The market fragmentation that has been a major by-product of the introduction of MiFID has resulted in a number of serious data related issues in the OTC space in particular, said Tom Davin, managing director of the Washington-based Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA), at the recent MiFID JWG reunion meeting. Regulators are therefore tackling the post-trade space by attempting to introduce a new focus on data quality and timeliness, but the current set of proposed data standards for instrument identification may not be sufficient, suggested Davin.

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