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The Financial Information Services Division of the Software and Information Industry Association (FISD) today announced the release of updated guidelines on market data service levels, response times and communication procedures.
The FISD Best Practice Recommendations on Market Data Service Levels, Response Times and Communication Procedures specifies product management best practices for content providers’ distributed market data products. Recommendations cover launch, modification, operations and communications about changes in products. The complete recommendations are available at www.fisd.net/mdadmin/bpr/FISD_BPR_Exchange_SLAv20.pdf. This 28 page document revises and updates the original recommendations which were approved by the FISD Executive Committee in March 2005.
“The market data industry is growing and changing at a rapid pace. Our Service Level and Communications Working Group recognized a different environment today from that in early 2005 and saw the need to update this document to reflect the current state of the industry and the changing need of our customers. Service resilience and change management are major issues for Reuters’ customers and this updated document clearly reflects those needs”, said Justin Corp, Global Data Supplier Manager of Reuters, an FISD Service Level and Communications Working Group member.
Both the original document and the updated version set forth a clear and detailed framework on minimum standards for service level response time and escalation procedures to serve as a non-binding best practice for industry wide reference and adoption.
Tom Davin, Vice President of the FISD, said “Over the last three years we’ve seen a number of firms adopting changes recommended in the original document. We’re optimistic that more of these recommendations will be adopted with the release of the updated version.”
Several changes are noted in the new document, including additional guidance on scheduled interruptions and change management, a new core section on Administrative and Policy Changes, and a user-friendly Executive Summary.
The Service Level and Communications Working Group will now seek to educate the market data industry regarding the updated recommendations and promote their adoption.
About FISD
The Financial Information Services Division (FISD) of the Software and Information Industry Association (SIIA) provides a neutral business forum for exchanges, market data vendors, specialist data providers, brokerage firms and banks to address and resolve business and technical issues related to the distribution, management, administration and use of market data. Participants use the forum to exchange ideas, build business relationships and improve the business climate associated with the worldwide flow of financial information. For further information visit http://www.fisd.net
About SIIA
The Software & Information Industry Association (SIIA) is the principal trade association for the software and digital content industry. SIIA provides global services in government relations, business development, corporate education and intellectual property protection to more than 550 leading software and information companies. For further information, visit www.siia.net.
