David Anderson - Talking Market Data

https://www.linkedin.com/in/robert-milazzo-9330958b/
https://www.newyorklifeinvestments.com/

In this conversation, David Anderson and Robert Milazzo discuss the complexities of market data management, focusing on the organizational structure, the role of procurement, and the challenges faced by buy-side and sell-side firms. They delve into vendor negotiations, the importance of transparency in pricing, and the need for effective cost benchmarking. Additionally, they explore the dynamics of human capital in market data teams, the benefits of building offshore teams, and the intricacies of vendor relationships. Robert emphasizes the importance of pushing back against vendor pressures and maintaining a strong stance in negotiations.


Takeaways
Robert Milazzo has over 20 years of experience in market data.
The organizational structure of market data teams varies significantly across firms.
Procurement plays a crucial role in managing market data relationships.
Buy-side firms face unique challenges in negotiating with index and credit rating providers.
Cost benchmarking can help firms understand their market data spending.
Transparency in pricing is essential for effective negotiations with vendors.
Building offshore teams can lead to cost savings and operational efficiency.
Vendor relationships require careful management and negotiation skills.
Market data teams often face pressure to reduce costs while maintaining service quality.
Fighting for fair vendor practices is crucial for market data managers.

Chapters
00:00 Introduction and Background
02:54 Understanding New York Life's Structure
06:31 Market Data Organizational Dynamics
10:23 The Role of Subject Matter Experts
12:21 Buy-Side vs Sell-Side Market Data Challenges
17:08 Negotiating with Index and Credit Rating Providers
22:02 The Role of Benchmarking in Market Data
27:56 Cost Management and Team Dynamics
32:20 Navigating Organizational Change
35:08 Sales Strategies and Techniques
42:23 The Human Capital Landscape
49:18 Offshoring and Talent Development
55:48 Fighting the Good Fight Against Vendors

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/stevemoreton/

https://cjcit.com/

Summary

In this conversation, David Anderson and Steve Morton discuss the evolving landscape of market data systems, focusing on the importance of operational resilience, the impact of cloud technology, and the integration of AI and hardware innovations. They also address the challenges of talent acquisition in the market data industry and explore the potential of virtual reality as a future tool for data visualization.

Takeaways

Steve Morton has a long history in technology and market data.

CJC is a market data consultancy with a global presence.

Operational resilience is critical for market data systems.

Cloud technology has transformed the market data landscape.

AI and hardware advancements are shaping the future of market data.

Talent acquisition is a significant challenge in the industry.

CJC Academy focuses on training and developing talent.

Virtual reality could revolutionize data visualization in finance.

The importance of understanding both functional and non-functional requirements in systems.

Market data distribution is essential for real-time applications.

Chapters

00:00 Introduction and Background

02:50 Market Data Systems Overview

05:48 The Evolution of Market Data Technologies

09:10 Operational Resilience in Market Data

11:50 Cloud Journey in Market Data

15:00 AI and Future Trends

18:01 Talent and Training in Market Data

20:49 Conclusion and Final Thoughts

29:50 The Cloud Landscape in Market Data

35:36 Challenges of Cloud Adoption

39:36 Testing Innovations with LSEG and Oracle

43:06 The Future of Cloud and Market Data

48:10 Human Capital in Market Data

55:29 The Role of VR in Market Data

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Alex was one of the early vanguard talking to our industry about The Cloud.
https://www.linkedin.com/in/alexstepney/
https://cloud.google.com/

Summary

In this conversation, Alex Stepney shares his journey from a physicist to a key player in the cloud and market data sectors. He discusses the evolution of cloud technology in financial services, the importance of security, and the challenges of real-time data management. The conversation also delves into architectural strategies, the significance of cultural transformation in organizations, and the need for continuous learning and innovation in the rapidly changing landscape of technology and finance.

Takeaways

·       Alex Stepney's background in physics laid the foundation for his career in technology.

·       Market data is a critical component of financial services, requiring a deep understanding of various technologies.

·       Cloud technology is an evolving paradigm that organizations must adapt to for growth.

·       Security concerns in cloud computing have shifted from 'no' to 'how can we make it work?'.

·       Hybrid and multi-cloud architectures are essential for regulated industries to mitigate risk.

·       BigQuery offers a SQL interface for large data sets, but is not designed for real-time data.

·       Cultural transformation is crucial for organizations to embrace innovation and change.

·       Organizations should learn from other industries to drive innovation.

·       The journey to cloud adoption is incremental and requires experimentation.

·       Continuous learning and adaptation are key to success in the cloud era.

Chapters

00:00 The Journey Begins: Alex Stepney's Background

03:05 Market Data and Its Evolution

06:00 The Role of Cloud in Financial Services

09:09 Architectural Insights: Bridging On-Prem and Cloud

11:51 Security Concerns in Market Data

14:46 Understanding Latency and Market Data Requirements

18:07 Navigating the Hybrid Cloud Landscape

21:06 The Importance of Open Standards

23:52 The Ecosystem of Financial Services

27:05 Google's Role in Market Data Transformation

33:58 The Evolution of Market Data Messaging

38:04 Understanding BigQuery and Its Applications

41:30 Data Sharing and Its Impact on Capital Markets

43:38 Democratizing AI and Analytics for All

44:46 Cultural Transformation in the Cloud Era

48:53 Innovation vs. Cost Control in Capital Markets

51:58 Navigating Cloud Misunderstandings

54:50 The Future of Matching Engines in the Cloud

58:55 Embracing Continuous Learning and Innovation

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

We discuss the nature of operating an exchange in an emerging market – specifically within the wider context of the African continent. Mark has a great passion for ‘Analytics’ which are part of the JSE data offering. 

https://www.linkedin.com/in/mark-randall-91008b8/

https://www.jse.co.za/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

John and David discuss the move towards trading US stocks 24/5 – something driven by interest mainly from the Asia Pacific region. This includes understanding why this is being led by ATSs not the fully regulated players. We touch on important considerations like Corporate Actions that add complexity. John has deep insight on all of this.

https://www.linkedin.com/in/john-willock-blockchain/

https://blueocean-tech.io/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Ant and David discuss how FactSet are operating in the real time market data space, focussing on ‘data feeds’. Part of this covers some more generic discussion of datafeed subtopics e.g. throttling and conflation.

https://www.linkedin.com/in/anant-singh-2284323/
https://www.factset.com/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

This is a great opportunity to hear from a customer firm where we discuss where 'Market Data' sits organisationally and how Barclays operate a 'Hub' approach out of Glasgow. That prompts a discussion about offshoring, near shoring and outsourcing. Further discussion focuss on over arching business strategy and how they work with 'strategic' vendors and 'niche' vendors' - including some robust and constructive advice for sales execs. 

https://www.linkedin.com/in/scott-brown-41b6084b/
https://home.barclays/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Stephen and David discuss consulting, managed services, data catalogs , and much more.

https://www.linkedin.com/in/stephen-veasey-5357273/
https://3di-ltd.com/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

We discuss AUTOMATED Rights Management - the journey to automating market data righta management has been a long one , and it continues. It's not binary it's iterative. ODRL and the W3C was a goof starting point pre 2019 since then Generative AI has given this project an even stronger lease of life.
https://www.linkedin.com/in/benedictws/
https://www.deonticdata.com/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/

Jeff and David dig deep into the history of the US Equity Markets and also go into some detail  on how the US regulates Equity markets including the current Consolidated Tape Plan - and what is coming! 
--- Note that Jeff's dog has some strong opinions too.

https://www.linkedin.com/in/jeffkimsey/
https://www.nasdaq.com/

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/