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Reference data usage management optimized

Xmon is a reference data usage management software solution

Xmon helps Market Data teams establish proactive control, transparency and governance over reference data usage & spend.

With Xmon, organizations achieve cost efficiencies, streamline data access and ensure usage compliance.

Whitepaper - Reference Data Usage Management

Reference data is expensive and subject to complex licensing agreements

Reference data feeds from vendors – such as Bloomberg (Data License), Refinitiv (DataScope Select), ICE and others – are crucial to financial institutions, however reference data is expensive and its use is subject to complex licensing agreements.

Poor visibility and limited control over these very high cost services creates complex challenges for cost control and governance.

Financial institutions find it increasingly difficult to control and report on usage of reference data. Data enters the firm from multiple data vendors who each have their own usage agreement and cost models.

It proves to be very difficult for most companies to traceback who internal data consumers are for chargeback purposes or simply to ensure that usage is compliant to licensing agreements and optimized.

To further complicate matters, reference data vendors often have legal frameworks that dictate how data can be used and distributed internally (and externally). Organizations are left with the burden of identifying how data flows through their systems and ensuring they remain compliant.

Xmon solves these problems and provides unparalleled transparency, control and governance over reference data usage and spend.

XMon Reference Data Usage Management Software

 

Complete control over reference data usage with Xmon

Managing reference data from different vendors, with several contracts and multiple internal consumers is challenging. Reference data is costly, vendor commercials are difficult to model and access to data is subject to compliance and regulatory requirements. Xmon addresses these challenges.

Xmon is a SaaS delivery focusing on reference data usage management, business process monitoring and reference data connectivity. It empowers your Market Data team with the tools they require to manage reference data usage in an agile and cost-effective way.

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Reference Data Usage Management Software - XMon

 

Real-time Reference Data Usage Monitoring

Xmon provides total transparency and controls of reference data flows into the enterprise. Xmon analyzes data requests to vendors in real-time and provides both a detailed breakdown of individual costs and aggregate costs across consumers.

With Xmon your organization can implement reference data access controls, enforcing compliance and placing cost and usage limits per consumer. Using the Xmon REST API your teams have a unified format for data access, simplifying connectivity and increasing agility.

Xmon tracks in real-time:

  1. Data requested from external data vendors (e.g. Bloomberg, Refinitiv)
  2. Data flowing between internal applications
  3. Data leaving the firm

“With Xmon, we’ve reduced our data license from $30,000 per month to $12,000 per month in a year”

source: CTO of a large hedge fund

Ready to gain transparency, control and governance over reference data usage and spend?

Learn how you can take complete control over reference data usage.

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How can Xmon solve your reference data usage challenges?

Establish complete transparency over reference data downloads

  • Obtain details about reference data downloads — by system, by day, by time of day and much more... long before invoices are issued
  • Identify usage spikes and cost optimization possibilities

Run simulations and what-if scenarios


  • Upload custom pricing matrices and simulate impact of vendor commercial changes
  • Simulate the costs of a reference data request before it is sent out to the vendor

Control and permission reference data

  • Validate and check expensive or non-compliant requests before they are sent to vendors
  • Route requests intelligently or replace fields by more cost-optimal alternatives

Run data usage cost analytics and cost allocation reports

  • Allocate costs back to internal systems, trading desks, business divisions or regions in a repeatable, timely and transparent way

Run audit and usage reports on-demand in a few clicks

  • Generate audit, compliance and business intelligence usage reports through the advanced Xmon Data Explorer functionality

Generate proactive overspend alerts and compliance breach notifications

  • Be alerted in case of vendor response time breaches, technical errors or expensive data requests

Xmon-reference-data-usage

(Example cost allocation)

Xmon in action - high-level product demo

Xmon Insights — Expert service

Xmon Insights gives your team access to experts in reference data pricing models and usage agreements. It allows your business to make the most of Xmon and to swiftly respond to cost optimization, analytics and usage compliance requirements — efficiently and precisely.

The service provides intra- and end-of-month benefits delivered by a team of experts — working as an extension of your market data team, to provide intra-month, ad-hoc and end of billing cycle benefits.

Key takeaways

  • A central solution for managing reference data usage
  • Optimized reference data spend
  • Less time spent understanding and managing invoices
  • Simplified and more agile reference data architecture
  • Improved governance and usage reporting
  • Improved quality and data download process monitoring
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Xmon helps Market Data teams establish transparency, control and governance over reference data usage and spend.
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