In June 2019, we wrote about the three pillars for establishing a Data Operations function to provide access to data in a transparent, controlled and reportable way. XMon supports Data...
With the increased proliferation of data subscription models coupled with ever changing complex regulation and end-user expectations of speed in delivery, market data management teams have an increasingly difficult role answering to business requirements while keeping finances and regulation in check.
The problem is not new and has been seen time and again across verticals that have witnessed scale factors that can sometimes inhibit agility.
Similarly to other verticals (Sales, Development etc.) Market Data teams should provide a Data Operations function, that brings technology, finance and business together with the aim of improving efficiency and increasing competitiveness.
The foundation for a data operation function should encompass three principles:
- Understand the data landscape
- Optimize usage
Understand the data landscape
Increase transparency by fundamentally understanding how and why users and applications consume data. True transparency starts with a combination of low-level gathering of technical data points as well as the establishment of a functional dictionary that end users and market data professionals can relate to and synthesize.
Establish a process of reporting that provides answers to tactical questions, but also establish long term analytics and trends as well as benchmarks on which business units can judge their usage.
Based on usage information, obtain insights that will ensure usage is optimal from a cost and regulatory perspective. Establish the foundations to support near-realtime decision making when this is needed.
Establish controls for data consumption by ensuring company-wide policies are enforced at the consumer level. But also, empower individual business units and stakeholders to answer their own questions around usage, costs and regulation. Queries on market data usage, costs and compliance should take minutes or seconds as opposed to the current norm of days, weeks or even months.
XMon for Market Data Operations
XMon has been built to provide the three principles for an efficient market data operations function: Understand the data landscape, Optimize usage and Operate. XMon empowers your Market DataOps team using a scalable, enterprise solution that provides auditability, transparency and scale.
Reach out to learn more about how XMon can help answer your team’s most difficult questions on market data usage.