Afleveringen
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Will Cowling | https://www.linkedin.com/in/will-cowling-58451451/LinkedIn
Understanding the EU Market Data Regulation Changes - with Will Cowling
In this episode, David Anderson is joined by Will Cowling to break down the upcoming changes in EU market data licensing and regulation, focusing on the RTS and RCB standards that come into effect in August 2026. This discussion covers the impact on exchanges, vendors, and end-users, highlighting practical steps for preparation and compliance.
Key Topics:
Overview of the EU RTS (Regulatory Technical Standards) and RCB (Reasonable Commercial Basis)Timeline for implementation and key dates (notably August 23, 2026)Major articles causing industry change, including Article 5.1d (client fee categories) and Article 15 (audit provisions)How exchanges like AQUIS, BME, CBOE, Deutsche Börse, Euronext, and others are adapting their policiesImplications for different market participants, including client firms and vendorsThe importance of updating inventory and application management systemsThe shift towards ongoing, live audits and entitlement reportingCross-border effects and applicability outside the EUPractical recommendations for firms to prepare and potential pitfalls to avoidNote:
For clients and vendors, this podcast highlights critical actions: update inventory and entitlement systems, review exchange policies, and prepare for continuous audit requirements to ensure compliance by August 2026. Stay vigilant for further updates from regulators and exchanges.
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/yousafhafeez/
https://tnsi.com/resource/waypoint/tns-financial-markets-business-and-radianz-combine-to-form-waypoint-trading-solutions-press-release/
This podcast features a discussion between David Anderson and Yousaf Hafeez regarding the evolution of BT Radiance into its new identity, Waypoint, following a merger with TNS International. Hafeez explains that their core mission is providing a managed infrastructure that simplifies market data connectivity, replacing expensive "do-it-yourself" models with a single, resilient connection to global exchanges. The conversation highlights key industry trends, such as the demand for ultra-low latency services, increasing regulatory compliance like DORA, and the expansion into emerging markets such as India and the Middle East. Furthermore, they address the intersection of cloud technology and AI, stressing that high-quality data is the essential foundation for effective machine learning models. Ultimately, Waypoint serves as a comprehensive solution for financial participants seeking efficient, end-to-end access to a vast array of global trading applications and raw data feeds.DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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Zijn er afleveringen die ontbreken?
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Introduction: In a rapidly changing financial landscape, market data remains a cornerstone for trading and investment strategies. In a recent podcast, David Anderson engages with Alastair Richardson from AMD to explore the transformative shifts in market data, the role of technology, and the importance of understanding latency profiles.
Understanding Market Data
Market data has always been essential in the trading world. Alastair Richardson highlights that over the last two decades, the need for reliable and timely market data has only increased. The journey from traditional data platforms to the modern era of electronification has been significant. Alastair notes that while large firms initially dominated the space with their robust market data platforms, the industry has witnessed remarkable innovation with the emergence of smaller firms and startups.
Consolidation and Innovation
One of the key themes discussed in the podcast is the consolidation within the market data industry. Alastair references companies like ExaG, NX, and NovaSparks, which have either merged or transformed over time. This consolidation, while often seen as a challenge, has also led to the integration of valuable technologies across different firms. Alastair emphasizes the exciting prospects brought by new players who are leveraging hardware advancements to democratize access to market data technologies.
The Spectrum of Latency
A critical point of discussion is the segmentation of the market based on latency needs. Alastair outlines that while ultra-low latency services cater to high-frequency traders and hedge funds, the majority of market participants operate outside this realm. He explains that many traders are not seeking the absolute fastest execution speeds but rather efficient and reliable data delivery suited to their trading strategies. The conversation underscores that latency is not just about speed; it also affects the capability to handle more transactions in a given time frame, which can be crucial for various trading applications.
The Role of Technology
The podcast delves into the evolving role of technology in market data. Alastair argues that technology is not solely about speed but also about efficiency and cost-effectiveness. For instance, he points out that improved latency can enhance server efficiency, allowing firms to serve more customers without incurring excessive costs. As the demand for computational power continues to rise, especially with the advent of AI, firms must reassess their technology strategies to balance performance and costs.
Cloud vs. On-Premise Solutions
David and Alastair discuss the ongoing evolution of cloud computing in the context of market data. While cloud solutions offer scalability and flexibility, they can present challenges, particularly concerning costs associated with data ingress and egress. Alastair emphasizes the importance of understanding the infrastructure being used, as different cloud providers may have varying efficiencies based on their hardware and instance types. This nuanced understanding can significantly impact overall performance and cost efficiency.
Conclusion: Key Takeaways
The podcast with Alastair Richardson provides valuable insights into the current state and future of market data. As the industry continues to evolve, market participants must stay informed about the technological advancements that can enhance their trading strategies. Key takeaways include the importance of understanding latency profiles, the benefits of a hybrid approach to cloud and on-premise solutions, and the necessity of continuously adapting to the changing landscape of market data.DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/tristandehaan/
In this conversation, David Anderson and Tristan Dehaan explore the complexities of the market data industry, discussing career paths, the impact of AI, regulatory challenges, and cost containment strategies. They emphasize the importance of effective communication within organizations and the need for standardization in data licensing. The discussion also touches on the evolving landscape of market data, including the role of smaller vendors and the future trends that may shape the industry.
Takeaways:
Market data is often seen as a sport, requiring agility and strategy.
There is a noticeable knowledge gap in market data outside major financial hubs like London.
The complexity of data licensing remains a significant challenge for the industry.
AI is poised to transform market data operations, but it also raises concerns about data ownership.
Regulatory frameworks like DORA aim to enhance operational resilience in the market data space.
Cost containment is a priority for firms, but true cost reduction is challenging due to inflation and regulatory demands.
Effective communication within vendor management teams is crucial for success.
Smaller vendors can offer innovative solutions but face challenges in gaining market trust.
The industry is experiencing a wave of mergers and acquisitions, impacting competition.
The future of market data will likely involve more automation and AI-driven solutions.
Chapters:
00:00 Introduction to Market Data and Career Paths
05:51 Observations on Market Data Outside London
12:09 Human Dimension of Market Data Careers
18:01 Challenges in Data Licensing and Compliance
24:06 The Role of AI in Market Data Management
31:02 The Challenges of Market Data Management
34:14 The Impact of AI on the Industry
35:19 Navigating Regulatory Changes
41:01 Cost Containment in a Changing Market
48:48 Future Trends and PredictionsDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/feargalosullivan/
In this podcast episode, David Anderson and Feargal O'Sullivan discuss the evolving landscape of the market data industry, touching on trends, challenges, and the impact of AI. They explore the complexities of data licensing, pricing dynamics, and the difficulties faced by smaller vendors in a consolidated market. The conversation emphasizes the importance of relationships in sales and the need for innovation within financial services, while also addressing the emotional aspects of sales decisions.
Takeaways:
The market data industry has seen significant consolidation over the years.
AI is becoming increasingly important in data interpretation and decision-making.
Data licensing and intellectual property rights are complex and often contentious issues.
Sales strategies must adapt to a more self-educating buyer landscape.
Building relationships remains crucial in the sales process, despite the rise of digital communication.
Smaller vendors face challenges competing against larger, established firms.
Innovation is essential for staying relevant in the market data space.
Procurement processes can hinder the adoption of new solutions.
The emotional aspect of sales decisions cannot be overlooked.
Firms should prioritize exploring innovative solutions to stay competitive.
Chapters:
00:00 Introduction and Background
04:51 Market Data Industry Trends
10:05 The Role of AI in Market Data
16:18 Data Licensing and Intellectual Property
20:59 Cost vs. Value in Market Data Pricing
27:37 High Frequency Trading and Market Dynamics
29:18 The Controversy of High-Frequency Trading
30:32 The Market Data Industry Landscape
32:30 Challenges for Small and Medium Enterprises
41:06 The Evolution of Sales in Financial Services
52:20 The Importance of Innovation in Banking
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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I decided against splitting this into Parts 1 and 2 - ofcourse you can always watch in two parts. Time stamp is 31:25
Tim's LinkedIn https://www.linkedin.com/in/tim-baker-fintech-venturing/
Summary
In this engaging conversation, David Anderson welcomes back Tim Baker, the first returning guest on the podcast. They discuss the evolution of the podcast, the launch of Tim's new venture, Via Nexus, a marketplace for market data aggregation, and the transformative role of AI in the industry. The conversation also delves into the ongoing CUSIP legal case and its implications for the market data landscape, highlighting the challenges and opportunities that lie ahead.
Chapters
00:00 Welcome Back: The Podcast Journey
07:35 Introducing Via Nexus: A New Business Model
28:30 The Future of Market Data: AI and Innovation
31:44 The Evolution of AI in Market Data
34:32 Understanding Agentic AI and MCP
40:19 Challenges in Data Normalization and Licensing
45:05 The Rise of Agentic AI Applications
50:53 The Future of AI in Business and Licensing
53:20 CUSIP Legal Case Update and Industry ImplicationsDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/sally-huxtable-b8703817/
https://www.linkedin.com/in/trish-gooch-2ba34649/
Summary
In this conversation, David Anderson engages with market data experts Sally Huxtable and Trish Gooch from Exchange Audits to explore the complexities of auditing in the market data industry. They discuss their extensive backgrounds, the evolution of audits, the importance of data governance, and the practicalities involved in conducting audits. The conversation also touches on the various tools available for market data management, the future of digital rights management, and how firms can prepare for audits effectively. The experts emphasize the need for better communication and collaboration between exchanges and firms to streamline processes and improve compliance.
Takeaways
Sally and Trish have over 70 years of combined experience in market data.
Audits focus on compliance, transparency, and accuracy in data usage.
The nature of audits has evolved from vendor-focused to end-user audits.
Data governance is crucial for compliance and effective audits.
A well-organized firm can significantly reduce the time taken for audits.
Market data tools are essential but often lack integration.
Digital Rights Management (DRM) is still developing in the audit space.
Firms should maintain clear documentation of their data usage and permissions.
Enterprise licenses can simplify compliance and reduce audit frequency.
Building direct relationships with exchanges can enhance understanding of policies.
Chapters
00:00 Introduction to Market Data and Guests
02:45 Backgrounds and Experience in Market Data
05:48 Understanding Audits in Market Data
08:44 The Evolution of Audits Over Time
11:41 The Importance of Compliance and Governance
14:47 Types of Audits and Their Execution
17:47 The Role of Third-Party Auditors
20:46 Practicalities of Conducting an Audit
23:52 Tools and Technologies in Market Data Auditing
26:32 Challenges in Market Data Compliance
29:57 Mapping and Taxonomies in Market Data
31:41 Navigating Market Data Challenges
34:50 The Role of Digital Rights Management
38:46 Understanding Compliance and Licensing
42:34 Preparing for Audits Effectively
50:34 Future Directions in Market Data ManagementDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/jamesskippywatson/
Summary:
In this conversation, David Anderson speaks with James Watson about his extensive experience in the financial industry and the evolving landscape of market data pricing and sales strategies. They discuss the need for fairness in pricing, the importance of building relationships in sales, and the value of leveraging experience in the workforce. Watson emphasizes the significance of trust and understanding the audience in sales, as well as the benefits of intergenerational teams in fostering innovation and resilience. The discussion highlights the challenges faced by older employees in the job market and the need for organizations to recognize and utilize their expertise.
Chapters:
00:00 Introduction and Background of James Watson
02:39 The Role of Data in Financial Markets
05:54 Modern Pricing of Market Data
08:47 Fairness in Pricing Models
11:54 Value-Based Pricing vs Cost-Based Pricing
14:45 Sales Techniques in Market Data
17:34 Building Relationships in Sales
20:42 Investment Mindset in Data Pricing
31:34 Understanding Cost vs. Investment
34:44 The Importance of Quality Data
35:59 The Role of Specialists in Sales
39:26 Tactical Sales Plays
42:28 Leveraging Experience in Sales
46:36 The Value of Intergenerational Teams
49:40 The Need for Knowledge Transfer
55:18 Reevaluating Hiring PracticesDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/guptahim/
https://solace.com/
Summary:
In this conversation, David Anderson speaks with Himanshu Gupta from Solace about the evolving landscape of market data, the role of event brokers, and the challenges faced in capital markets, including latency, volume, and fairness. They discuss the importance of quality of service in messaging solutions, the competitive landscape including Kafka, and the significance of specialization in financial services. The conversation also touches on the role of hardware in low latency solutions, cloud adoption, and the impact of AI and automation on market data processes. Finally, they explore Solace's innovations, including the Solace Agent Mesh, and the future of market data and managed services.
Chapters:
00:00 Introduction to Himanshu Gupta and Solace
02:45 Market Data Distribution and Technology Stack
05:52 Understanding Event Brokers and Middleware
09:06 Challenges in Market Data: Latency, Volume, and Fairness
12:01 Quality of Service: Speed vs. Reliability
14:59 Competitive Landscape in Messaging Solutions
17:51 Kafka vs. Solace: Understanding Different Messaging Solutions
21:01 The Importance of Specialization in Capital Markets
23:50 The Role of Hardware in Low Latency Solutions
26:47 Cloud Solutions and Their Fit in Market Data
29:23 Deployment Preferences in Cloud Infrastructure
35:48 Navigating Cloud Migration Challenges
52:01 The Future of Market Data and AI Integration
58:04 The Impact of AI on Job Markets and Future GenerationsDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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I hasten to emphasise that this is not a point of view video. It is me leveraging some AI tools to first research the issues and then using AI to produce some short video explainers. Please jump in and comment on the content of this episode but also provide comments on this format. In hindsight I wished I had spoken a bit faster but in future videos with just me talking I now know how to speed that up (should I?). You the audience can adjust the speed that you watch or listen at.
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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I STRONGLY recommend listening at 1.5 or 1.8 or even 2.0 speed. I was filming without a script and hence spoke quite slowly. I will endeavour to get better (ie faster) at that.
As previously announced, I am now publishing full episodes monthly on the first Tuesday of each calendar month. Full episodes continue the approach of David Anderson in discussion with guests from the wider market data industry.I will publish occasional ‘special’ episodes like this in between main episodes.
This episode focus on how the industry can help its members to acquire more industry knowledge. And in the spirit of full disclosure, it’s a flagrant sales pitch by David Anderson for my TRAINING SERVICES. This podcast currently makes no money, so training is a useful top to my pensions as I am in this semi-retirement phase of my life after 41 years working in market data.
If you yourself and your firm are interested in my training, please get in touch on [email protected] or please help me spread the word. As mentioned in the recording I am teaching to the FISD FIA syllabus and exam but I am also very open to discussing ‘bespoke’ training tailored to more specific needs.DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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(11) Kevin Gower https://www.linkedin.com/in/kevingower/| LinkedIn
summary
In this conversation, David Anderson interviews Kevin Gower, exploring his extensive background in market data, the evolution of data management systems, and the future of market data engineering. They discuss the importance of understanding data management, the role of DAX, and the challenges of legacy systems. Kevin emphasizes the need for market data engineers to adapt to new technologies and the opportunities that arise from the changing landscape of market data.takeaways
Kevin Gower has a diverse background in market data, spanning multiple countries and roles.Occasional Digest started as a solution to market data issues related to public holidays.Advisory roles in DAX focus on changing perceptions of data management.DAX should be viewed as a data management tool rather than just a permissioning system.Understanding data usage is crucial for cost management in market data.The Advanced Transformation System (ATS) is underutilized in its capabilities.Market data engineering is shifting from plumbing to analytics and data management.There is a shrinking pool of market data engineers, raising concerns for the future.Legacy systems pose challenges, but compelling events can drive change.Opportunities in market data are abundant for those willing to adapt.titles
Navigating the Market Data Landscape with Kevin GowerThe Evolution of Market Data EngineeringSound Bites
"I see those as opportunities, not threats.""The compelling event is what drives change.""Learn the products, learn the data."DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/imcintyre/
https://www.pico.net/
Summary
In this conversation, David Anderson interviews Ian McIntyre from Pico Trading, exploring the multifaceted world of market data and trading technology. They discuss Ian's extensive background in the industry, the diverse services offered by Pico Trading, and the importance of low latency in market data. The conversation delves into the nuances of direct connectivity versus aggregated data vendors, the role of colocation, and the impact of emerging trends in fixed income markets. Ian shares insights on telecommunications, the significance of network observability through Corval, and the evolving landscape of cloud and AI in market data. The discussion also touches on operational resilience and regulatory compliance, highlighting the challenges and opportunities within the industry.
Takeaways
Ian McIntyre has over 20 years of experience in market data.
Pico Trading offers diverse services including hosting, connectivity, and trading technology.
Low latency is a critical factor in market data and trading.
Direct connectivity can reduce costs for clients compared to aggregated vendors.
Colocation provides efficiency and cost-effectiveness for trading firms.
Pico is not a member of exchanges but facilitates client access to them.
The fixed income market is seeing increased demand for low latency solutions.
Corval enhances network observability and troubleshooting for clients.
Cloud technology is beneficial for historical data but poses challenges for low latency.
Regulatory compliance, such as DORA, is becoming increasingly important for market participants.
Chapters
00:00 Introduction to Ian McIntyre and Pico Trading
03:51 Overview of Pico Trading's Services
08:12 Understanding Low Latency in Market Data
12:35 Direct Connectivity vs. Aggregated Data Vendors
18:20 Role of Colocation in Trading
18:53 Pico's Position in Exchange Membership
21:48 Trends in Market Data and Trading Technology
23:12 Emergence of Low Latency in Fixed Income Markets
29:10 Telecommunications and Direct Connectivity
30:11 Pico's Network and Extranet Solutions
33:46 Redline and Its Role in Market Data
39:03 Corval: Network Observability and Monitoring
42:47 Cloud and AI in Market Data
55:40 Operational Resilience and Regulatory ComplianceDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/elenaphilipova
https://www.lseg.com/en/data-analytics
Summary
In this conversation, David Anderson interviews Elena Philipova from LSEG Data Analytics about the evolving landscape of ESG (Environmental, Social, and Governance) data and its significance in sustainable finance. They discuss the importance of disclosures, the impact of regulations, and the role of AI in analysing ESG data. Elena emphasizes the need for standardized reporting and the strategic importance of sustainability for companies. The conversation also touches on the challenges of double materiality and the convergence of ESG data providers, highlighting the future of ESG reporting and its integration into financial services.
Takeaways
· Elena Philipova leads sustainable finance solutions at LSEG.
· The conversation around ESG has evolved significantly over the years.
· Disclosures are crucial for measuring ESG impacts and setting targets.
· Regulatory frameworks are driving the need for standardized ESG reporting.
· Companies are increasingly recognizing the strategic importance of sustainability reporting.
· Double materiality considers both the impact of companies on society and vice versa.
· AI is being leveraged to analyse ESG data more effectively.
· There is a growing convergence among ESG data providers.
· The demand for ESG data is becoming more standardized across the industry.
· ESG is maturing, not dying, despite media narratives.
Chapters
00:00 Introduction to ESG and LSEG Data Analytics
02:59 Understanding ESG: Environmental, Social, and Governance
06:02 The Role of Investors and Asset Managers in ESG
08:48 Disclosures and Regulatory Frameworks in ESG
11:49 The Impact of Regulation on Corporate Reporting
14:43 The Importance of Double Materiality in ESG Reporting
17:58 Challenges in Quantifying ESG Data
20:57 The Future of ESG Reporting Standards
23:48 The Role of AI in ESG Data Analysis
26:53 The Demand for ESG Data Among Investors
29:44 Raw Data vs. Ratings in ESG Analysis
31:24 The Role of ESG in Equity Research
35:03 The Evolution of ESG Data Disclosure
39:21 Estimating Data for Smaller Companies
40:47 Navigating the ESG Data Provider Landscape
46:41 Convergence in ESG Data Requirements
50:08 The Future of ESG Maturity
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/vyasanpillay/
https://www.tmx.com/en
In this conversation, Vyasan Pillay, a key figure at TMX, shares insights into his journey in the market data industry, the structure and significance of TMX and Canadian exchanges, and the importance of a client-centric approach. He discusses the challenges faced in customer relationships, the human capital aspect of market data, and the regulatory landscape in Canada. Vyasan also elaborates on the role of the Information Processor (IP) in Canada and how exchanges are evolving to provide value-added services to their clients. The conversation concludes with a focus on the importance of communication and collaboration between exchanges and their clients.
Takeaways
• Vyasan Pillay has a rich background in market data, starting in South Africa.
• TMX is a significant player in the Canadian market, encompassing various exchanges.
• Canada's market data industry is smaller compared to the US but has a strong global presence.
• Client-centricity is crucial for exchanges to maintain good relationships with customers.
• Regulatory pressures shape how exchanges operate and develop new products.
• The Information Processor (IP) in Canada consolidates market data for easier access.
• Exchanges are increasingly looking for ways to add value beyond traditional data offerings.
• Human capital is a concern, with a need for mentorship and succession planning in the industry.
• Communication between exchanges and clients is vital for understanding needs and improving services.
• Exchanges must balance pricing with the value provided to avoid customer dissatisfaction.
Chapters
00:00 Introduction to Vyasan Pillay and TMX
02:56 The Structure and Role of TMX
05:55 Canada's Market Position and Global Comparison
08:53 Client-Centric Approach in Market Data
11:52 Cynicism in Client Relationships
14:37 Human Capital in Market Data
17:43 Regulation in Canadian Financial Markets
32:02 The Stability of Canada's Regulatory Environment
33:51 Understanding Canadian Market Regulations
34:43 The Role of Information Processors in Canada
37:50 Navigating Data Access and Exchange Relationships
40:44 Value-Added Services and Analytics in Exchanges
45:47 Client Relationships and Exchange Perceptions
51:50 Creating Value in a Competitive Market
56:46 Final Thoughts on Communication and CollaborationDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/robert-milazzo-9330958b/
https://www.newyorklifeinvestments.com/
In this conversation, David Anderson and Robert Milazzo discuss the complexities of market data management, focusing on the organizational structure, the role of procurement, and the challenges faced by buy-side and sell-side firms. They delve into vendor negotiations, the importance of transparency in pricing, and the need for effective cost benchmarking. Additionally, they explore the dynamics of human capital in market data teams, the benefits of building offshore teams, and the intricacies of vendor relationships. Robert emphasizes the importance of pushing back against vendor pressures and maintaining a strong stance in negotiations.
Takeaways
Robert Milazzo has over 20 years of experience in market data.
The organizational structure of market data teams varies significantly across firms.
Procurement plays a crucial role in managing market data relationships.
Buy-side firms face unique challenges in negotiating with index and credit rating providers.
Cost benchmarking can help firms understand their market data spending.
Transparency in pricing is essential for effective negotiations with vendors.
Building offshore teams can lead to cost savings and operational efficiency.
Vendor relationships require careful management and negotiation skills.
Market data teams often face pressure to reduce costs while maintaining service quality.
Fighting for fair vendor practices is crucial for market data managers.
Chapters
00:00 Introduction and Background
02:54 Understanding New York Life's Structure
06:31 Market Data Organizational Dynamics
10:23 The Role of Subject Matter Experts
12:21 Buy-Side vs Sell-Side Market Data Challenges
17:08 Negotiating with Index and Credit Rating Providers
22:02 The Role of Benchmarking in Market Data
27:56 Cost Management and Team Dynamics
32:20 Navigating Organizational Change
35:08 Sales Strategies and Techniques
42:23 The Human Capital Landscape
49:18 Offshoring and Talent Development
55:48 Fighting the Good Fight Against VendorsDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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https://www.linkedin.com/in/stevemoreton/
https://cjcit.com/
Summary
In this conversation, David Anderson and Steve Morton discuss the evolving landscape of market data systems, focusing on the importance of operational resilience, the impact of cloud technology, and the integration of AI and hardware innovations. They also address the challenges of talent acquisition in the market data industry and explore the potential of virtual reality as a future tool for data visualization.
Takeaways
Steve Morton has a long history in technology and market data.
CJC is a market data consultancy with a global presence.
Operational resilience is critical for market data systems.
Cloud technology has transformed the market data landscape.
AI and hardware advancements are shaping the future of market data.
Talent acquisition is a significant challenge in the industry.
CJC Academy focuses on training and developing talent.
Virtual reality could revolutionize data visualization in finance.
The importance of understanding both functional and non-functional requirements in systems.
Market data distribution is essential for real-time applications.
Chapters
00:00 Introduction and Background
02:50 Market Data Systems Overview
05:48 The Evolution of Market Data Technologies
09:10 Operational Resilience in Market Data
11:50 Cloud Journey in Market Data
15:00 AI and Future Trends
18:01 Talent and Training in Market Data
20:49 Conclusion and Final Thoughts
29:50 The Cloud Landscape in Market Data
35:36 Challenges of Cloud Adoption
39:36 Testing Innovations with LSEG and Oracle
43:06 The Future of Cloud and Market Data
48:10 Human Capital in Market Data
55:29 The Role of VR in Market Data
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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Alex was one of the early vanguard talking to our industry about The Cloud.
https://www.linkedin.com/in/alexstepney/
https://cloud.google.com/Summary
In this conversation, Alex Stepney shares his journey from a physicist to a key player in the cloud and market data sectors. He discusses the evolution of cloud technology in financial services, the importance of security, and the challenges of real-time data management. The conversation also delves into architectural strategies, the significance of cultural transformation in organizations, and the need for continuous learning and innovation in the rapidly changing landscape of technology and finance.
Takeaways
· Alex Stepney's background in physics laid the foundation for his career in technology.
· Market data is a critical component of financial services, requiring a deep understanding of various technologies.
· Cloud technology is an evolving paradigm that organizations must adapt to for growth.
· Security concerns in cloud computing have shifted from 'no' to 'how can we make it work?'.
· Hybrid and multi-cloud architectures are essential for regulated industries to mitigate risk.
· BigQuery offers a SQL interface for large data sets, but is not designed for real-time data.
· Cultural transformation is crucial for organizations to embrace innovation and change.
· Organizations should learn from other industries to drive innovation.
· The journey to cloud adoption is incremental and requires experimentation.
· Continuous learning and adaptation are key to success in the cloud era.
Chapters
00:00 The Journey Begins: Alex Stepney's Background
03:05 Market Data and Its Evolution
06:00 The Role of Cloud in Financial Services
09:09 Architectural Insights: Bridging On-Prem and Cloud
11:51 Security Concerns in Market Data
14:46 Understanding Latency and Market Data Requirements
18:07 Navigating the Hybrid Cloud Landscape
21:06 The Importance of Open Standards
23:52 The Ecosystem of Financial Services
27:05 Google's Role in Market Data Transformation
33:58 The Evolution of Market Data Messaging
38:04 Understanding BigQuery and Its Applications
41:30 Data Sharing and Its Impact on Capital Markets
43:38 Democratizing AI and Analytics for All
44:46 Cultural Transformation in the Cloud Era
48:53 Innovation vs. Cost Control in Capital Markets
51:58 Navigating Cloud Misunderstandings
54:50 The Future of Matching Engines in the Cloud
58:55 Embracing Continuous Learning and Innovation
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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We discuss the nature of operating an exchange in an emerging market – specifically within the wider context of the African continent. Mark has a great passion for ‘Analytics’ which are part of the JSE data offering.
https://www.linkedin.com/in/mark-randall-91008b8/
https://www.jse.co.za/
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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John and David discuss the move towards trading US stocks 24/5 – something driven by interest mainly from the Asia Pacific region. This includes understanding why this is being led by ATSs not the fully regulated players. We touch on important considerations like Corporate Actions that add complexity. John has deep insight on all of this.
https://www.linkedin.com/in/john-willock-blockchain/
https://blueocean-tech.io/
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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