Market data inventory platforms are becoming essential to financial institutions’ ability to manage market data costs, and for some firms costs such as index licensing, research, and publications and subscriptions – but how best can firms select and implement market data inventory platforms, and what benefits can be gained?
These questions and more were answered during a recent A-Team Group webinar entitled ‘How to leverage a market data inventory platform for enterprise wide gains’. The webinar was hosted by A-Team chief content officer Andrew Delaney, and joined by Rob Mohan, vice president and manager of investment information management at Wellington Management Company; William Damm, associate director, head of accounts payable and market data finance at Point72 Capital Management; and Steve Matthews, CEO of TRG, provider of the FITS market data inventory platform.
An early audience poll on the use of market data inventory platforms set the scene for discussion, with 50% of respondents using a platform, 14% planning implementation, and 36% not using a platform.
Based on this data, the panel discussed the benefits of a market data inventory platform and the ability to extend a platform beyond market data to manage costs of other items such as software licences, hardware and subscriptions and publications.
The webinar shared information about the benefits of market data inventory platforms that is published in an A-Team survey sponsored by TRG. The survey results show 100% of respondents saying transparency that provides vision into costs is a significant benefit, along with the ability to control costs, identify redundant services and subscriptions, improve management efficiency and compliance with service providers, and negotiate better with market data vendors.
Essential functionality of market data inventory platforms identified by the survey includes reporting, accounting and cost allocation, and invoice reconciliation.
A second poll asking webinar audience members whether they would consider moving to a new platform soon, showed significant desire to migrate to more modern solutions, with only a few respondents saying they had no intention of migrating.
Back to the webinar panel and discussion turned to how best market data inventory services can be delivered. Speakers reflected the survey results showing a majority of interest in web-based and managed services.
Finally, Delaney ran through eight steps to choosing a market data inventory platform that were identified by the survey and published in a report sponsored by TRG, along with the survey results.
Listen to the webinar to find out about:
- How best to manage market data costs
- Key functionality of a market data inventory platform
- How a platform can be used to manage other costs
- Benefits gained from implementing a platform
- The 8-Step Guide to Choosing the Right Market Data Inventory Platform