FINAL WORD

www.interactivedata.com

European customer forums 2008

Award-winning

Interactive Data will be holding customer forums in Jersey, Guernsey, Luxembourg and Edinburgh during September and October 2008. A customer event will also be held in London on 9 October. The annual round of forums provide customers with an opportunity to hear about Interactive Data’s product and service plans, and to discuss key issues with other industry participants. The agenda will vary by region in order to meet local needs.

corporate actions data

For customers in the London area, Interactive Data will hold an evening reception on Thursday 9 October 2008 at the London Aquarium.

Dates for the diary 10 September – Longueville Manor Hotel, Jersey 11 September – Duke of Richmond Hotel, Guernsey 24 September – Luxembourg Chamber of Commerce 7 October – Museum of Scotland, Edinburgh 9 October – The London Aquarium

Class actions service in ISO 15022

Interactive Data may hold subsequent customer forums in other locations if there is sufficient demand.

DIARY

For further information about these events or to register, please email: [email protected]

See Interactive Data at the following events ALFI NICSA Global Investment Funds Forum 23-24 September 2008, New Conference Centre, Luxembourg Kirchberg Shant Harootunian, managing director, Evaluations Services, Interactive Data Pricing and Reference Data, will be taking part in the panel discussion: ‘Credit crisis, lessons to be learnt for our industry’. Interactive Data will also be exhibiting. www.alfi.lu/index.php?id=61 Screen Event Amsterdam 25 September 2008, NH Grand Hotel Krasnapolsky, Amsterdam

12

Also in this issue

Enhanced terms and conditions data

FIMA 2008 11-13 November 2008, London Olympia

Interactive Data celebrates 40th anniversary

Interactive Data will again be exhibiting at this 6th annual reference data management conference. www.wbresearch.com/FIMAeurope/index. html

2008 customer forums

Finance Forum 4-5 November 2008, Kongresshaus Zürich Interactive Data will be exhibiting. www.finance-forum.com

Interactive Data will be exhibiting. www.screenmarkets.com/events2/overview. asp?EventID=3

SIFMA European Technology Management Conference and Exhibition 2-3 December 2008, East Wintergarden, Canary Wharf, London

For further information about these events please email: [email protected]

Interactive Data will be exhibiting. http://events.sifma.org/2008/273/event. aspx?id=4554

issue 31 summer 2008

Welcome to connect

contents 3

welcome to ‘connect’

welcome to ‘connect’

4

FTS news Enhanced terms and conditions data now available In an ongoing move to achieve greater clarity and functionality of fixed income coverage, Interactive Data has greatly enhanced its terms and conditions data module available via FTSSM

Reference data content has become a mission-critical component used to help in the timely processing of transactions, as well as help address regulatory and reporting requirements. In this summer issue of ‘connect’, we review our award-winning corporate actions data offerings and highlight our enhanced class actions data service now mapped to ISO 15022 format.

5

news in brief Round-up of recent news and events

6

Award-winning corporate actions data Interactive Data offers an exceptional depth of corporate actions data, enabling tracking and processing of mandatory and optional events …one of the most comprehensive services available

7

Class actions service in ISO 15022 Interactive Data has recently launched its enhanced class actions service mapped to ISO 15022 format. The class actions service is part of Interactive Data’s award-winning range of corporate actions data services

In June, we announced our agreement to acquire Kler’s, a leading Italian provider of comprehensive, high-quality reference data – including corporate actions and taxation information – on Italian and international securities, with coverage of equities, listed and unlisted Italian bonds, funds, simple derivatives and warrants. The addition of Kler’s will enhance our already extensive range of global reference data. The Kler’s team will also bring great expertise in the supply of data to the Italian financial community and their Rome office will add to our existing presence in Milan. We expect the transaction to be completed in the third quarter of 2008, contingent upon customary closing conditions.

8

Interactive Data celebrates 40th anniversary …whilst looking firmly ahead Roger Sargeant, managing director, Interactive Data (Europe), takes a look at how Interactive Data can help customers in today’s dynamic marketplace

10 update: industry issues & data coverage A review of the latest issues of Focal Points, new data coverage and recent interfaces 12 final word and diary News of the 2008 customer forums …plus forthcoming events

‘Hard-to-collect’ data seems to be a recurrent topic these days. Several customers have recently been in touch to say that they have to use valuable resources on the collection and integration of data not currently available in a standardised format for automation into their applications. With our vast experience of data collection and an infrastructure designed for this purpose, we may well be able to help. We’re always delighted to talk to you about your needs and the provision of ‘bespoke’ data services. And, wherever possible, we aim to source ‘hard-to-collect’ data and deliver it to you either within an existing – or as a standalone – service. As you will see, Interactive Data is celebrating its 40th this year. Aldous Huxley said: “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” With that, I rest my case.

Interactive Data (Europe) Ltd. Fitzroy House Epworth Street London EC2A 4DL UK Tel: +44 (0)20 7825 8000 Fax: +44 (0)20 7608 3514 Email: [email protected]

Turning to the continuing growth of the bond markets, our bond data coverage has been correspondingly expanding as a result of new issues and customer requests. In this issue, we give details of our enhanced user-friendly terms and conditions data service that has been developed in line with your feedback and combines an increased depth of data with a greater degree of accessibility.

Printed in the UK © Interactive Data (Europe) Limited 2008 ‘connect’ issue 31, summer 2008

Limitations

This document is provided for informational purposes only. The information contained in this document is subject to change without notice and does not constitute any form of warranty, representation, or undertaking. Nothing herein should in any way be deemed to alter the legal rights and obligations contained in agreements between Interactive Data (Europe) Ltd and its clients relating to any products or services described herein. Nothing herein is intended to constitute legal, tax or other professional advice. Interactive Data (Europe) Ltd makes no warranties whatsoever, either express or implied, as to merchantability, fitness for a particular purpose, or any other matter. Without limiting the foregoing, Interactive Data (Europe) Ltd makes no representation or warranty that any data or information (including, but not limited to, evaluations) supplied to or by it are complete or free from errors, omissions, or defects.

Bob Bob Cumberbatch is business lines director, Interactive Data (Europe) [email protected] If you would like any more information about the items covered in this issue – or about Interactive Data’s products and services generally – please don’t hesitate to contact your account manager or email: [email protected]

Interactive DataSM, the Interactive Data logo, BondEdge®, eSignal®, eSignal Pro®, Advanced GET® and Market-QSM are service marks or registered trademarks of Interactive Data Corporation. connect™, FTSSM and EXSHARE® are service marks and/or trademarks of Interactive Data (Europe) Ltd. Basket Calculation ServiceSM is a service mark of Interactive Data Pricing and Reference Data, Inc. PlusFeedSM and DirectPlusSM are service marks of Interactive Data Real-Time Services, Inc. Other products, services, or company names mentioned herein are the property of, and may be the service mark or trademark of, their respective owners. The services of the Interactive Data Pricing and Reference Data, Interactive Data Real-Time Services and Interactive Data Fixed Income Analytics businesses are made available in Europe through Interactive Data (Europe) Ltd.

2

connect summer 2008

www.interactivedata.com



Welcome to connect

contents 3

welcome to ‘connect’

welcome to ‘connect’

4

FTS news Enhanced terms and conditions data now available In an ongoing move to achieve greater clarity and functionality of fixed income coverage, Interactive Data has greatly enhanced its terms and conditions data module available via FTSSM

Reference data content has become a mission-critical component used to help in the timely processing of transactions, as well as help address regulatory and reporting requirements. In this summer issue of ‘connect’, we review our award-winning corporate actions data offerings and highlight our enhanced class actions data service now mapped to ISO 15022 format.

5

news in brief Round-up of recent news and events

6

Award-winning corporate actions data Interactive Data offers an exceptional depth of corporate actions data, enabling tracking and processing of mandatory and optional events …one of the most comprehensive services available

7

Class actions service in ISO 15022 Interactive Data has recently launched its enhanced class actions service mapped to ISO 15022 format. The class actions service is part of Interactive Data’s award-winning range of corporate actions data services

In June, we announced our agreement to acquire Kler’s, a leading Italian provider of comprehensive, high-quality reference data – including corporate actions and taxation information – on Italian and international securities, with coverage of equities, listed and unlisted Italian bonds, funds, simple derivatives and warrants. The addition of Kler’s will enhance our already extensive range of global reference data. The Kler’s team will also bring great expertise in the supply of data to the Italian financial community and their Rome office will add to our existing presence in Milan. We expect the transaction to be completed in the third quarter of 2008, contingent upon customary closing conditions.

8

Interactive Data celebrates 40th anniversary …whilst looking firmly ahead Roger Sargeant, managing director, Interactive Data (Europe), takes a look at how Interactive Data can help customers in today’s dynamic marketplace

10 update: industry issues & data coverage A review of the latest issues of Focal Points, new data coverage and recent interfaces 12 final word and diary News of the 2008 customer forums …plus forthcoming events

‘Hard-to-collect’ data seems to be a recurrent topic these days. Several customers have recently been in touch to say that they have to use valuable resources on the collection and integration of data not currently available in a standardised format for automation into their applications. With our vast experience of data collection and an infrastructure designed for this purpose, we may well be able to help. We’re always delighted to talk to you about your needs and the provision of ‘bespoke’ data services. And, wherever possible, we aim to source ‘hard-to-collect’ data and deliver it to you either within an existing – or as a standalone – service. As you will see, Interactive Data is celebrating its 40th this year. Aldous Huxley said: “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” With that, I rest my case.

Interactive Data (Europe) Ltd. Fitzroy House Epworth Street London EC2A 4DL UK Tel: +44 (0)20 7825 8000 Fax: +44 (0)20 7608 3514 Email: [email protected]

Turning to the continuing growth of the bond markets, our bond data coverage has been correspondingly expanding as a result of new issues and customer requests. In this issue, we give details of our enhanced user-friendly terms and conditions data service that has been developed in line with your feedback and combines an increased depth of data with a greater degree of accessibility.

Printed in the UK © Interactive Data (Europe) Limited 2008 ‘connect’ issue 31, summer 2008

Limitations

This document is provided for informational purposes only. The information contained in this document is subject to change without notice and does not constitute any form of warranty, representation, or undertaking. Nothing herein should in any way be deemed to alter the legal rights and obligations contained in agreements between Interactive Data (Europe) Ltd and its clients relating to any products or services described herein. Nothing herein is intended to constitute legal, tax or other professional advice. Interactive Data (Europe) Ltd makes no warranties whatsoever, either express or implied, as to merchantability, fitness for a particular purpose, or any other matter. Without limiting the foregoing, Interactive Data (Europe) Ltd makes no representation or warranty that any data or information (including, but not limited to, evaluations) supplied to or by it are complete or free from errors, omissions, or defects.

Bob Bob Cumberbatch is business lines director, Interactive Data (Europe) [email protected] If you would like any more information about the items covered in this issue – or about Interactive Data’s products and services generally – please don’t hesitate to contact your account manager or email: [email protected]

Interactive DataSM, the Interactive Data logo, BondEdge®, eSignal®, eSignal Pro®, Advanced GET® and Market-QSM are service marks or registered trademarks of Interactive Data Corporation. connect™, FTSSM and EXSHARE® are service marks and/or trademarks of Interactive Data (Europe) Ltd. Basket Calculation ServiceSM is a service mark of Interactive Data Pricing and Reference Data, Inc. PlusFeedSM and DirectPlusSM are service marks of Interactive Data Real-Time Services, Inc. Other products, services, or company names mentioned herein are the property of, and may be the service mark or trademark of, their respective owners. The services of the Interactive Data Pricing and Reference Data, Interactive Data Real-Time Services and Interactive Data Fixed Income Analytics businesses are made available in Europe through Interactive Data (Europe) Ltd.

2

connect summer 2008

www.interactivedata.com



Product Update

New …via FTS

Enhanced terms and conditions data now available In an ongoing move to achieve greater clarity and functionality of fixed income coverage, Interactive Data has greatly enhanced its terms and conditions data module available via FTS The latest version of the fixed income terms and conditions database will provide customers with easy access to a broader range of up-to-date, intuitive fixed income data. The database, which will cover over half a million bonds, is updated every 15 minutes and enables customers to source a range of bond information with historical depth. High-level data can now be viewed under six tabs, which include sections for viewing key features, general, interest, principal, redemptions and coding/events information. New fields provide customers with access to a greater range of fixed income descriptive data. The increased granularity of data items now allows multiple entries as well as historical details, including start/end dates and reasons for change. Full schedules relating to regular and conditional events such as calls, puts, sinks and conversions are now available and an online diary is designed to provide notice of these impending corporate actions in ISO 15022 format. Other enhancements include a data dictionary, which acts as an online user manual, and an improved search functionality that allows customers to perform a search on any code without specifying the code type. Search parameters can be narrowed by selecting from a range of variables – such as industry, coupon type, issue and amendment dates – within a determined range. Results can then be sorted in various ways. Enhanced data entry quality control, increased automation of key processes and overall improved functionality of the underlying database all support this front-end terms and conditions module, which is available as an optional offering via FTS.

Wide range of historical data available n Historical interest features (including interest type, payment frequency, coupon dates, interest basis) n Historical pool factors* n Historical ratings and CreditWatch details for Moody’s®, Standard & Poor’s® and Fitch Ratings® n Historical issued capital changes (including the original issue capital) *where applicable

For further information please contact your account manager.

News in brief Interactive Data to acquire leading Italian data provider, Kler's Interactive Data Corporation has agreed to acquire Romebased Kler's Financial Data Service S.r.l. (Kler's), a privately held provider of comprehensive, high-quality reference data, including corporate actions and taxation information, on Italian and international securities. The company's clients include most major Italian banks and custodians. The transaction is expected to be completed in the third quarter of 2008, contingent upon customary closing conditions. Interactive Data wins ‘Best Corporate Actions Data Provider Award’ In recognition of its high-quality corporate actions data, Interactive Data recently received the ‘Best Corporate Actions Data Provider’ award at the Inside Market Data/Inside Reference Data Awards 2008. Enhanced class actions service in ISO 15022 format Interactive Data’s Pricing and Reference Data business recently launched its class actions service mapped to ISO 15022 format. The enhanced service, available as an optional module of FTS, is designed to help financial institutions track, monitor and recover funds emanating from securities class action litigation (please see page 7). Data available through ValueLink's PriceValidation service Data from Interactive Data’s Pricing and Reference Data business is now available through ValueLink's PriceValidation service. Through PriceValidation, ValueLink acts as a service facilitator taking raw data from customers' chosen data vendors and subjecting it to ValueLink's validation processes within client agreed deadlines for intra-day and closing timeslots. Interactive Data's extensive intra-day and end-of-day pricing data and evaluations are accessible to customers through ValueLink's interface with FTS. This can help customers to save time and resource in their validation process. Deutsche Börse distributes Interactive Data’s bond evaluations Bond evaluations from Interactive Data’s Pricing and Reference Data business are now distributed via Deutsche Börse AG to financial institutions throughout Germany. Deutsche Börse’s clients are now able to request evaluations for specific securities in their portfolio via the WSS (Wertpapier Service System) File Service, a comprehensive securities information service for the back office. Interactive Data then returns the evaluations to clients through Deutsche Börse’s WSS. Indicative valuations for ETNs and values for market indices Interactive Data's Basket Calculation ServiceSM, which offers intra-day indicative optimised portfolio values (IOPVs) for equity and fixed income exchange traded funds (ETFs), has been expanded to also calculate intra-day exchange traded notes (ETNs) IOPVs and index values that include equities, fixed income securities, currencies and commodities every fifteen seconds. This offering uses different market inputs, including real-time data from exchanges around the world, and can

Highlights from Interactive Data’s businesses make this information available to the exchanges through PlusFeedSM, Interactive Data's consolidated low latency digital datafeed. The Basket Calculation Service is offered by Interactive Data’s Pricing and Reference Data business. Interest rate swap valuation service expanded Interactive Data’s Pricing and Reference Data business has expanded the coverage of its interest rate swap valuation service by adding independent valuations of fixed-for-floating interest rate swaps in Australian dollars and Japanese yen, in addition to its existing coverage of swaps in British pounds, euros, Swiss francs and US dollars. Interactive Data estimates that it now covers nearly 95 per cent of the total notional amount of interest rate swaps outstanding. Enhanced real-time data distribution network Interactive Data’s Real-Time Services business has introduced its new generation of the high-speed Titan Data Network. This real-time data distribution network is based on IP Multicast, replacing the existing Internet protocol suite (TCP/IP) to more effectively manage rapidly growing data volumes. The Titan Data Network-Multicast is designed to handle up to three million messages per second, an increase of more than three times the amount of current volumes, and to save additional milliseconds to help improve latency. This infrastructure supports the delivery of Interactive Data’s PlusFeed. Interactive Data develops website for Bank Julius Baer Interactive Data’s Managed Solutions group has designed, built and is hosting a website for the structured products of Bank Julius Baer & Co. Ltd, the leading dedicated wealth manager in Switzerland. Bank Julius Baer clients have been able to access the new online offering since April this year. Browser-based market data solution adds powerful new features Interactive Data’s desktop solutions division, eSignal, has announced a suite of enhancements to Market-QSM, a Java browser-based, real-time streaming market data desktop terminal for financial institutions. New features allow users to quickly acquire and share information that will assist them in reacting to shifting market opportunities in today's volatile global investment marketplace. Equipped with Dynamic Data Exchange (DDE), hot lists, drag-and-drop functionality and a host of other dynamic features, this new version of Market-Q enables users to effectively manage their financial investments. Award-winning eSignal software version 10.1 Interactive Data’s desktop solutions division, eSignal, has announced the release of eSignal®10.1, an upgrade to its award-winning flagship software. The enhancements in this upgrade – also extended across eSignal Pro® and eSignal, Advanced GET® Edition – include performance optimisation, new dashboard customisation features and weather maps. For further information please email: [email protected]

See also:

4

connect summer 2008

www.interactivedata.com



Product Update

New …via FTS

Enhanced terms and conditions data now available In an ongoing move to achieve greater clarity and functionality of fixed income coverage, Interactive Data has greatly enhanced its terms and conditions data module available via FTS The latest version of the fixed income terms and conditions database will provide customers with easy access to a broader range of up-to-date, intuitive fixed income data. The database, which will cover over half a million bonds, is updated every 15 minutes and enables customers to source a range of bond information with historical depth. High-level data can now be viewed under six tabs, which include sections for viewing key features, general, interest, principal, redemptions and coding/events information. New fields provide customers with access to a greater range of fixed income descriptive data. The increased granularity of data items now allows multiple entries as well as historical details, including start/end dates and reasons for change. Full schedules relating to regular and conditional events such as calls, puts, sinks and conversions are now available and an online diary is designed to provide notice of these impending corporate actions in ISO 15022 format. Other enhancements include a data dictionary, which acts as an online user manual, and an improved search functionality that allows customers to perform a search on any code without specifying the code type. Search parameters can be narrowed by selecting from a range of variables – such as industry, coupon type, issue and amendment dates – within a determined range. Results can then be sorted in various ways. Enhanced data entry quality control, increased automation of key processes and overall improved functionality of the underlying database all support this front-end terms and conditions module, which is available as an optional offering via FTS.

Wide range of historical data available n Historical interest features (including interest type, payment frequency, coupon dates, interest basis) n Historical pool factors* n Historical ratings and CreditWatch details for Moody’s®, Standard & Poor’s® and Fitch Ratings® n Historical issued capital changes (including the original issue capital) *where applicable

For further information please contact your account manager.

News in brief Interactive Data to acquire leading Italian data provider, Kler's Interactive Data Corporation has agreed to acquire Romebased Kler's Financial Data Service S.r.l. (Kler's), a privately held provider of comprehensive, high-quality reference data, including corporate actions and taxation information, on Italian and international securities. The company's clients include most major Italian banks and custodians. The transaction is expected to be completed in the third quarter of 2008, contingent upon customary closing conditions. Interactive Data wins ‘Best Corporate Actions Data Provider Award’ In recognition of its high-quality corporate actions data, Interactive Data recently received the ‘Best Corporate Actions Data Provider’ award at the Inside Market Data/Inside Reference Data Awards 2008. Enhanced class actions service in ISO 15022 format Interactive Data’s Pricing and Reference Data business recently launched its class actions service mapped to ISO 15022 format. The enhanced service, available as an optional module of FTS, is designed to help financial institutions track, monitor and recover funds emanating from securities class action litigation (please see page 7). Data available through ValueLink's PriceValidation service Data from Interactive Data’s Pricing and Reference Data business is now available through ValueLink's PriceValidation service. Through PriceValidation, ValueLink acts as a service facilitator taking raw data from customers' chosen data vendors and subjecting it to ValueLink's validation processes within client agreed deadlines for intra-day and closing timeslots. Interactive Data's extensive intra-day and end-of-day pricing data and evaluations are accessible to customers through ValueLink's interface with FTS. This can help customers to save time and resource in their validation process. Deutsche Börse distributes Interactive Data’s bond evaluations Bond evaluations from Interactive Data’s Pricing and Reference Data business are now distributed via Deutsche Börse AG to financial institutions throughout Germany. Deutsche Börse’s clients are now able to request evaluations for specific securities in their portfolio via the WSS (Wertpapier Service System) File Service, a comprehensive securities information service for the back office. Interactive Data then returns the evaluations to clients through Deutsche Börse’s WSS. Indicative valuations for ETNs and values for market indices Interactive Data's Basket Calculation ServiceSM, which offers intra-day indicative optimised portfolio values (IOPVs) for equity and fixed income exchange traded funds (ETFs), has been expanded to also calculate intra-day exchange traded notes (ETNs) IOPVs and index values that include equities, fixed income securities, currencies and commodities every fifteen seconds. This offering uses different market inputs, including real-time data from exchanges around the world, and can

Highlights from Interactive Data’s businesses make this information available to the exchanges through PlusFeedSM, Interactive Data's consolidated low latency digital datafeed. The Basket Calculation Service is offered by Interactive Data’s Pricing and Reference Data business. Interest rate swap valuation service expanded Interactive Data’s Pricing and Reference Data business has expanded the coverage of its interest rate swap valuation service by adding independent valuations of fixed-for-floating interest rate swaps in Australian dollars and Japanese yen, in addition to its existing coverage of swaps in British pounds, euros, Swiss francs and US dollars. Interactive Data estimates that it now covers nearly 95 per cent of the total notional amount of interest rate swaps outstanding. Enhanced real-time data distribution network Interactive Data’s Real-Time Services business has introduced its new generation of the high-speed Titan Data Network. This real-time data distribution network is based on IP Multicast, replacing the existing Internet protocol suite (TCP/IP) to more effectively manage rapidly growing data volumes. The Titan Data Network-Multicast is designed to handle up to three million messages per second, an increase of more than three times the amount of current volumes, and to save additional milliseconds to help improve latency. This infrastructure supports the delivery of Interactive Data’s PlusFeed. Interactive Data develops website for Bank Julius Baer Interactive Data’s Managed Solutions group has designed, built and is hosting a website for the structured products of Bank Julius Baer & Co. Ltd, the leading dedicated wealth manager in Switzerland. Bank Julius Baer clients have been able to access the new online offering since April this year. Browser-based market data solution adds powerful new features Interactive Data’s desktop solutions division, eSignal, has announced a suite of enhancements to Market-QSM, a Java browser-based, real-time streaming market data desktop terminal for financial institutions. New features allow users to quickly acquire and share information that will assist them in reacting to shifting market opportunities in today's volatile global investment marketplace. Equipped with Dynamic Data Exchange (DDE), hot lists, drag-and-drop functionality and a host of other dynamic features, this new version of Market-Q enables users to effectively manage their financial investments. Award-winning eSignal software version 10.1 Interactive Data’s desktop solutions division, eSignal, has announced the release of eSignal®10.1, an upgrade to its award-winning flagship software. The enhancements in this upgrade – also extended across eSignal Pro® and eSignal, Advanced GET® Edition – include performance optimisation, new dashboard customisation features and weather maps. For further information please email: [email protected]

See also:

4

connect summer 2008

www.interactivedata.com



COVER STORY

Award-winning corporate actions data Interactive Data offers an exceptional depth of corporate actions data, enabling tracking and processing of mandatory and optional events

Timeliness

Interactive Data’s Pricing and Reference Data business, a provider of corporate actions data for over 30 years, has a wealth of experience in gathering, updating, validating and delivering corporate actions data to financial institutions covering multiple markets and instrument types.

Corporate action process flows

The exceptional depth of data is available end-of-day in ISO 15022 format, covering the majority of the 65 event types that deal with corporate actions content. The service is available via FTS, Interactive Data’s portfolio administration tool, via SWIFTNet and for FTP over the internet. Interactive Data also offers an intra-day corporate actions service.

Best Corporate Actions Data Provider Interactive Data’s Pricing and Reference Data business won the ‘Best Corporate Actions Data Provider’ award at the Inside Market Data/Inside Reference Data Awards 2008. The accolade, sponsored by Inside Reference Data, was awarded to Interactive Data for its high-quality corporate actions data. Mark Hepsworth, president, Interactive Data Institutional Business, said: “At Interactive Data we recognise the market requirement for full coding and timeliness in our corporate actions data and aim to ensure that our customers receive the full benefit of our expertise, acquired through years of involvement in an ever-changing business environment.”

An exceptional depth of data Capital change events Interactive Data offers extensive coverage of bonus and rights issues, both into original and different securities – including demergers – consolidations and subdivisions, forward and reverse splits, open offers, writeoffs and write-ups, redenominations and renominalisations.

Cost basis Cost basis information covers North American corporate actions that have cost allocation/tax status consequences and provides a variety of information including: CUSIP®, issuer, issue description, tax status, cash-in-lieu, resulting securities, cost basis allocation factor and fair market value.

Income payments Regular cash payments are covered including equity dividends, coupon payments on fixed income securities and distributions to fund units. Special situations such as bonus, anniversary, litigation and liquidation payments are also provided, as well as stock dividends.

Descriptive and static data Interactive Data provides hundreds of items including annual general meeting/extraordinary general meeting dates, industry classifications (including GICS and ICB), index constituent data, general classification data and details on liability to taxes and levies such as Stamp Duty, PTM Levy, EU withholding tax (EU Savings Directive) and other income deductions which may be applicable.

Mergers and acquisitions Detailed information is provided on all options available during takeover, merger, demerger, scheme of arrangement and re-purchase situations, including Dutch Auctions and oddlot offers. Mandatory events Corporate level events such as takeovers and mergers, spin-offs or demergers, liquidations, name changes, mandatory exchanges and notifications of shareholder meetings are available. Voluntary events Timely reporting of voluntary events that require a client election, including tender offers, consent solicitations, rights exercises and merger elections are available. Class actions Interactive Data’s class actions service includes a daily listing of announced, settled, dismissed, approved or other US-based securities class action updates (please see page 7).

6

Underlying linkages Linkages to main/dual listings are provided on all securities. Linkages to derivatives and linked securities are shown on equities, fixed income securities and funds. Linkages to underlying securities are available on warrants, depository receipts and other derivatives. Security master data Interactive Data provides core instrument data such as extensive cross-reference identification codes, security classification and issue data. Securities Taxation Services Through its Securities Taxation Services, covering capital changes on UK and Irish listed securities, Interactive Data has been supplying the UK and Irish market with a range of services for some 40 years.

connect summer 2008

Data is collected directly from stock exchanges and other authoritative sources around the world, and, in the vast majority of cases, it is updated in Interactive Data’s databases on the day of announcement. Interactive Data has invested considerable resource to empower customers with the information required to achieve automation and has defined corporate action process flows. These process flows have been specifically developed to give customers a logical rules-based methodology for categorising and defining Interactive Data’s corporate actions data.

Validation

Interactive Data concentrates its validation efforts on the key items highlighted in the process flows. Validation is carried out in several stages. Data is first cross-checked against

independent sources. On-screen checks are then used to eliminate errors at point-of-entry into the system. End-ofday checks, including integrity reports, provide the final level of verification. Specific projects to ensure continuance of standards in data quality and accuracy are also regularly undertaken.

Corporate actions tracking

Via FTS and Xcitek Online, customers can also receive detailed portfolio-based reports for tracking new corporate action announcements, including advance warning of upcoming ex and effective dates of events. A level of customisation may be provided, via a post-processing facility, to enable customers to receive data in a format that meets their needs. All requests for this service will be considered on a feasibility basis.

New Class actions service in ISO 15022 Interactive Data’s Pricing and Reference Data business has recently launched its enhanced class actions service mapped to ISO 15022 format The class actions service is designed to help financial institutions track, monitor and recover funds emanating from securities class action litigation. Securities litigation may be brought on behalf of a group of shareholders – the ‘class’ – who have suffered an economic loss arising from a violation of the securities laws. With the current sub-prime crisis, the number of class action claims is expected to increase – and this is not just a US phenomenon. It has been estimated that over half of sub-prime securities have found their way into Europe, and that around a third of them could be located in the UK. As Roger Sargeant, managing director, Interactive Data (Europe), says: “Class actions are an essential means of providing redress to investors from violations of the securities laws, and with the recent turmoil, these actions look set to increase.” Nat Sey, reference data business manager, Interactive Data (Europe), continues: “We’ve seen an increase in demand over the past few years as there has been an overall heightened awareness of securities class action litigation, with some prominent cases coming to light. With volume increases in class actions, we’ve found a strong need in the market for this type of information. We have used the expertise gained over the years in collecting corporate actions data, as well as the relationships cultivated with the major claims administrators and plaintiffs’ counsel, to provide a comprehensive service in ISO 15022 format to track securities class actions.” Interactive Data’s web-based class actions service has been helping clients track class action events since 2005, monitoring and gathering information on securities litigation from a number of sources. It provides a detailed database of securities class action litigation filed in the US court system. The latest ISO 15022-formatted class actions service, available as an optional module via FTS, is designed to provide users

www.interactivedata.com

with a standardised file for downstream processing and further automation of these events, helping to reduce the risk of incorrect interpretation. The service includes critical dates and data, with the security codes relating to the defendant, all in standard ISO 15022 format. A link to the web-based platform, www.xca.xcitek.com, is also included in the ISO 15022 message. This link connects the user to the web-based version of the service, which provides a full-text description of the proceedings with all related documents. Since May 2008, Interactive Data has been able to provide its class action service via SWIFTNet, as well as via the internet. Roger Sargeant comments: “Class members usually need to submit proof of their claims in order to participate in the proceeds from a final judgment or settlement. We have a comprehensive system that is capable of compiling and disseminating class action information, allowing the user to view and track the progress of all monitored class action lawsuits.” Nat Sey adds: “Interactive Data closely follows ongoing developments in standards such as ISO 15022 and 20022 and proactively participates in the industry’s efforts to increase understanding and adoption. Whilst on the subject, the annual changes and updates for the SWIFT Standards Release (SR2008) will be applied to all live ISO 15022 files. SR2008 is due to go live this November, with immediate effect, and test files are scheduled to be available from 1 September, at which time full details are also due to be provided in an ISO 15022 Release Notice.” Sey expects that Interactive Data’s ISO 15022-formatted service will receive a good level of demand from the marketplace as the industry continues to move to this standard in the corporate actions field, especially in the nonNorth American markets. And as demand grows and more clients use the standard, general operational efficiency will most likely become a key driver. For further information please contact Nat Sey. Tel: +44 (0)20 7825 8744 Email: [email protected]



COVER STORY

Award-winning corporate actions data Interactive Data offers an exceptional depth of corporate actions data, enabling tracking and processing of mandatory and optional events

Timeliness

Interactive Data’s Pricing and Reference Data business, a provider of corporate actions data for over 30 years, has a wealth of experience in gathering, updating, validating and delivering corporate actions data to financial institutions covering multiple markets and instrument types.

Corporate action process flows

The exceptional depth of data is available end-of-day in ISO 15022 format, covering the majority of the 65 event types that deal with corporate actions content. The service is available via FTS, Interactive Data’s portfolio administration tool, via SWIFTNet and for FTP over the internet. Interactive Data also offers an intra-day corporate actions service.

Best Corporate Actions Data Provider Interactive Data’s Pricing and Reference Data business won the ‘Best Corporate Actions Data Provider’ award at the Inside Market Data/Inside Reference Data Awards 2008. The accolade, sponsored by Inside Reference Data, was awarded to Interactive Data for its high-quality corporate actions data. Mark Hepsworth, president, Interactive Data Institutional Business, said: “At Interactive Data we recognise the market requirement for full coding and timeliness in our corporate actions data and aim to ensure that our customers receive the full benefit of our expertise, acquired through years of involvement in an ever-changing business environment.”

An exceptional depth of data Capital change events Interactive Data offers extensive coverage of bonus and rights issues, both into original and different securities – including demergers – consolidations and subdivisions, forward and reverse splits, open offers, writeoffs and write-ups, redenominations and renominalisations.

Cost basis Cost basis information covers North American corporate actions that have cost allocation/tax status consequences and provides a variety of information including: CUSIP®, issuer, issue description, tax status, cash-in-lieu, resulting securities, cost basis allocation factor and fair market value.

Income payments Regular cash payments are covered including equity dividends, coupon payments on fixed income securities and distributions to fund units. Special situations such as bonus, anniversary, litigation and liquidation payments are also provided, as well as stock dividends.

Descriptive and static data Interactive Data provides hundreds of items including annual general meeting/extraordinary general meeting dates, industry classifications (including GICS and ICB), index constituent data, general classification data and details on liability to taxes and levies such as Stamp Duty, PTM Levy, EU withholding tax (EU Savings Directive) and other income deductions which may be applicable.

Mergers and acquisitions Detailed information is provided on all options available during takeover, merger, demerger, scheme of arrangement and re-purchase situations, including Dutch Auctions and oddlot offers. Mandatory events Corporate level events such as takeovers and mergers, spin-offs or demergers, liquidations, name changes, mandatory exchanges and notifications of shareholder meetings are available. Voluntary events Timely reporting of voluntary events that require a client election, including tender offers, consent solicitations, rights exercises and merger elections are available. Class actions Interactive Data’s class actions service includes a daily listing of announced, settled, dismissed, approved or other US-based securities class action updates (please see page 7).

6

Underlying linkages Linkages to main/dual listings are provided on all securities. Linkages to derivatives and linked securities are shown on equities, fixed income securities and funds. Linkages to underlying securities are available on warrants, depository receipts and other derivatives. Security master data Interactive Data provides core instrument data such as extensive cross-reference identification codes, security classification and issue data. Securities Taxation Services Through its Securities Taxation Services, covering capital changes on UK and Irish listed securities, Interactive Data has been supplying the UK and Irish market with a range of services for some 40 years.

connect summer 2008

Data is collected directly from stock exchanges and other authoritative sources around the world, and, in the vast majority of cases, it is updated in Interactive Data’s databases on the day of announcement. Interactive Data has invested considerable resource to empower customers with the information required to achieve automation and has defined corporate action process flows. These process flows have been specifically developed to give customers a logical rules-based methodology for categorising and defining Interactive Data’s corporate actions data.

Validation

Interactive Data concentrates its validation efforts on the key items highlighted in the process flows. Validation is carried out in several stages. Data is first cross-checked against

independent sources. On-screen checks are then used to eliminate errors at point-of-entry into the system. End-ofday checks, including integrity reports, provide the final level of verification. Specific projects to ensure continuance of standards in data quality and accuracy are also regularly undertaken.

Corporate actions tracking

Via FTS and Xcitek Online, customers can also receive detailed portfolio-based reports for tracking new corporate action announcements, including advance warning of upcoming ex and effective dates of events. A level of customisation may be provided, via a post-processing facility, to enable customers to receive data in a format that meets their needs. All requests for this service will be considered on a feasibility basis.

New Class actions service in ISO 15022 Interactive Data’s Pricing and Reference Data business has recently launched its enhanced class actions service mapped to ISO 15022 format The class actions service is designed to help financial institutions track, monitor and recover funds emanating from securities class action litigation. Securities litigation may be brought on behalf of a group of shareholders – the ‘class’ – who have suffered an economic loss arising from a violation of the securities laws. With the current sub-prime crisis, the number of class action claims is expected to increase – and this is not just a US phenomenon. It has been estimated that over half of sub-prime securities have found their way into Europe, and that around a third of them could be located in the UK. As Roger Sargeant, managing director, Interactive Data (Europe), says: “Class actions are an essential means of providing redress to investors from violations of the securities laws, and with the recent turmoil, these actions look set to increase.” Nat Sey, reference data business manager, Interactive Data (Europe), continues: “We’ve seen an increase in demand over the past few years as there has been an overall heightened awareness of securities class action litigation, with some prominent cases coming to light. With volume increases in class actions, we’ve found a strong need in the market for this type of information. We have used the expertise gained over the years in collecting corporate actions data, as well as the relationships cultivated with the major claims administrators and plaintiffs’ counsel, to provide a comprehensive service in ISO 15022 format to track securities class actions.” Interactive Data’s web-based class actions service has been helping clients track class action events since 2005, monitoring and gathering information on securities litigation from a number of sources. It provides a detailed database of securities class action litigation filed in the US court system. The latest ISO 15022-formatted class actions service, available as an optional module via FTS, is designed to provide users

www.interactivedata.com

with a standardised file for downstream processing and further automation of these events, helping to reduce the risk of incorrect interpretation. The service includes critical dates and data, with the security codes relating to the defendant, all in standard ISO 15022 format. A link to the web-based platform, www.xca.xcitek.com, is also included in the ISO 15022 message. This link connects the user to the web-based version of the service, which provides a full-text description of the proceedings with all related documents. Since May 2008, Interactive Data has been able to provide its class action service via SWIFTNet, as well as via the internet. Roger Sargeant comments: “Class members usually need to submit proof of their claims in order to participate in the proceeds from a final judgment or settlement. We have a comprehensive system that is capable of compiling and disseminating class action information, allowing the user to view and track the progress of all monitored class action lawsuits.” Nat Sey adds: “Interactive Data closely follows ongoing developments in standards such as ISO 15022 and 20022 and proactively participates in the industry’s efforts to increase understanding and adoption. Whilst on the subject, the annual changes and updates for the SWIFT Standards Release (SR2008) will be applied to all live ISO 15022 files. SR2008 is due to go live this November, with immediate effect, and test files are scheduled to be available from 1 September, at which time full details are also due to be provided in an ISO 15022 Release Notice.” Sey expects that Interactive Data’s ISO 15022-formatted service will receive a good level of demand from the marketplace as the industry continues to move to this standard in the corporate actions field, especially in the nonNorth American markets. And as demand grows and more clients use the standard, general operational efficiency will most likely become a key driver. For further information please contact Nat Sey. Tel: +44 (0)20 7825 8744 Email: [email protected]



40TH ANNIVERSARY

Interactive Data celebrates 40th anniversary …whilst looking firmly ahead From roots that extend all the way back to the first transatlantic telegraph cable between London and New York in the 19th century, to the founding of Interactive Data Corporation in Massachusetts in 1968, to a leading global provider of financial information and analytics Roger Sargeant, managing director, Interactive Data (Europe), takes a look at how Interactive Data can help customers in today’s dynamic marketplace

As we celebrate our 40th anniversary, it’s a good time not just to take stock of our history, but to assess the role of Interactive Data in today’s – and tomorrow’s – global financial marketplace. With the many changes taking place across our industry, we want to provide our customers with innovative, high-quality products and services to help meet their future needs. Valuation and the growing complexity of securities We continue to expand our offerings and focus on areas where we believe we can provide value to our customers. We are open and flexible about how we build and deliver our offerings so that we can cultivate and maintain mutually-beneficial, long-term, trusting relationships. Market conditions and customer needs have led us to identify a number of areas on which to focus and strengthen our offerings. These include valuation – particularly in the context of the growing complexity of securities – risk management and compliance, the transformation of the trading room, and wealth management. In the area of valuation, for example, we’ve invested additional resources into our wide range of evaluated services by expanding our focus on ‘hard-to-value’ securities. This is enabling us to help customers address valuation challenges and a general move towards greater transparency in the valuation process.

“We have a strong commitment to providing the highest levels of customer service”

Despite recent volatility, the market continues to seek to invest in a broader range of securities and we’re expanding our coverage accordingly. We’ve expanded our derivatives coverage to include independent valuations for a number of alternative investments, including interest rate swaps, bank loan valuations and credit default swaps. And we’re continuing to explore opportunities to broaden our coverage to include a wider range of structured products. Risk management and compliance Market volatility has also highlighted the need for increased risk management. Here we’ll continue to enhance our risk and analytical datafeed service, and expect to unveil the next generation of our BondEdge® service later this year. BondEdge, from our Fixed Income Analytics business, allows customers to identify opportunities and analyse portfolio risk using robust modelling techniques. Of course, regulation and other mandates have been and will continue to be a main driver for us all. Interactive Data has developed a cohesive range of data and services to help customers comply with capital adequacy, best execution and transparency. We offer extensive services to help customers comply with the obligations imposed by the Markets in Financial Instruments Directive (MiFID), business entity data to help customers meet their requirements for risk management and compliance under regulations such as UCITS III and Basel II, as

8

connect summer 2008

well as EU Savings Directive and EU Transparency Directive data services. We’ve also developed a set of informational resources that have helped our customers prepare for FAS 157, a US accounting rule that relates to the valuation of securities. Transformation of the trading room Another key area of focus is the transformation of the trading room – mainly related to the rapidly increasing interest in algorithmic and electronic trading. To help our customers execute on their cutting edge trading strategies, “Latest statistics show Interactive Data offers that we can now PlusFeed, a consolidated, low deliver data from many latency datafeed that delivers information on millions of European exchanges to global securities – we’re European customers now handling over 800,000 messages per second via within 10 milliseconds” PlusFeed – and DirectPlusSM, a service that delivers sub-one millisecond data. DirectPlus offers an alternative to the direct exchange feeds that can create a cost and technology burden for our clients. Wealth management We see the fourth main area of focus as the wealth management market, which continues to grow globally. With the ageing baby boomer population and pension privatisation, we have invested in our Managed Solutions’ business to create offerings for building, customising and hosting webbased portals. We have also extended eSignal’s desktop terminal solution with Market-Q, a workstation designed especially for the institutional market. Innovation Fostering and investing in innovation enable us to adapt to new trends and bring new high-value services to the “By working closely with marketplace. By way of our customers and example, market dynamics monitoring market trends, make it essential for customers to have access we were able to develop to timely information on the innovative Basket critical events, and to meet this need, we now offer Calculation Service, an intra-day corporate which we believe to be actions service.

the first offering to provide intra-day indicative valuations of equity and fixed income exchange traded funds” www.interactivedata.com

A further example is the development of our Basket Calculation Service, which we believe to be the first offering to provide intra-day indicative

valuations of equity and fixed income exchange traded funds. The service is designed to help ETF sponsors access the information required to launch funds that contain a broader range of fixed income securities, facilitating further growth and diversification in the ETF market. We currently calculate and disseminate intra-day indicative valuations for baskets of securities to nine clients, including four of the five largest ETF sponsors, via this service. Productivity and efficiency Our increased investment in productivity and efficiency will help ensure that we can continue to collect, process and deliver data from all over the world in a timely manner, even as data volume levels continue to grow so rapidly. In recent years we’ve developed an excellent technology infrastructure enabling continuing enhancement to help meet our customers’ needs. Earlier this year, the new European ticker plant for our Real-Time Services business went live, providing latency gains of at least 80 milliseconds for European consumers of European real-time data and representing a significant competitive advantage. Latest statistics show that we can now deliver data from many European exchanges to European customers within 10 milliseconds. Continued global expansion is also an important element of our future plans. We’re working to invest in key global markets, while maintaining a thorough understanding of local regulations and culture, and continuing to develop products and services that are tailored to our customers’ needs wherever they are. Our recent agreement to acquire Italian data provider, Kler’s, is the latest example of our continued investment. The addition of Kler’s will enhance the reference data content that Interactive Data already collects, processes and delivers to thousands of financial institutions and redistribution partners around the world. For customers in Italy, the addition of our content – particularly pricing data and evaluations for a wide range of Italian and international securities – will further strengthen Kler’s existing offerings, while the availability of Italian reference data will also enable us to develop evaluated pricing for Italian unlisted bonds. Finally, and very importantly, Interactive Data has a strong commitment to providing the highest levels of customer service to support the mission-critical services that we offer to our valued clients. We look forward to providing you with this high-quality financial information and analytics for another 40 years …and more!



40TH ANNIVERSARY

Interactive Data celebrates 40th anniversary …whilst looking firmly ahead From roots that extend all the way back to the first transatlantic telegraph cable between London and New York in the 19th century, to the founding of Interactive Data Corporation in Massachusetts in 1968, to a leading global provider of financial information and analytics Roger Sargeant, managing director, Interactive Data (Europe), takes a look at how Interactive Data can help customers in today’s dynamic marketplace

As we celebrate our 40th anniversary, it’s a good time not just to take stock of our history, but to assess the role of Interactive Data in today’s – and tomorrow’s – global financial marketplace. With the many changes taking place across our industry, we want to provide our customers with innovative, high-quality products and services to help meet their future needs. Valuation and the growing complexity of securities We continue to expand our offerings and focus on areas where we believe we can provide value to our customers. We are open and flexible about how we build and deliver our offerings so that we can cultivate and maintain mutually-beneficial, long-term, trusting relationships. Market conditions and customer needs have led us to identify a number of areas on which to focus and strengthen our offerings. These include valuation – particularly in the context of the growing complexity of securities – risk management and compliance, the transformation of the trading room, and wealth management. In the area of valuation, for example, we’ve invested additional resources into our wide range of evaluated services by expanding our focus on ‘hard-to-value’ securities. This is enabling us to help customers address valuation challenges and a general move towards greater transparency in the valuation process.

“We have a strong commitment to providing the highest levels of customer service”

Despite recent volatility, the market continues to seek to invest in a broader range of securities and we’re expanding our coverage accordingly. We’ve expanded our derivatives coverage to include independent valuations for a number of alternative investments, including interest rate swaps, bank loan valuations and credit default swaps. And we’re continuing to explore opportunities to broaden our coverage to include a wider range of structured products. Risk management and compliance Market volatility has also highlighted the need for increased risk management. Here we’ll continue to enhance our risk and analytical datafeed service, and expect to unveil the next generation of our BondEdge® service later this year. BondEdge, from our Fixed Income Analytics business, allows customers to identify opportunities and analyse portfolio risk using robust modelling techniques. Of course, regulation and other mandates have been and will continue to be a main driver for us all. Interactive Data has developed a cohesive range of data and services to help customers comply with capital adequacy, best execution and transparency. We offer extensive services to help customers comply with the obligations imposed by the Markets in Financial Instruments Directive (MiFID), business entity data to help customers meet their requirements for risk management and compliance under regulations such as UCITS III and Basel II, as

8

connect summer 2008

well as EU Savings Directive and EU Transparency Directive data services. We’ve also developed a set of informational resources that have helped our customers prepare for FAS 157, a US accounting rule that relates to the valuation of securities. Transformation of the trading room Another key area of focus is the transformation of the trading room – mainly related to the rapidly increasing interest in algorithmic and electronic trading. To help our customers execute on their cutting edge trading strategies, “Latest statistics show Interactive Data offers that we can now PlusFeed, a consolidated, low deliver data from many latency datafeed that delivers information on millions of European exchanges to global securities – we’re European customers now handling over 800,000 messages per second via within 10 milliseconds” PlusFeed – and DirectPlusSM, a service that delivers sub-one millisecond data. DirectPlus offers an alternative to the direct exchange feeds that can create a cost and technology burden for our clients. Wealth management We see the fourth main area of focus as the wealth management market, which continues to grow globally. With the ageing baby boomer population and pension privatisation, we have invested in our Managed Solutions’ business to create offerings for building, customising and hosting webbased portals. We have also extended eSignal’s desktop terminal solution with Market-Q, a workstation designed especially for the institutional market. Innovation Fostering and investing in innovation enable us to adapt to new trends and bring new high-value services to the “By working closely with marketplace. By way of our customers and example, market dynamics monitoring market trends, make it essential for customers to have access we were able to develop to timely information on the innovative Basket critical events, and to meet this need, we now offer Calculation Service, an intra-day corporate which we believe to be actions service.

the first offering to provide intra-day indicative valuations of equity and fixed income exchange traded funds” www.interactivedata.com

A further example is the development of our Basket Calculation Service, which we believe to be the first offering to provide intra-day indicative

valuations of equity and fixed income exchange traded funds. The service is designed to help ETF sponsors access the information required to launch funds that contain a broader range of fixed income securities, facilitating further growth and diversification in the ETF market. We currently calculate and disseminate intra-day indicative valuations for baskets of securities to nine clients, including four of the five largest ETF sponsors, via this service. Productivity and efficiency Our increased investment in productivity and efficiency will help ensure that we can continue to collect, process and deliver data from all over the world in a timely manner, even as data volume levels continue to grow so rapidly. In recent years we’ve developed an excellent technology infrastructure enabling continuing enhancement to help meet our customers’ needs. Earlier this year, the new European ticker plant for our Real-Time Services business went live, providing latency gains of at least 80 milliseconds for European consumers of European real-time data and representing a significant competitive advantage. Latest statistics show that we can now deliver data from many European exchanges to European customers within 10 milliseconds. Continued global expansion is also an important element of our future plans. We’re working to invest in key global markets, while maintaining a thorough understanding of local regulations and culture, and continuing to develop products and services that are tailored to our customers’ needs wherever they are. Our recent agreement to acquire Italian data provider, Kler’s, is the latest example of our continued investment. The addition of Kler’s will enhance the reference data content that Interactive Data already collects, processes and delivers to thousands of financial institutions and redistribution partners around the world. For customers in Italy, the addition of our content – particularly pricing data and evaluations for a wide range of Italian and international securities – will further strengthen Kler’s existing offerings, while the availability of Italian reference data will also enable us to develop evaluated pricing for Italian unlisted bonds. Finally, and very importantly, Interactive Data has a strong commitment to providing the highest levels of customer service to support the mission-critical services that we offer to our valued clients. We look forward to providing you with this high-quality financial information and analytics for another 40 years …and more!



Update industry issues & data coverage

Focal Points

traded on multiple trading platforms within the same country’ and for securities ‘trading in multiple currencies on the same trading platform’. The proposed implementation date for the new allocation rules was September 2008.

Focal Points Issue 156

The LSE asked market participants to consider the impact that the proposals might have on firms’ systems and whether the new allocation rules would be beneficial for more efficient data operations.

Changes described in Focal Points Issue 156 became effective via FTS and in EXSHARE® from 14 July 2008. In order to assist customers in preparing their systems for the changes, test data was made available from 9 June 2008. Focal Points Issue 156 included a number of amendments to a range of data settings and flags as a result of market developments. In addition, a number of data presentations were amended to enhance the level of data provided and to assist customer interpretation and processing of the data delivered in services. Highlights of Focal Points Issue 156 include: • Revisions to show Zimbabwe dollar values • Enhancements to instrument/data record cross-references • Amendments to market-level industrial classification systems • Index constituent flags • Enhanced presentation of stock/share distribution ratios • Presentation of Property Income Dividends (PIDs) • Corporate tax reform in Germany • Presentation of open/high/low/volume data • Presentation of accrued interest pricing basis • Amendments to country/exchange combinations • Enhancements to presentation of Exchange Section data

Focal Points Issue 156 - Update 1 Focal Points Issue 156 included revisions to show Zimbabwe dollar values (scaled-down by a factor of 1,000) via FTS and EXSHARE. Further fluctuations in the value of the Zimbabwe currency now make it necessary to show values scaled-down by a factor of 1,000,000. Details of this change are published in Focal Points Issue 156 - Update 1.

As a result of this feedback from the market, the LSE stated that they would not proceed with their plans from September 2008, but intend to work with users to implement their plans in the longer term. Interactive Data is in contact with the LSE regarding its plans for SEDOL codes and will continue this dialogue going forward. Should the LSE announce further plans, Interactive Data will endeavour to keep customers informed about potential service impacts and will aim to help wherever possible. Full details of the LSE proposals can be found on the LSE website: www.londonstockexchange.com in the SEDOL Masterfile section.

Market changes and evolving customer requirements In order to provide the pricing, evaluations and reference data that customers need, Interactive Data continually monitors the global financial markets, identifying market changes, and prioritising and implementing these changes through, for example, Focal Points. Interactive Data recognises that customer requirements change and understands the importance of being aware of current needs. For example, if there is an emerging market or an industrial sector system that Interactive Data does not currently cover, or an industry standard coding system not presently supported, then please contact your account manager to discuss your needs. In addition to the evolving content in its services, Interactive Data’s delivery methods are designed to be flexible. If data is required to be delivered in a different format or presentation, please contact your account manager to discuss potential post-processing options.

Interface update

Focal Points Issue 157 Changes described in Focal Points Issue 157 are scheduled to become effective via FTS and in EXSHARE from 1 September 2008. In order to assist customers in preparing their systems for the changes, test data was made available from 9 June 2008. Focal Points Issue 157 details the changes to the Global Industry Classification Standard (GICS®), which were announced following the annual review of the widely adopted system by MSCI® Barra and Standard & Poor’s. As a result of the changes, the GICS structure will consist of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries.

Data coverage - Bulgarian Stock Exchange pricing Interactive Data has made enhancements to its pricing coverage by providing close-of-day prices from the Bulgarian Stock Exchange – Sofia. This was reflected in EXSHARE and FTS from 28 April 2008.

SEDOL allocation rules

Interactive Data continues to work closely with software and application vendors to help them develop a range of interfaces that can be implemented quickly and easily. Two recent interfaces are: n Data from Interactive Data’s Pricing and Reference Data business will now be available through ValueLink's PriceValidation service. Through PriceValidation, ValueLink acts as a service facilitator taking raw data from customers' chosen data vendors and subjecting it to ValueLink's validation processes within client agreed deadlines for intra-day and closing timeslots. Interactive Data's extensive intra-day and end-of-day pricing data and evaluations will be accessible to customers through ValueLink's interface with FTS. This can help customers to save time and resource in their validation process. n Asset Arena® Investment Accounting System (GP3), from SunGard®, is a global, real-time, accounting system designed to meet the needs of investment managers for collective investment fund management and/or institutional portfolio management, including portfolio keeping, portfolio valuation, NAV calculation, fund accounting and compliance. Through an interface to FTS, customers now have access to a range of Interactive Data Pricing and Reference Data's content via the GP3 system. Customers can benefit from Interactive Data's pricing, reference data and fixed income evaluations – including independent valuations of bank loans – as well as business entity data. Sungard, via its GP3 system, has over 20 years of business and technical expertise in the fund administration business, providing its services to a wide range of European financial institutions.

For further information please contact your account manager.

As the numbering agency for SEDOL® codes, the London Stock Exchange’s (LSE) allocation rules have specified that there should be one SEDOL code per instrument per country/market. However, in February 2008, the LSE published proposals to change this rule. The proposals intend to allocate SEDOL codes for instruments traded on multilateral trading facilities (MTFs). Codes would be allocated for ‘securities 10

At the end of May 2008, the LSE summarised and published the feedback received from market participants. The summary indicated that although there was an amount of support for the revised allocation rules, the proposed timescales were too short. The findings indicated that the impact on systems and adapting data flows would be great and that further research would be required to assess the full impact.

connect summer 2008

See also: PS Look out for the symbol

, the online monthly bulletin that complements the quarterly publication of ‘connect’.

To subscribe please email: [email protected]

www.interactivedata.com

11

Update industry issues & data coverage

Focal Points

traded on multiple trading platforms within the same country’ and for securities ‘trading in multiple currencies on the same trading platform’. The proposed implementation date for the new allocation rules was September 2008.

Focal Points Issue 156

The LSE asked market participants to consider the impact that the proposals might have on firms’ systems and whether the new allocation rules would be beneficial for more efficient data operations.

Changes described in Focal Points Issue 156 became effective via FTS and in EXSHARE® from 14 July 2008. In order to assist customers in preparing their systems for the changes, test data was made available from 9 June 2008. Focal Points Issue 156 included a number of amendments to a range of data settings and flags as a result of market developments. In addition, a number of data presentations were amended to enhance the level of data provided and to assist customer interpretation and processing of the data delivered in services. Highlights of Focal Points Issue 156 include: • Revisions to show Zimbabwe dollar values • Enhancements to instrument/data record cross-references • Amendments to market-level industrial classification systems • Index constituent flags • Enhanced presentation of stock/share distribution ratios • Presentation of Property Income Dividends (PIDs) • Corporate tax reform in Germany • Presentation of open/high/low/volume data • Presentation of accrued interest pricing basis • Amendments to country/exchange combinations • Enhancements to presentation of Exchange Section data

Focal Points Issue 156 - Update 1 Focal Points Issue 156 included revisions to show Zimbabwe dollar values (scaled-down by a factor of 1,000) via FTS and EXSHARE. Further fluctuations in the value of the Zimbabwe currency now make it necessary to show values scaled-down by a factor of 1,000,000. Details of this change are published in Focal Points Issue 156 - Update 1.

As a result of this feedback from the market, the LSE stated that they would not proceed with their plans from September 2008, but intend to work with users to implement their plans in the longer term. Interactive Data is in contact with the LSE regarding its plans for SEDOL codes and will continue this dialogue going forward. Should the LSE announce further plans, Interactive Data will endeavour to keep customers informed about potential service impacts and will aim to help wherever possible. Full details of the LSE proposals can be found on the LSE website: www.londonstockexchange.com in the SEDOL Masterfile section.

Market changes and evolving customer requirements In order to provide the pricing, evaluations and reference data that customers need, Interactive Data continually monitors the global financial markets, identifying market changes, and prioritising and implementing these changes through, for example, Focal Points. Interactive Data recognises that customer requirements change and understands the importance of being aware of current needs. For example, if there is an emerging market or an industrial sector system that Interactive Data does not currently cover, or an industry standard coding system not presently supported, then please contact your account manager to discuss your needs. In addition to the evolving content in its services, Interactive Data’s delivery methods are designed to be flexible. If data is required to be delivered in a different format or presentation, please contact your account manager to discuss potential post-processing options.

Interface update

Focal Points Issue 157 Changes described in Focal Points Issue 157 are scheduled to become effective via FTS and in EXSHARE from 1 September 2008. In order to assist customers in preparing their systems for the changes, test data was made available from 9 June 2008. Focal Points Issue 157 details the changes to the Global Industry Classification Standard (GICS®), which were announced following the annual review of the widely adopted system by MSCI® Barra and Standard & Poor’s. As a result of the changes, the GICS structure will consist of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries.

Data coverage - Bulgarian Stock Exchange pricing Interactive Data has made enhancements to its pricing coverage by providing close-of-day prices from the Bulgarian Stock Exchange – Sofia. This was reflected in EXSHARE and FTS from 28 April 2008.

SEDOL allocation rules

Interactive Data continues to work closely with software and application vendors to help them develop a range of interfaces that can be implemented quickly and easily. Two recent interfaces are: n Data from Interactive Data’s Pricing and Reference Data business will now be available through ValueLink's PriceValidation service. Through PriceValidation, ValueLink acts as a service facilitator taking raw data from customers' chosen data vendors and subjecting it to ValueLink's validation processes within client agreed deadlines for intra-day and closing timeslots. Interactive Data's extensive intra-day and end-of-day pricing data and evaluations will be accessible to customers through ValueLink's interface with FTS. This can help customers to save time and resource in their validation process. n Asset Arena® Investment Accounting System (GP3), from SunGard®, is a global, real-time, accounting system designed to meet the needs of investment managers for collective investment fund management and/or institutional portfolio management, including portfolio keeping, portfolio valuation, NAV calculation, fund accounting and compliance. Through an interface to FTS, customers now have access to a range of Interactive Data Pricing and Reference Data's content via the GP3 system. Customers can benefit from Interactive Data's pricing, reference data and fixed income evaluations – including independent valuations of bank loans – as well as business entity data. Sungard, via its GP3 system, has over 20 years of business and technical expertise in the fund administration business, providing its services to a wide range of European financial institutions.

For further information please contact your account manager.

As the numbering agency for SEDOL® codes, the London Stock Exchange’s (LSE) allocation rules have specified that there should be one SEDOL code per instrument per country/market. However, in February 2008, the LSE published proposals to change this rule. The proposals intend to allocate SEDOL codes for instruments traded on multilateral trading facilities (MTFs). Codes would be allocated for ‘securities 10

At the end of May 2008, the LSE summarised and published the feedback received from market participants. The summary indicated that although there was an amount of support for the revised allocation rules, the proposed timescales were too short. The findings indicated that the impact on systems and adapting data flows would be great and that further research would be required to assess the full impact.

connect summer 2008

See also: PS Look out for the symbol

, the online monthly bulletin that complements the quarterly publication of ‘connect’.

To subscribe please email: [email protected]

www.interactivedata.com

11

FINAL WORD

www.interactivedata.com

European customer forums 2008

Award-winning

Interactive Data will be holding customer forums in Jersey, Guernsey, Luxembourg and Edinburgh during September and October 2008. A customer event will also be held in London on 9 October. The annual round of forums provide customers with an opportunity to hear about Interactive Data’s product and service plans, and to discuss key issues with other industry participants. The agenda will vary by region in order to meet local needs.

corporate actions data

For customers in the London area, Interactive Data will hold an evening reception on Thursday 9 October 2008 at the London Aquarium.

Dates for the diary 10 September – Longueville Manor Hotel, Jersey 11 September – Duke of Richmond Hotel, Guernsey 24 September – Luxembourg Chamber of Commerce 7 October – Museum of Scotland, Edinburgh 9 October – The London Aquarium

Class actions service in ISO 15022

Interactive Data may hold subsequent customer forums in other locations if there is sufficient demand.

DIARY

For further information about these events or to register, please email: [email protected]

See Interactive Data at the following events ALFI NICSA Global Investment Funds Forum 23-24 September 2008, New Conference Centre, Luxembourg Kirchberg Shant Harootunian, managing director, Evaluations Services, Interactive Data Pricing and Reference Data, will be taking part in the panel discussion: ‘Credit crisis, lessons to be learnt for our industry’. Interactive Data will also be exhibiting. www.alfi.lu/index.php?id=61 Screen Event Amsterdam 25 September 2008, NH Grand Hotel Krasnapolsky, Amsterdam

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Also in this issue

Enhanced terms and conditions data

FIMA 2008 11-13 November 2008, London Olympia

Interactive Data celebrates 40th anniversary

Interactive Data will again be exhibiting at this 6th annual reference data management conference. www.wbresearch.com/FIMAeurope/index. html

2008 customer forums

Finance Forum 4-5 November 2008, Kongresshaus Zürich Interactive Data will be exhibiting. www.finance-forum.com

Interactive Data will be exhibiting. www.screenmarkets.com/events2/overview. asp?EventID=3

SIFMA European Technology Management Conference and Exhibition 2-3 December 2008, East Wintergarden, Canary Wharf, London

For further information about these events please email: [email protected]

Interactive Data will be exhibiting. http://events.sifma.org/2008/273/event. aspx?id=4554

issue 31 summer 2008