Department for Business Innovation & Skills
Invitation to Tender
Contract Requirement: Drivers and Future of Equity Market structure
evolution in Europe.
Deadline for ITT responses to be received by the Department of Business
Innovation and Skills: 1800 hrs on Tuesday, 27th March 2012
Section 1 - Introduction and Index
1.1
This Invitation to Tender (“ITT”) has been prepared by the Department for Business,
Innovation and Skills (“BIS”) for the purpose of inviting proposals from your
organisation and others for the provision of the goods/services described in the
Specification at Section 3 of this document. The tender process will be conducted in
a manner that ensures tenders are evaluated fairly to ascertain the economically
most advantageous tender
1.2
As part of MiFID 2, the European Commission has drawn up a list of legislative
proposals related to computer trading.
1.3
The Department for Business Innovation and Skills (“BIS”) wishes to commission a
study on the Drivers and Future of Equity Market structure evolution in Europe. This
study should also include a map of computer generated trading in financial markets
and its Microstructure reflecting the Equity Market (“Market”) 5 years ago, today and
in 10 years. This will be used to inform policymakers and legislators.
1.4
In order to inform the policy officials and legislators during this forthcoming debate,
the group of experts involved in this project (http://www.bis.gov.uk/foresight/ourwork/projects/current-projects/computer-trading/lead-expert-group) would like to
commission this work.
1.5
This ITT is divided into the following sections
(1)
this Introduction and Index
(2)
Instructions to Tenderers
(3)
Specification
(4)
Questions that tenderers must address as part of their proposal
(5)
Requirement for Evidence of Insurance
(6)
Pricing Schedule
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1.6
(7)
Evaluation criteria (and weightings) that will be used to score the tenders
(8)
details of the contract that BIS intends to award and the terms and conditions
it will incorporate
(9)
a Statement of Non-Collusion and a Form of Tender which tenderers must
complete and return with their Proposal
In order to bid for this contract you are required to submit a Proposal explaining how
you will meet BIS’ requirements described in the Specification. Your Proposal must
additionally include the answers to the specific questions in section 4 of this ITT. You
will need to prove that you have the type and amount of insurance cover described
in section 5. You must use the pricing schedule in section 6 to explain how you will
charge for the work you do. You also need to complete and return the Statement of
Non-Collusion and the Form of Tender in section 9.
Section 2 - Instructions to Tenderers
2.1
Please read the instructions on the tendering procedures carefully. Failure to comply
with them or to return any of the required documents or information may invalidate
your tender which must be returned by the date and time given below.
2.2
Please contact Dorothy Duncan in the BIS Procurement Team, 1 Victoria Street,
London SW1 OET, (tel 0207 215 3119) at [email protected] if you have
any doubts as to what is required or you have difficulty in providing the information
requested. Pre-tender negotiations are not allowed. Please insert “C115-1112
Drivers and Future of Equity Market Structure”
Questions about this ITT
2.3
If having read the enclosed Specification you decide to submit a tender by the
required deadline and wish to receive details of any questions and answers related to
this ITT then please can you inform Dorothy Duncan by email at
[email protected] no later than noon, 21 March 2012. Emails received
after this deadline will not receive this information. The submission of questions is
as applicable in 2.4 and 2.5 below.
2.4
You may submit, by no later than 12 noon, 21 March 2012, any queries that you have
related to this ITT. Please submit such questions by email to
[email protected] including reference “C115-1112 Drivers and Future of
Equity Market Structure” in the subject heading
2.5
Any questions should clearly reference the appropriate paragraph in the
documentation and, to the extent possible, should be aggregated rather than sent
individually. As far as is reasonably possible, BIS will respond to all reasonable
requests for clarification of any aspect of this ITT and supporting documents in
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accordance with the following paragraph, provided they are received before the
above deadline. No questions received after the above deadline will be answered.
2.6
Answers to questions received by BIS will be circulated by email on or before to all
potential tenderers who have requested to receive details of any questions &
answers related to this ITT or have submitted questions All questions and their
answers will be circulated to all potential bidders (without revealing the identity of
the individual bidder that put forward a particular question).
Variant Bids
2.7
You are encouraged to be innovative in your thinking when preparing your bid and to
provide any suggestions and solutions that may provide a more cost efficient and
value for money solution. Any such proposal which alters the requirements of the
specification must be in the form of a variant bid, must be clearly marked “variant
bid”, and must be submitted at the same time as the fully compliant bid requested in
this ITT.
Instructions for return of tenders
2.8
Please email your tender proposal saved in pdf or equivalent format to
[email protected] no later than 1800hrs on, 27 March 2012 including
the reference “C115-1112 Drivers and Future of Equity Market Structure” in the
subject heading.
2.9
Late tenders will not be considered unless BIS is satisfied that the delay was caused
by reasons outside of your control.
2.10
Tenders will be received up to the time and date stated. It is your responsibility to
ensure that your tender is delivered not later than the appointed time.
2.11
Following the selection of the preferred supplier BIS will provide unsuccessful
tenderers with the reasons for the decision.
Freedom of Information and transparency
2.12
The Freedom of Information Act 2000 (“FOIA”) and the Environmental Information
Regulations 2004 (“EIR”) apply to BIS. You should be aware of BIS’ obligations and
responsibilities under FOIA or EIR to disclose, on written request, recorded
information held by BIS. Information provided by you in connection with this
procurement exercise, or with any contract that may be awarded as a result of this
exercise, may therefore have to be disclosed by BIS in response to such a request,
unless BIS decides that one of the statutory exemptions under the FOIA or the
exceptions in the EIR applies. If you wish to designate information supplied as part of
this response as confidential, or if you believe that its disclosure would be prejudicial
to any person’s commercial interests, you must provide clear and specific detail as to
the precise information involved. Such designation alone may not prevent disclosure
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if in BIS’ reasonable opinion publication is required by applicable legislation or
Government policy or where disclosure is required by the Information Commissioner
or the First-tier Tribunal (Information Rights).
2.13
Additionally, the Government’s transparency agenda requires that tender documents
(including ITTs such as this) are published on a designated, publicly searchable web
site. The same applies to other tender documents issued by BIS (including the
original advertisement and the pre-qualification questionnaire (if used)), and any
contract entered into by BIS with its preferred supplier once the procurement is
complete. By submitting a tender you agree that your participation in this
procurement may be made public. The answers you give in this response will not be
published on the transparency web site (but may fall to be disclosed under FOIA or
EIR (see above)). Where tender documents issued by BIS or contracts with its
suppliers fall to be disclosed BIS will redact them as it thinks necessary, having regard
(inter alia) to the exemptions/exceptions in the FOIA or EIR.
Intellectual Property
2.14
All intellectual property rights in this ITT and all material provided by BIS to
applicants in connection with this ITT are and shall remain the property of the Crown.
Warnings/Disclaimers
2.15
Offering an inducement of any kind in relation to obtaining this or any other contract
with BIS will disqualify your tender from being considered and may constitute a
criminal offence.
2.16
You must not:

tell anyone else what your tender price is or will be, before the time limit for
delivery of tenders

try to obtain any information about anyone else's tender or proposed tender
before the time limit for delivery of tenders

make any arrangements with another organisation about whether or not they
should tender, or about their or your tender price
Failure to comply with any of these conditions may disqualify your tender.
2.17
Nothing contained in this ITT or any other communication made between BIS or its
representatives and any person shall constitute an agreement, contract or
representation (except for a formal award of contract made in writing by BIS).
Receipt by the tenderer of this ITT does not imply the existence of a contract or
commitment by or with BIS for any purpose and tenderers should note that this ITT
may not result in the award of any business.
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2.18
It is the responsibility of tenderers to obtain for themselves at their own expense all
additional information necessary for the preparation of their response to this ITT. No
claims of insufficient knowledge will be entertained.
2.19
The information contained in this ITT and the supporting documents and in any
related written or oral communication is believed to be correct at the time of issue
but BIS will not accept any liability for its accuracy, adequacy or completeness and no
warranty is given as such. This exclusion does not extend to any fraudulent
misrepresentation made by or on behalf of BIS.
2.20
BIS reserves the right to change any aspect of, or cease, the tender process at any
time.
2.21
By issuing this ITT BIS is not bound in any way and does not have to accept the lowest
or any tender.
2.22
You will not be entitled to claim from BIS any costs or expenses which you may incur
in preparing your tender whether or not your tender is successful and regardless of
whether a contract is awarded.
Consortia Bids
2.23
If you are bidding for this contract in association with another supplier you must
explain the structure of your bid. Failure to do so may lead to your bid being
disqualified.
For example if you are bidding as a lead partner you must explain how the other
organisations involved with your team will support you, and take over responsibility
for performing the contract in the event that for some reason you are unable to
continue.
If you are intending to bid as a consortium and to establish a new legal entity to
perform the contract please give full details of how that entity will be constituted,
including its legal status, who will own it and in what proportions. BIS may require
guarantees to be provided by all members of the consortium.
Summary of timetable
2.24 This is a summary of the timetable that applies to this procurement. BIS reserves the
right to alter this timetable by notice to tenderers.
Event
Date and Time
This specification despatched
16 March 2012
Confirmation of whether your firm intends to bid
in order to receive details of any questions and
Noon, 21 March 2012
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answers related to this ITT
Deadline for receipt of questions
Noon, 21 March 2012
Answers to questions circulated by BIS
1600hrs, 21 March 2012
Deadline for receipt of bids
1800hrs, 27 March 2012
Checklist of documents to be returned
2.25
You are required to return the following documents
(a)
Your tender Proposal saved in pdf or equivalent format, including the answers
to specific questions in section 4 of this ITT
(b)
Copies of the insurance documents listed in Section 5
(c)
The Pricing Schedule in Section 6
(d)
The completed and signed Statement of Non-Collusion in section 9
(e)
The completed and signed Form of Tender also in section 9
(f)
A copy of the CV’s of all key participants in your bid.
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Section 3 - The Specification
Aim of project
3.1
As part of MiFID 2, the European Commission has drawn up a list of legislative
proposals related to computer trading.
3.2
The Foresight project would like to commission a:
 Report focusing on the Drivers and Future of Equity Market structure evolution
in Europe. The central piece of work for this report will look at Equity Market
structure in Europe today, will examine the key macro drivers of change and
the interactions between them in the last five years (eg. technology,
regulation), and will forecast how these (and new macro drivers) and their
interactions are likely to shape Markets in the next 5 to 10 years.

3.3
This study should also incuded a full map of computer-generated trading in
financial markets and its microstructure reflecting the Market five years ago,
today and another equivalent map reflecting this Market in 10 years time
This will be published as part of a series of studies commissioned by the Foresight
Project on the Future of Computer Trading in Financial Markets
http://bis.gov.uk/foresight/our-work/projects/current-projects/computer-trading
Specific research objectives
3.4
The study on the macro drivers will be used to inform regulators and these full maps
will be used to improve the understanding of the typology of the market and to
explain to both regulators and legislators which the key players in the market are
and how they interact.
3.5
In previous projects, Foresight has commissioned maps based on a casual loop
model 1.
3.6
See also for reference a very basic map done by an academic2 (see the first two
pages under the title: introduction).
3.7
It is important to note that tenderers should not use the casual loop model (quoted
above) as a basis for this tender and are encouraged to consider other form of maps
that meet required outcomes.
1
http://www.bis.gov.uk/assets/bispartners/foresight/docs/computer-trading/11-1234-dr16-electronic-trading-andmarket-structure.pdf
2
http://www.bis.gov.uk/assets/bispartners/foresight/docs/computer-trading/11-1234-dr16-electronic-trading-andmarket-structure.pdf
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Methodology
3.8
These macro drivers and maps should be based on the inputs from actual industry
participants. A day long workshop with high level industry participants (CIOs, CEOs,
Chairmen etc from all the relevant sectors) should be the basis for developing these
maps. The tenderers would be expected to independently be fully responsible for
conducting and facilitating a workshop (from drawing a list of participants to sending
agendas, renting a room, taking notes etc). Another option is to conduct a detail
survey.
Key outputs and deliverables
3.9
A delivering a report with the key macro drivers of change looking at equity market
structure in Europe today, will examine the key macro drivers of change and the
interactions between them in the last five years (eg. technology, regulation), and will
forecast how these (and new macro drivers) and their interactions are likely to shape
markets in the next 5 to 10 years.
3.10
The required outcomes for the two maps are as follows:




The visual presentation of the full maps should be compelling and readily
understandable to a range of project stakeholders (academia, industry,
regulatory bodies), and designed to a high standard suitable for publication
The maps should be based on the inputs from actual industry participants. A day
long workshop with high level industry participants (CIOs, CEOs, Chairmen etc
from all the relevant sectors) should be the basis for developing these maps.
Another option is to conduct a detail survey.
These maps should have sufficient detail and quality to be credible to project
stakeholders but it should not be so complex that it cannot be feasibly delivered
within the next 2 months
A report should be produced suitable for publication including the two maps,
details of how these were created, who was involved at the workshop/surveys,
subsequent analysis and the resulting findings.
3.11
The scope and the complexity of the full two maps merit careful consideration in
view of the required outcomes. It is important that the maps should reflect that
different actors have different interests and that these actors may attempt to
influence other actors to those ends – recognising the different objectives of the
various actors in the system is a key requirement.
3.12
The workshop should be conducted by 30 April (alternatively the survey should be
conducted in advance) and the final report should be sent by 11 May and a final
version 5 working days after comments from the project leader are made.
3.13
To test the viability of delivering this report, bids are invited to provide a vision of
full maps of computer-generated trading in financial markets microstructure and
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how a workshop/survey would be conducted to produce these maps. This vision
should resolve the following important issues:






What scope should the maps have?
What level of complexity should the maps have?
How can the maps recognise the different interests of the various actors
within the maps?
What structure should the workshop/survey have and how will this capture
the information to build these maps?
What structure should the final report have?
What methodology will your firm use to obtain the information from the
survey or the workshop to deliver a report with the key macro drivers of
change looking at Equity Market structure in Europe today, and
examining/explaining the key macro drivers of change and the interactions
between them in the last five years (eg. technology, regulation – how this
altered the market structure), and forecasting how these (and new macro
drivers) and their interactions are likely to shape Markets in the next 5 to 10
years?
3.14
The vision of the full maps should be presented in the tender (answering the above
questions) together with a vision of what the key macro drivers of change are likely
to be.
3.15
For the maps, tenderers should focus on the microstructure of computer-generated
trading in financial markets (for the different asset classes that are electronically
traded such as equities and bonds) but tenderers are free to consider other
approaches involving other asset classes that meet required outcomes.
3.16
Please include in your proposal i) how you would engage with project experts and
stakeholders to achieve the required outcomes, ii) examples of maps, drivers of
change reports that you have previously produced, and, iii) information on any
assistance that would be needed from Foresight (e.g. letters of introduction etc).
Approximate timings for project
3.17
All the suggested timings below are approximate and provisional but the end date
must be complied with.
1. commence work around w/c 2 April.
2. the first draft of the final report should be sent by 11 May.
3. a final draft 5 working days after comments from the project leader is made
Budget and prioritisation
3.17
The budget for this project is a maximum of £85,000 (including VAT).
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3.18
In order to work within this budget, effective prioritisation of the issues by BIS and
the appointed researcher will be critical to get maximum value to BIS based on what
evidence is available.
Processes and responsibilities
3.19
BIS will appoint a project manager to oversee the work.
3.20
The Contractor shall:
(a) Appoint a contact person to oversee the work and liaise with the project
manager.
(b) Provide BIS with timely and ongoing evaluation and quality assurance
information relating to the project.
(c) attend meetings on site to review progress and discuss the service as required
by the Project Manager.
Expenses
3.21
All Contractor expenses will be borne by the Contractor, and should be incorporated
in the bid price schedule.
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Section 4 - Questionnaire
4.1
You must respond in full to each of the questions set out in all sections of the
questionnaire to allow BIS to make an informed selection of the most appropriate
solution. Any alternative options should be made clear.
4.2
You should repeat the question in your tender Response and then include your
answer.
4.3
Please number every page sequentially in the main body of your Response and
include the date and title of your document on each page of the main body.
4.4
Please submit your Proposal in Microsoft Word format.
4.5
Your Proposal must be in the English language.
4.6
BIS endorses the UK Government policy on sustainable development and where
possible, and practicable, tenders should be produced in electronic format.
4.7
Any additional pre-existing material which may expand upon your Proposal should be
included as appendices with cross-references to this material in the main body of
your Proposal.
While promotional material may be included or referred to in your Proposal, you are
asked not to include it in substitution of responding fully to all questions.
4.8
You are required to reply to all questions in this Questionnaire even if you have
previously provided this information. This is to ensure that BIS can compare each of
the options and the suppliers in a fair, like-for-like and reasonable manner. If a
question is similar to a question included elsewhere in the Questionnaire, you should
repeat your Proposal and expand upon it where necessary.
4.9
Tenders may be rejected if the information asked for in this ITT is not given at the
time of tendering.
The questions that the tenders are required to answer
Section A - Qualities and Resources
Question 1
Robustness of the method proposed: please demonstrate that you have an
understanding of what it is that BIS requires answering all questions and
addressing all points detailed from sections 3.7 to 3.13.
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Question 2
please demonstrate why your organisation is the best fit for the project. This
should draw on relevant and proven specialist expertise and/or track record
of previous projects: please demonstrate:

experience in producing maps depicting market participants,
successful engagement and collaboration with stakeholders (e.g.
academics, industry, regulators)

Evidence of successfully communicating complicated concepts to a
range of stakeholders

Evidence of successfully running and facilitating workshop/surveys and
producing workshop/survey reports

Evidence of timely delivery of project outputs
Question 3
As this contract may not be awarded on the lowest price but value for money,
please explain how you will provide innovative and cost-effective approach to
this research exercise
Question 4
Please demonstrate evidence of a deep understanding of computer-generated
trading in financial markets
Section B - Personnel
Question 5
please identify (if appropriate) the individuals to whom you would, if
successful, allocate the work under the contact and provide a brief curriculum
vitae for each
Question 6
please say who BIS’ main point of contact would be
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Section 5 – Insurance
5.1
Please enclose documentary evidence to show that you have the following types and
amounts of insurance cover. This should be a copy of the relevant policy together
with proof of payment of the current years’ premium.

Employers Liability Cover – minimum cover £5 million

Public Liability Insurance Cover – minimum cover £500,000 per claim

Professional Indemnity Insurance – minimum cover £500,000 for claims arising from
a single event or series of related events in a single calendar year.
Section 6 - Pricing Schedule
All pricing should be in pound sterling (£GBP).
If applicable please convert your currency into UK sterling using the rate published by the
European Central Bank on the date you submit your tender
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Section 7 - Evaluation Criteria
Where a question is scored the scores will range from 0 to 5. The following illustrates the
meaning of each score:
1.
2.
3.
4.
5.
Weak - well below specifications
Unsatisfactory - below specification
Meets specification
Good – exceeds specification
Outstanding – considerably above specification and delivers additional benefits
Weightings are given to each of the questions that are scored. An organisation’s total score
will be determined by the aggregate of the scores for each question once multiplied by the
applicable weighting.
Question 1
Question 2
Robustness of the method proposed: please demonstrate that you have an
understanding of what it is that BIS requires answering all questions and
addressing all points detailed from sections 3.7 to 3.13. (weighting x 4)
The robustness of the method is excellent: it significantly
exceeds the requirement and offers potential significant
added value.
5 points
The robustness of the method is good: it satisfies the
requirement and offers some potential added value.
4 points
The robustness of the method is acceptable.
3 points
The robustness of the method is acceptable but there are
some minor reservations.
2 points
There are serious reservations about the robustness of the
method.
1 point
please demonstrate why your organisation is the best fit for the project. This
should draw on relevant and proven specialist expertise and/or track record
of previous projects: please demonstrate:
 experience in producing maps depicting market participants,
successful engagement and collaboration with stakeholders (e.g.
academics, industry, regulators)
 Evidence of successfully communicating complicated concepts to a
range of stakeholders
 Evidence of successfully running and facilitating workshop/surveys and
producing workshop/survey reports
 Evidence of timely delivery of project outputs
(weighting x 5)
The fit is excellent: it significantly exceeds the requirement
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and offers potential significant added value.
Question 3
Question 4
The fit is good: it satisfies the requirement and offers some
potential added value.
4 points
The fit is acceptable.
3 points
The fit acceptable but there are some minor reservations.
2 points
There are serious reservations about the fit.
1 point
As this contract may not be awarded on the lowest price but value for money,
please explain how you will provide innovative and cost-effective approach to
this research exercise (weighting x 3)
Lowest Rate and up to 20% higher than the lowest Rate
relative to the highest Rate
5 points
Between 21% and 40% above the lowest Rate relative to the
highest Rate
4 points
Between 41% and 60% above the lowest Rate relative to the
highest Rate
3 points
Between 61% and 80% above the lowest Rate relative to the
highest Rate
2 points
More than 80% above the lowest Rate relative to the highest
Rate
1 point
Please demonstrate evidence of a deep understanding of computer-generated
trading in financial markets (weighting x 3)
The understanding is excellent: it significantly exceeds the
requirement and offers potential significant added value.
5 points
The understanding is good: it satisfies the requirement and
offers some potential added value.
4 points
The understanding is acceptable.
3 points
The understanding acceptable but there are some minor
reservations.
2 points
There are serious reservations about the understanding.
1 point
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Section 8 - Details of the contract that will be awarded
and the terms and conditions it will incorporate
The contract that BIS wishes to let following this procurement is intended to begin on w/c 2
April and last for approximately two months.
The contract will incorporate BIS’ standard terms and conditions of contract, a copy of which
is available below
GPF_04_Standard_T
erms_and_Conditions.doc
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Section 9
Statement of non collusion
To : The Department for Business, Innovation and Skills, 1 Victoria Street, London, SW1H 0ET
1.
We recognise that the essence of competitive tendering is that BIS will receive a bona
fide competitive tender from all persons tendering. We therefore certify that this is a
bona fide tender and that we have not fixed or adjusted the amount of the tender or
our rates and prices included therein by or in accordance with any agreement or
arrangement with any other person.
2.
We also certify that we have not done and undertake not to do at any time before
the hour and date specified for the return of this tender any of the following acts:
(a)
communicate to any person other than BIS the amount or approximate amount of
our proposed tender, except where the disclosure, in confidence, of the approximate
amount is necessary to obtain any insurance premium quotation required for the
preparation of the tender;
(b)
enter into any agreement or arrangement with any other person that he shall refrain
for submitting a tender or as to the amount included in the tender;
(c)
offer or pay or give or agree to pay or give any sum of money, inducement or
valuable consideration directly or indirectly to any person doing or having done or
causing or having caused to be done, in relation to any other actual or proposed
tender for the contract any act, omission or thing of the kind described above.
3.
In this certificate, the word “person” shall include any person, body or association,
corporate or unincorporated; and “any agreement or arrangement” includes any
such information, formal or informal, whether legally binding or not.
……………………………………………………………………………….….
Signature (duly authorised on behalf of the Tenderer)
……….………………………………………………………………………….
Print name
…………………………………………………………….…………………….
On behalf of (organisation name)
…………………………………………………………………….…………….
Date
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Form of Tender
Contract for RESEARCH INTO THE FUTURE OF COMPUTER TRADING IN FINANCIAL MARKETS
To : The Department for Business, Innovation and Skills, 1 Victoria Street, London, SW1H 0ET
1.
Having considered the invitation to tender and all accompanying documents
(including without limitation, the terms and conditions of contract and the
Specification) we confirm that we are fully satisfied as to our experience and ability
to deliver the goods/services in all respects in accordance with the requirements of
this invitation to tender.
2.
We hereby tender and undertake to provide and complete all the goods/services
required to be performed in accordance with the terms and conditions of contract
and the Specification for the amount set out in the Pricing Schedule.
3.
We agree that any insertion by us of any conditions qualifying this tender or any
unauthorised alteration to any of the terms and conditions of contract made by us
may result in the rejection of this tender.
4.
We agree that this tender shall remain open to be accepted by BIS for three months
from the date below.
5.
We understand that if we are a subsidiary (within the meaning of section 1159 of
(and schedule 6 to) the Companies Act 2006) if requested by BIS we may be required
to secure a Deed of Guarantee in favour of BIS from our holding company or ultimate
holding company, as determined by BIS in their discretion.
6.
We understand that BIS is not bound to accept the lowest or any tender it may
receive.
7.
We certify that this is a bona fide tender.
…………………………………………………………………………........
Signature (duly authorised on behalf of the tenderer)
…………………………………………………………………………………
Print name
………………………………………………………………………….
On behalf of (organisation name)
………………………………………………………………………….
Date
Department for Business Innovation & Skills
Invitation to Tender
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