David Anderson - Talking Market Data

This is a quick update letting you all know that from now on Episodes will be ad hoc ie not every first tuesday of the month.DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/robert-jaguda-fia-8a0814170/ David Anderson speaks with Robert Jaguda about treating market data as strategic infrastructure rather than a back-office cost. Drawing on 15 years in financial services, Jaguda explains that reference, pricing, corporate-actions and other data underpin settlement, revenue calculations, regulation and client service. One incorrect value can trigger operational breaks and losses.Quality failures may stem from weak sources, incomplete coverage, delayed updates or manual errors. Because vendors often disclaim completeness and accuracy, firms must manage the risk. Jaguda recommends clear KPIs, monitoring delivery against an agreed universe, regular vendor dialogue and, where justified, comparing primary feeds with secondary or third sources to build a reliable golden copy.Commercial pressure also comes from rising prices, vendor dependency and cost-cutting. Firms should identify the data, fields and usage rights they genuinely need, then negotiate from evidence. Cutting spend without assessing risk can harm operations and profitability. Licensing terms must become practical guidance, supported by training and controls for internal, external, derived and non-display use.AI can flag anomalies and compare datasets, but skilled professionals remain essential across technology, operations, procurement, compliance and strategy. Jaguda urges newcomers to gain operational experience and firms to invest intelligently in contracts, governance and constructive provider relationships.DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

David has a conversation with Andrea Young a lawyer specilising in Market Datahttps://www.linkedin.com/in/andrea-c-e-young/https://www.kingsley-wood.com/This episode explores how market data licensing has become more complex, why a legal perspective matters, and where AI is starting to reshape both contracts and compliance. David Anderson speaks with Andrea Young, a lawyer building a market data practice, about the practical problems facing suppliers and data consumers. We discuss why legacy agreements are so hard to manage, why standardization remains elusive, and why AI is likely to force faster modernization across the industry.Key topics• Andrea Young explains her path into market data over the past five years, moving from corporate compliance into data compliance after working in Bermuda and London.• She shares why lawyers are still rare in market data and why the industry cannot be learned from textbooks alone.• David and Andrea discuss the gap between legal drafting and real market data use cases, especially when in-house legal teams do not fully understand licensing nuance.• Andrea describes why simplified licensing is best practice and why one exchange’s streamlined approach stood out as a model.• They unpack how decades of addendums, schedules, and outdated MSAs have created compliance chaos, especially when contracts still reference CD-ROMs and floppy disks.• The conversation covers why audit pressure makes the market more adversarial and why vendors often prefer ambiguity that strengthens their position.• They examine why industry-wide standards are unlikely, since exchanges and vendors monetize data differently and define terms like non-display use differently.• AI becomes the major focus toward the end, especially how it affects licensing, derived data, storage, distribution, attribution, and purge obligations.• Andrea argues that AI needs its own separate policy rather than being bolted onto existing non-display or derived data terms.• They discuss practical AI issues such as external versus internal models, training versus inference, retrieval augmented generation, and whether data can ever truly be purged from a model.• The episode closes on pricing pressure, with David arguing that AI will make more data valuable and more contentious, while Andrea warns that suppliers and consumers both need to stay proactive. Timestamps00:00 - Welcome and Andrea Young’s market data background01:25 - From corporate compliance to market data licensing03:15 - Why lawyers are rare in market data04:11 - Building a market data practice inside a law firm05:52 - How legal and M&A work intersect through relicensing06:54 - Drafting contracts versus compliance after the fact08:18 - Why clarity is the best licensing practice09:31 - Why market data contracts became so messy11:15 - Old MSAs, addendums, and unreadable contract archives13:25 - When messy licensing may benefit vendors in audits17:01 - Why standard contracts are unlikely to happen18:08 - Why definitions like non-display use still vary20:17 - Digital rights management and why automation is still far off23:31 - Why AI cannot yet read legacy licensing cleanly25:58 - Why advice depends on whether you serve suppliers or consumers26:44 - How audits are making the market more adversarial27:36 - Streamlining licensing for long-term business value28:46 - Advice for newer businesses and FinTechs30:34 - Why even large institutions often lack data governance visibility31:12 - The two AI buckets: business usage and operational usage33:13 - How AI is changing the legal field already34:15 - Why AI touches derived data, redistribution, and storage all at once37:03 - Why AI needs its own licensing policy38:36 - Training versus inference, and where RAG fits in40:12 - Purge clauses and the problem of deleting model-trained data41:32 - Whether contracts will need to name technologies like LLMs and RAG44:50 - How vendors are starting to package AI-specific data offerings46:25 - Attribution, watermarking, and AI-generated content47:27 - Copyright questions around AI-generated text48:25 - Why AI is useful but still needs human judgment49:52 - Using AI for search, productivity, and everyday work50:42 - The risk of losing junior talent if AI replaces entry-level work52:45 - The pricing question: whether AI makes older data more valuable55:13 - Why AI could make the market even more contentious56:44 - Why legal expertise in market data is becoming more important58:16 - Final advice: stay proactive, don’t wait for audits or AI incidents59:26 - Training the next generation of lawyers in market data60:50 - Closing thoughts and thanksDAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Mike Salk - LinkedIn - https://www.linkedin.com/in/mikesalkIn this episode, Mike Salk shares his extensive experience in market data, discusses the evolution of AI and its impact on financial markets, and explores the challenges of data quality, standardization, and trust in the industry. key  topics:• The evolution of AI and its application in financial markets• Challenges of data quality, metadata, and standardization• The role of MCP and data protocols in data delivery• Trust and transparency between data vendors and consumers• The impact of AI on data management and cost efficiencyDAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

In this episode, James Calise and Jason Murphy from Oracle discuss the evolution of cloud infrastructure, AI integration, and the unique challenges faced by the financial market data industry. They explore how Oracle is differentiating itself with enterprise-grade performance, security, and regional deployment capabilities.Oracle Cloud Infrastructure - https://www.oracle.com/cloud/Jason Murphy LinkedIn - Jason Murphy | LinkedInJames Calise LinkedIn - https://www.linkedin.com/in/jamescalise/  key  topicsOracle's journey to cloud and enterprise focusPerformance and security in cloud infrastructureAI integration in financial servicesRegional and sovereign cloud deploymentMarket data distribution and latency challengesRegulatory considerations for cloud and AI Chapters00:00 Introduction to Oracle's Cloud Journey02:43 Oracle's Unique Position in the Cloud Market05:22 Transitioning from On-Prem to Cloud Solutions08:37 Jason's Journey from Exegy to Oracle11:34 Differentiating Oracle Cloud Infrastructure14:44 Key Challenges in Capital Markets17:38 The Importance of Network and Resiliency20:22 Market Data and Cloud Integration23:35 AI's Role in Market Data and Cloud Infrastructure32:12 The Evolution of AI and Market Data34:35 Cloud as the Democratizer of AI37:34 Navigating AI Models and Cloud Relationships42:24 Determinism vs. Probabilistic AI in Financial Markets46:59 Regulatory Landscape and Data Sovereignty54:25 The Future of AI and Entrepreneurial OpportunitiesDAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Will Cowling | https://www.linkedin.com/in/will-cowling-58451451/LinkedInUnderstanding the EU Market Data Regulation Changes - with Will CowlingIn 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/

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/

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 DataMarket 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 InnovationOne 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 LatencyA 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 TechnologyThe 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 SolutionsDavid 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 TakeawaysThe 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/

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 Paths05:51 Observations on Market Data Outside London12:09 Human Dimension of Market Data Careers18:01 Challenges in Data Licensing and Compliance24:06 The Role of AI in Market Data Management31:02 The Challenges of Market Data Management34:14 The Impact of AI on the Industry35:19 Navigating Regulatory Changes41:01 Cost Containment in a Changing Market48:48 Future Trends and PredictionsDAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

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 Background04:51 Market Data Industry Trends10:05 The Role of AI in Market Data16:18 Data Licensing and Intellectual Property20:59 Cost vs. Value in Market Data Pricing27:37 High Frequency Trading and Market Dynamics29:18 The Controversy of High-Frequency Trading30:32 The Market Data Industry Landscape32:30 Challenges for Small and Medium Enterprises41:06 The Evolution of Sales in Financial Services52:20 The Importance of Innovation in BankingDAVID ANDERSON  -- https://www.linkedin.com/in/atradia/