Schaedel joined data provider Markit today as managing director of equities based in London, according to two people familiar with the situation. He will report to Brad Hunt and Tim Sargent, Markit's global co-heads of equities, one of the people said.
Markit was founded in 2001 to provide data around credit derivatives. It has since grown into a $5bn company and earlier this year received a $500m investment from Singapore sovereign wealth fund Temasek.
It earned revenues of $762m in 2011 the most recent available filings across three major business lines: information, including CDS pricing; processing, including confirming derivatives trades; and enterprise solutions, which includes website hosting.
The company's information services unit offers a number of equities products including Boat, which aggregates information on European equities transactions conducted off-exchange.
Other equities tools include its Markit MSA league tables, which rank brokers by the value of transactions conducted in European cash equities and exchange-traded fund markets; and its Markit BCS tool, which offers an independent tool showing the volume of European cash equities executed on broker platforms.
Schaedel left NYSE in February 2012 and was most recently involved in the Coba Project. The initiative was first unveiled last November and attempted to solve the long-standing problem of the lack of a European trading tape of record – known as the consolidated tape by aggregating equity pricing data across European trading venues. Schaedel co-founded the Coba Project with Graham Dick, a former head of business development and board member of Chi-X Europe. BOPP tape They consulted extensively with the industry, including exchanges, buyside firms, and data vendors.
The European trading industry has long-agreed on the need for a consolidated tape, but efforts to create one have faltered over disagreements on the location, governance, speed and cost of the tape. Brokers and alternative venues have complained that the high cost of the pricing data sold by the incumbent exchanges is a major stumbling block.
The Coba Project aimed to solve this problem through the creation of a revenue-sharing arrangement which would involve bundling all the trading data distributed by exchanges and alternative trading platforms into a single subscription for a flat fee. Revenues from the tape would then be allocated back to the participating firms.
However, in a statement in March, they said they had concluded “there is insufficient support to pursue implementation as proposed” and were suspending the initiative "pending the consideration of alternative proposals".
While at NYSE, Schaedel was seen as an influential figure and represented NYSE’s interests in industry initiatives, such as moves towards building a consolidated tape for post-trade data in Europe.
The courts have also been trying to curb abuses. The ITC, a quasi-judicial agency in Washington, set up a program to resolve certain patent cases more quickly. The chief judge of the federal appeals court that specializes in patent law co-wrote a New York Times opinion piece advocating sanctions for litigation abuses.
Getting a consensus could mean avoiding more controversial issues such as curbing software patents, and ensuring that any changes don’t have unintended consequences that hurt universities needing legal protection for their research and patent-reliant businesses.
“You do not want to try to fix things that are broken and in the process break something that’s important to American competitiveness,” said Horacio Gutierrez, deputy general counsel of Redmond, Washington-based Microsoft.
There are major issues among technology companies that could create fissures. Mountain View, California-based Google wants to cut back on software patents that it says are being unfairly used in cases, for instance, that target mobile phones running on its Android operating system. Microsoft and Oracle, which both have infringement claims against Google, have pledged to fight any efforts to limit software patents.
Read the full story at www.sdktapegroup.com/Releasing-film_c558.
Markit was founded in 2001 to provide data around credit derivatives. It has since grown into a $5bn company and earlier this year received a $500m investment from Singapore sovereign wealth fund Temasek.
It earned revenues of $762m in 2011 the most recent available filings across three major business lines: information, including CDS pricing; processing, including confirming derivatives trades; and enterprise solutions, which includes website hosting.
The company's information services unit offers a number of equities products including Boat, which aggregates information on European equities transactions conducted off-exchange.
Other equities tools include its Markit MSA league tables, which rank brokers by the value of transactions conducted in European cash equities and exchange-traded fund markets; and its Markit BCS tool, which offers an independent tool showing the volume of European cash equities executed on broker platforms.
Schaedel left NYSE in February 2012 and was most recently involved in the Coba Project. The initiative was first unveiled last November and attempted to solve the long-standing problem of the lack of a European trading tape of record – known as the consolidated tape by aggregating equity pricing data across European trading venues. Schaedel co-founded the Coba Project with Graham Dick, a former head of business development and board member of Chi-X Europe. BOPP tape They consulted extensively with the industry, including exchanges, buyside firms, and data vendors.
The European trading industry has long-agreed on the need for a consolidated tape, but efforts to create one have faltered over disagreements on the location, governance, speed and cost of the tape. Brokers and alternative venues have complained that the high cost of the pricing data sold by the incumbent exchanges is a major stumbling block.
The Coba Project aimed to solve this problem through the creation of a revenue-sharing arrangement which would involve bundling all the trading data distributed by exchanges and alternative trading platforms into a single subscription for a flat fee. Revenues from the tape would then be allocated back to the participating firms.
However, in a statement in March, they said they had concluded “there is insufficient support to pursue implementation as proposed” and were suspending the initiative "pending the consideration of alternative proposals".
While at NYSE, Schaedel was seen as an influential figure and represented NYSE’s interests in industry initiatives, such as moves towards building a consolidated tape for post-trade data in Europe.
The courts have also been trying to curb abuses. The ITC, a quasi-judicial agency in Washington, set up a program to resolve certain patent cases more quickly. The chief judge of the federal appeals court that specializes in patent law co-wrote a New York Times opinion piece advocating sanctions for litigation abuses.
Getting a consensus could mean avoiding more controversial issues such as curbing software patents, and ensuring that any changes don’t have unintended consequences that hurt universities needing legal protection for their research and patent-reliant businesses.
“You do not want to try to fix things that are broken and in the process break something that’s important to American competitiveness,” said Horacio Gutierrez, deputy general counsel of Redmond, Washington-based Microsoft.
There are major issues among technology companies that could create fissures. Mountain View, California-based Google wants to cut back on software patents that it says are being unfairly used in cases, for instance, that target mobile phones running on its Android operating system. Microsoft and Oracle, which both have infringement claims against Google, have pledged to fight any efforts to limit software patents.
Read the full story at www.sdktapegroup.com/Releasing-film_c558.