Adds industry-leading reference data usage tracking to TRG Screen’s range of market data usage management solutions
Under the agreement, TRG will provide sales and relationship management for new customers, while XPansion will provide after-sales support and development and continue to manage all existing client relationships.
XMon adds a new dimension to market data cost management and provides transparency, control and governance over reference data usage and spend. XMon provides customers with a framework for a solid Data Operations and Data Management function where data consumers are uniquely identified and access to reference data is controlled and metered.
Optimization opportunities, such as duplicated pay-per-download charges, are clearly highlighted, and cost allocations based on actual usage can be easily assembled for accurate charge back to internal users and applications. XMon can operate passively - being copied in on requests to analyze the usage - or operate actively as a proxy controlling the outbound flow of requests to reference data vendors.
Adding XMon to TRG’s range of usage management solutions continues TRG strategy of expanding its usage management capabilities to the full spectrum of market data types. With TRG’s ResearchMonitor the usage of all web-delivered and installed desktop applications can be accurately tracked, and with DART detailed usage information of market data terminals can be monitored and analyzed. The addition of XMon for reference data monitoring completes the company’s coverage of all significant market data spend.
“Reference data feeds from vendors such as Bloomberg and Refinitiv are crucial to financial firms but our clients are conscious these can be very high cost services and are concerned they lack transparency on or control of the usage”, said Leigh Walters, Chief Commercial Officer at TRG. “Our partnership for XMon allows us to provide a complete solution to our clients – alongside web, terminal and desktop usage tracking – completing the full spectrum of coverage for financial market data usage tracking. We are the only vendor providing a solution which provides market data spend management capabilities for the whole subscription lifecycle coupled with usage management spanning the full spectrum of market data types.”
TRG and XPansion will work together to further develop the strategic direction of the product and to provide integration with TRG’s enterprise spend management platforms, FITS and INFOmatch (the latter which was obtained as part of TRG’s acquisition of Screen Group in 2018).
“Reference data is a growing spend in financial institutions of all sizes”, said Amjad Zoghbi, Director and co-founder of XPansion. “Managing reference data usage effectively, requires an in-depth understanding of complex commercial models and compliance constraints. Without a solid technology framework in place, costs of reference data can easily spiral out of control and understanding data consumption can be a challenging and time-consuming task. XMon provides accurate, real-time, information of data consumption by application, user, vendor and allows clients to allocate costs back in a fair, transparent and repeatable way. We look forward to our integration with TRG Screen’s suite of leading products and to extending our capabilities and cost saving opportunities to TRG Screen’s customers.”