Insuring Market Data: A Modest Proposal?
INDUSTRY ISSUES
An executive at the Bank of New York has posed the idea of creating insurance contracts to guarantee the quality of market data, now that greater emphasis and responsibility is being placed on accurate and timely data.
Companies in the outsourcing business can spend vast quantities of time on pricing on behalf of a client, says Matthew Cox, head of securities data management in London at Bank of New York. If an outsourcer gets that price wrong for whatever reason, the bank may have to reimburse
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