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MiFID impact on Market Data Business – Services and Solutions offered by DBAG

MiFID impact on Market Data Business – Services and Solutions offered by DBAG. FESE Convention June, 8th, 2006 Dr. Holger Wohlenberg Managing Director Market Data & Analytics Deutsche Börse AG. The MiFID Monster …. Loss of concentration rule.

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MiFID impact on Market Data Business – Services and Solutions offered by DBAG

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  1. MiFID impact on Market Data Business – Services and Solutions offered by DBAG FESE Convention June, 8th, 2006 Dr. Holger Wohlenberg Managing Director Market Data & Analytics Deutsche Börse AG

  2. The MiFID Monster ….. Loss of concentration rule Under MiFID, exchanges will lose significant revenues in terms of market data, print fees for off-exchange trades and trade fees. The total annual lost revenues will be over €300 million annually, suggests the analysis. „An introduction to MiFID“, Celent White Paper 2005 Internalization Implementation cost Market data fragmentation Intermediation Market fragmentation

  3. Connectivity: Use existing interfaces/connections  () () …DBAG‘s position… Attracted participants: Value Proposition IF/SI MTF User Vendor Reach: Instant access to 360+ vendors worldwide   Latency/Throughput: Leverage of fast/high volume techn. (CEF)   () Risk/Flexibility/Speed: Lower invest – lead times via outsourcing ()  Expertise: Leverage procedural skills (eg., billing, auditing)     Service Level: Utilize available add-ons (eg., analysis tools) Leverage: Benefit from co-marketing/sales with related HQ content   () () Fairness: Equalize dissemination to vendors ()  Scale: Connect to data from multiple sources via one format/conn. () 

  4. … DBAG’s offer – the MiFID Toolbox Module Target clients Services Pre-Trade Transparency SI‘s • OTC quote dissemination via CEF • Additional Data Warehouse Services Post-Trade Transparency • OTC trade publication via CEF incl. value-add services • Optional post-trade services e.g. trade matching clearing • and settlement, additional Data Warehouse Services All IF‘s including SI‘s MTF Data Dissemination MTF‘s • Complete market data business outsourcing service • Dissemination, Marketing & Sales, Contracts + Billing Transaction Reporting All IF‘s including SI‘s, MTF‘s • Transaction Reporting (currently § 9 WpHG) Data Warehouse Solutions All IF‘s including SI‘s, MTF‘s • OTC Data Storage • Ex-post proof of Best Execution • Data Drilling • E.g. on- and off-exchange Member Rankings Analytics and Statistics All IF‘s including SI‘s, MTF‘s All IF‘s including SI‘s, MTF‘s • Provide cost-efficient data cleansing for increased • demand of reliable counterparty data Counterparty Data Cleansing

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