Data managers at financial sector firms have long had to deal with the challenge of market data notifications. Whenever a data vendor makes a change to their data, they notify their customers, who can then manage the change in their internal operational systems.
But as has been reported in WatersTechnology, this challenge has become increasingly difficult in recent years as the number of market places has increased and securities have become more complex, trends that have caused notification values to rise rapidly. If firms miss an update, or fail to implement it correctly, the cost may be felt in unexpected fee increases, financial penalties for non-compliance or having their data service cut off. Missing an important change, all too easily done, can have disastrous consequences.
According to Andrew Barnett, Global Head of Product Strategy at RIMES, the challenge highlights the business case for managed data services. “The issue of data notifications is an important one for firms, but it speaks to a much broader issue that underlines the difference between Data as a Service (DaaS) and Data Management as a Service (MDaaS).
“With the former, firms are told when something changes. With the latter, they are not only informed, but the reason for the changes are explained and the necessary data corrections managed on firms’ behalf by their service provider. DMaaS allows firms to leverage the growing universe of data without having to develop their systems, increase their in-house data management headcount or risk missing anything important.
“At RIMES, we have built our Managed Data Services to meet this need. Leveraging direct relationships with over 650 data providers, we understand the content and delivery of market data sets and their relationships across sources. As part of our service we perform trend analysis on all files and the moment delivery tracks outside of normal trends we notify our partners and customers. More importantly, we also manage the technical changes and help clients to adequately prepare for them.
“Our approach not only ensures that firms can keep up with day-to-day data management challenges, but it also gives them peace of mind during unexpected market events where data may change quickly and often, such as during recent COVID-related market volatility.
“At RIMES, we don’t simply process data – we quality assure it and use a strong combination of people and technology to keep clients appraised of what’s changed and why. It’s an approach that turns data management into a competitive differentiator for firms and helps them to stay ahead of the market data challenges that many still struggle to meet.”
RIMES has deep industry and data expertise and can provide much more information on this topic. If you would like to hear more or set up a call to discuss, please get in touch: https://www.rimes.com/contact-us/
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