non-members too • This also enables us to target the huge opportunity in the traditional market-data space…

  5. Fidessa Market-Data • Already a vendor for 21 markets across Europe & US • Global coverage to follow soon • Delivered through the same infrastructure that runs our global trading solutions • News, fundamentals, charts, etc. supported • Targeting pure data “view” users as well as trading users

  6. The Market-Data World...

  7. The Market-Data World Historically... • Market-data provision was once a “premium” service • Only few potential suppliers were available - access limited • Vendors charged a high end-user fee for data access • Products were bundled - bundled data-set included bundled functionality included …all at a high price …true costs of data hidden from view This used to be the reality...

  8. Things Have Changed... • Now many suppliers / sources for data • Data now much easier to access • “Premium” services have moved elsewhere • Market-data is now a commodity • Vendors primarily a channel through which to access other peoples data • But the vendors packaging hasn’t changed to reflect this • And the users keep asking for change…

  9. Voice of the users… The growing message from users is... • Think “outside the box” • Give us flexible & scalable solutions • Give us flexible & scalable pricing • We have different types of users – with differing needs • We don’t want to pay for content or applications we don’t use • We think access to data should be free! • Transparent pricing – we want to see where the money goes • We want a service – not a packaged terminal

  10. The Opportunity The time is over-due for a new commercial model… • Flexible packaging and pricing- accommodate differing user needs • Transparent- let end users see the real source cost of the data • Open- allow users to understand how the final price is reached • Scalable- model that scales successfully across organisations And a model that is highly cost effective too...

  11. What have we done? We didn’t want to be a “me too” vendor, so… • We listened to the market • We talked to users about their frustrations • We talked to users about commercial requirements • We thought “outside the box” • We’ve acknowledged we’re a channel to other peoples data • And we’ve defined a new model for data pricing… Fidessa – the catalyst for change…

  12. New Fidessa Model • All data has a cost associated with it- exchange fee, royalty, collection cost, etc. • Data and associated costs now presented “à-la-carte” • Users simply choose from the menu • No charge made for Fidessa application to view data • Users simply pay costs for data sources selected • royalblue adds a simple 25% “carriage” fee • New model already proven through market-testing with real users

  13. Fidessa Model - Key Benefits • Delivers exactly what the users are telling us they want • Users see the “real” cost of the data they use = Transparent • Users only select and pay for the data they need = Flexible • No hidden costs - users see exactly where vendor’s margin is made = Open • A simple model – works for one user to many = Scalable • Bespoke packaged solutions easily supported too • Highly cost effective

  14. Summary The market-data world has changed Now Fidessa has changed too…

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