(MENAFN - Arab Times) Kuwait Stock Exchange was presented with the 2013 Outstanding Data Provider Award by the Financial Information Services Division (FISD) of the Software and Information Industry Association, the principal trade association for the software and digital content industry, at the FISD Issue Brief London on Dec 5. BATS Chi-X Europe and Vienna Stock Exchange were the other finalists nominated for the award. Officials of the KSE held a press conference to announce the achievement and informed that the award was created by the FISD Service Level and Communications Working Group to recognize the exchange or data provider that most closely adheres to the Working Group's Best Practice Recommendations. These recommendations serve as guidelines for communication and notification sent by exchanges and information providers to customers and downstream distribution partners in case of events such as administrative and policy changes, system upgrades, new product introductions, and unplanned interruptions.
Tom Davin, Managing Director of FISD has made the following statement, in this regard: "KSE is strongly deserving of this acknowledgement. The award recognizes the importance that clients and distributors place on clear and timely communications from their information providers. This recognition highlights the value of the Service Level and Communication Working Group's recommendations as a reference for exchanges and information providers throughout the market data distribution chain." Wafa Al Rashed, Director of the Technical Bureau Department of the KSE, stated, "To be considered for this award along with these stellar exchanges is such a great honour for Kuwait Stock Exchange. This recognition would not have happened without the continuous effort of our dedicated and experienced staff."
Sara Abdel Samad, Consultant at the Technical Bureau Department, informed that KSE is a member of the FSID in Washington and that the assessment for the award is based on questionnaires answered by data vendors who comment on the service they receive from exchanges. The award also takes into consideration how an exchange deals with third party users, the agreements and terms and conditions of information distribution, and other related information dissemination efficiencies. The Market Data Unit of the KSE under the Technical Bureau Department oversees this aspect of the KSE's operation. It also coordinates with the help desk in forwarding technical information and following up with them to make sure requests are handled appropriately and in a timely manner.
"We focus on quality data and quality services. We make sure that every request is handled efficiently. The Market Data Unit was established in 2009 and specializes in dealing with market distribution to third parties. Prior to this, information was scattered between different departments. Now, it has been consolidated and centralized for ease of access and efficiency", Abdel Samad remarked. She also informed that future plans would focus on continuing improvements in the quality of data provided on the KSE website which is most visible to the public, "We want to make sure that it is accurate and timely with information available in Arabic and English."
FISD provides a neutral business forum for exchanges, market data vendors, specialist data providers, brokerage firms, investment managers and banks to address and resolve business and technical issues related to the distribution, management, administration, and use of market data. Participants use the forum to exchange ideas, build business relationships and improve the business climate associated with the worldwide flow of financial information. SIIA provides global services in government relations, business development, corporate education and intellectual property protection to more than 500 leading software and information companies