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The offer of Exfidant Academy is divided into a group of already structured courses about Market Data managed in italian and english language and dedicated to figures with different levels of experience, a course focused on the preparation of the participants to the FIA Certification (SIIA/FISD) and the ability to structure sessions or customized training courses to the specific needs of its customers.

The Standard Courses (Basic and Intermediate) are divided into 4 modules and can be delivered every workday (one per course) or broken into 2 ½ day sessions for each course (each of them including 2 modules). The Advanced Courses last for half a day. At the end of each Training Session is scheduled an Appendix during which is brought attention to the role and the activities of the Market Data Manager and contextualize the topics covered in the diagram that summarizes the daily operation of the operator in the Market Data so as to associate the theory to practice and help participants to better assimilate the conceptual notions.

The training is typically conducted at the customer site requiring only the availability of a projector / video / TV to display the slides on a wider area than the trainer PC’s screen and a flipchart in order to interact with the participants.

BASIC Module INTERMEDIATE Module ADVANCED Modules FIA (SIIA/FISD) Certification

BASIC MODULE

  • MODULE 1: FINANCIAL MARKETS

    Module Objective: provide participants with an overview of the ecosystem that generates and uses Market Data by focusing on the Players who work there, the type of asset class that they treat, the interrelations between the participants and the lifecycle of orders.

    The following topics will be touched: the Capital Markets (Primary / Secondary, ...); the market players (Sell Side / Buy Side / Others: Depository, Clearing Houses, ...) and the main functions undertaken within them (Sales, Traders, Risk Managers, Asset Managers, ...); the lifecycle of orders and the interrelationships that link the various actors; the role of regulators and central banks.

  • MODULE 2: MARKET DATA

    Module Objective: make it clear to the participants what are the Market Data, from where they originate, what are the people who use them, what are the elements facilitating a common data use to all participants and thin the Straight Through Processing mechanism.

    The following topics will be touched: what is meant by Market Data; what are the different types of Market Data (Price Data, Reference Data, Economic Data, Fundamental Data, News, Commentary, Broker Research, ...); how to classify Market Data depending on the subject that generates them (Contributed Data, Exchange Generated Data, Vendor Data, Index Data, Derived Data, Evaluation Date, ...); what are the elements of standardization to facilitate the shared use of data within the Financial Markets (ISIN, ISO CODE, MIC, LEI, ...).

  • MODULE 3: THE FINANCIAL DATA MARKET

    Module Objective: allow participants to identify the different actors in the market for Financial Data (Data Vendor, Stock Exchanges, Index Producers, Content Providers, ...) and to understand the business logic related to each of them.

    The following topics will be touched: the chain of financial data (from data originators through all the intermediate rings); how are the most popular Players in the distribution chain of Financial Data (Bloomberg, Thomson Reuters, ..., FTSE, ..., Nyse, ..., EMMI,); what are the business logic governing the behavior of the various actors and that allow to classify them into broad categories (Vendor Data, Exchanges, Index Providers, Rating Providers, Third Party, ...).

  • MODULE 4: HOW MARKET DATA ARE DELIVERED / USED

    Module Objective: help participants understand how the various stakeholders can use Market Data, the different mode of delivery and the contractual limitations on their use.

    The following topics will be touched: different type of data usage (personal use or of applications feeding and which applications); different method of Market Data delivery (Terminals, Data Flows Real Time / EoD / On Demand / Bulk, ...); rules that define the permitted use of the Data by an organization / single user.
Module cost: € 700.00 + VAT per attendee (if the course is organized on an individual basis), € 1,000.00 + VAT for a class of a maximum of 4 people

INTERMEDIATE MODULE

  • MODULE 1: APPLICATIONS THAT NEED MARKET DATA

    Module Objective: at the end of the Module attendees will be able to understand what are the applications that most frequently make use of Market Data in a way that allows them to orient in contractual terminology that norm their conditions of use.

    The following topics will be touched: Trading Solutions (Trading Systems inclusive of SOR, Algo and HFT Trading), Order Management Systems (OMS and EMS), Pricing Systems, Position and Risk Management System applications, applications for Portfolio Management and Investment Advice, BackOffice systems, Trading & Banking On Line applications; how do the applications work, what activities they take place, what set of Market Data they need and how they should be fed in.

  • MODULE 2: ENTITLEMENT SYSTEMS

    Module Objective: clarify to participants when and under what circumstances it is necessary to have an Entitlement System and what are the functions that these solutions are expected to play.

    The following topics will be touched: when it is necessary to have an Entitlement solution; what are the functions that an Entitlement system must ensure; Entitlement System can be a proprietary solution YES/NO?; what are the most common Entitlement systems in the world of Real Time (DACS, EMRS) and what are their strengths and weaknesses.

  • MODULE 3: THE COMMERCIALS ASSOCIATED WITH THE USAGE OF MARKET DATA

    Module Objective: show participants what are the main commercial model in the Market Data and how the most important Player apply them according to the different sectors in which they articulate their offer.

    The following topics will be touched: what are the business models of the main Market Data Vendor (T.Reuters/ Bloomberg/Factset /Six Financials / The Ice) and how they differentiate; what are the relevant factors in the commercial offer of the Exchanges, the main Index Providers (Dow, S&P, Morgan Stanley, ...), the Rating Agencies and the most commonly used Third Party (ICAP, Tullet Prebon, BGCantor, ...)..

  • MODULE 4: THE REGULATOR & MARKET DATA

    Module Objective: help participants to understand the impact that regulations issued by Governments, Central Banks and Regulatory Authorities have on the evolution of the Financial Markets and in the creation and use of Market Data.

    The following topics will be touched: what are the main Regulatory Authorities of the Financial Markets (SEC, CFTC, ESMA, FCA, AMF, BaFin, CONSOB, ..., Basel Committee, ...) and what are their roles; how the most important laws and regulations that were issued (USA: The Dodd Frank Act, FATCA, SEC Reg NMS, Reg SCI SEC, SEC Reg SHO; EU: AIFMD, EMIR, EMIR II, MIFIDI and II, MiFIR, MAD I and II; Basel II and III) and those that are coming (FRTB, IFRS9, ...) are already influencing or will influence the way market players operate and impacting on the type of Market Data that they should/ will have to create/use in order to meet the reporting activity introduced by the new regulation.
Module cost: € 700.00 + VAT per attendee (if the course is organized on an individual basis), € 1,000.00 + VAT for a class of a maximum of 4 people

ADVANCED MODULE

  • The Advanced Module is structured to give focus on specific argument. In an half day, all the aspects of the area selected will be covered
    The learning paths at your disposal are for now:
      EDM Solution (Enterprise Data Management) – The role of this strategic applications: principal platforms available on the market and their characteristics/functionality
      The Data Licensing
      The Bloomberg and Reuters platforms for the Real Time Data distribution
Module cost: € 500.00 + VAT per attendee (if the course is organized on an individual basis), € 1,000.00 + VAT for a class of a maximum of 4 people

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