Industry Insights

In general, a market data team requires experienced professionals who understand the stakeholders use of the data, the options in the business to fulfill those requirements and nuances that exist in this niche industry.

1. End users raise market data requests via email depending on location. The users are also required to periodically self-certify their ongoing market data needs, and assist in the development of market data role profiles which are used to validate new user requests
   
2. The Business Managers (reporting to the business COOs), assist in the smooth operational running of each business segment. Alongside the business COOs, the Business Managers own the market data budgets and signoff the segment re-charge. The Business Managers handle user role profile exceptions and assist with continuous improvement by providing incident, vendor & product feedback
3. There are X number of Business Analyst positions in the market data team. The Business Analysts own the relationship with the Business Managers (e.g. budget & service reviews, etc.) as well as the relationship with market data users (e.g. requirements definition, product development analysis, etc.).
   • Regular service review meetings as well as monthly budget review meetings around run rate vs. budget, demand, role profiles and contract renewals. Business Analysts provide main contact point for MD issues
   • Ensuring that the business is compliant with the contractual terms relating to the use and redistribution of data and content supplied by the market data vendors and that the appropriate licenses are in place
   • Checking reports from MD Administrators and feeding back necessary changes prior to business reviews.
   • Approval of invoice transaction reports from MD Administrators. Transaction reports are also passed to MD Manager for further approval.
   • Performing demand management – analysis of demand, approval or denial rates, analysis of existing estate, cost saving initiatives and displacement programmes. Managing vendor meetings and presentations with the business.
   • Working with the business to feedback content and functionality enhancements to the Sourcing and vendors (full life cycle through to delivery). Driving product development with the aim of consolidating existing application and vendor estate.
   • Completing small-scale project work emanating from the business and technology communities, by providing subject matter expertise around MD.
   • Researching the marketplace for MD vendors and applications that will allow the business to meet its objectives or enable cost savings by consolidating existing application and vendor estate.
4. Global Sourcing manages external vendors, negotiate contracts and support change projects
   • Representation of the business to MD vendors. Organizing regular vendor meetings to review service levels, and to ensure compliance with contracts.
   • Negotiation of all new vendor contracts and renewals. Proactive management of contract renewals, including cross cluster where applicable. Review of T&C’s, and management of contracts through full sign-off process e.g. Business, Legal, etc.
5. There are X Administration positions in the market data team. The Administrators perform financial duties (e.g. invoices, payments, annual budgeting, financial queries, purchase orders, etc.) as well as administering & uploading data files into the Market Data Inventory system. The Administrators also manage application permissions & market data user IDs, as well as administering market data contracts including electronic storage
   • Validation of all invoices against contracts database in Market Data Inventory Management System. Logging all invoices in Inventory Management System, production of invoice transaction report and hand-off to MD Business Analysts for approval.
   • Approval of invoicing for payment in Invoice Processing tool.
   • Performing financial management: creation of base data for annual budget and liaising with MD Business Analysts to build annual budget submission.
   • Raising of purchase order requests against budget for individual vendors. Vendor communication around PO numbers and tracking of spend against those Purchase Orders. Purchase Order presentation for review & approval.
   • Performing demand management – processing approvals & cancellations from Business Analysts via service center, email and passing calls to premium services within Service Management for software packaging & deployment.
   • Using Data Access Control System (DACS) to permission terminals and liaising with MD vendors to raise requests for new user IDs or arranging user terminations.
   • Proactive management of user IDs, arranging cancellations in line with reporting cycles & contractual terms and handling the swapping of user IDs cross cluster e.g. Bloomberg etc.
   • Ensuring that all MD contracts are scanned and stored in systems, as well as managing contract renewal dates.
   • Preparing monthly business reporting, business recharge and ad hoc reporting e.g. outstanding contract renewals, profile exception reports, etc.
   • File uploads – leavers & joiners (weekly), HR, SID (monthly). Preparing DAD Exchange declarations (quarterly). Adding users & services, updating services (contractual terms). Produce Self Certifications for BA review.
6. The Service Management function provides desktop support for market data users, as well as application support for the market data portfolio. Service Management owns the relationship with the business with respect to service availability & incident management. Service Management also packages & deploys market data software to the end users and oversees business continuity management
7. Finance, HR and Legal are other infrastructure functions that support the delivery of market data. Finance calculates the business recharge as well as managing finance system actuals, accruals and pre-pays. HR provide inventory management system upload files, whilst Legal review contracts and handle legal disputes
   • Calculation of the monthly cost centre recharge for the MD budget from the raw data derived from Inventory Management System
   • Loading of MD budget into finance tool for each country and business segment / entity
   • Monthly reconciliation of the MD business recharge against the actuals
   • Preparation of monthly accruals and prepayments by country and vendor