Changing market data landscape
The classic sources of market and reference data, stock exchanges, vendors and broker/dealers used to focus their product offerings, pricing models and terms & conditions on the end-user displaying the data on a desktop.
Today, these market data providers have to consider a reduced desktop population, the huge impact of programmatic or ‘black-box’ trading, and new advanced technologies for displaying and distributing their data. On the user side many institutions are finding it increasingly difficult to keep pace with the development of applications that have to meet new and complex business requirements and the resulting — sometimes opaque — use of market data.
“TRG Screen's industry experts have helped us to become and stay compliant with the agreements of our providers of market data”
Manage compliance audits
In response to this dilemma, vendors and exchanges have increased the number of compliance audits they conduct. Initially through a remote audit, sometimes followed by an on-site audit, clients must disclose to whom the sources’ data is available — whether through display or non-display applications — and usually explain what business functions use the data.
In doing so, stock exchanges, data vendors and broker/dealers want to protect their intellectual property rights, identify any unauthorized use and take corrective measures if unauthorized use of data is found. This, in turn, may lead to substantial back billing over a period of years.
TRG Screen assists its clients with managing these compliance audits and in becoming compliant with the agreements of the providers of market data. Through its modular COMPliance Audit Support Services offering (COMPASS), we provide assistance in managing your market data compliance at any stage.
