The angry market data manager: Research finds inconsistent pricing across the buy side

Mike Carrodus says his firm, Substantive Research, has found that pricing inconsistencies for the same dataset can vary enormously, with some institutions paying almost five times more than their peer group.

Unsurprisingly, the market data manager was angry. But not just “My boss wants me to control costs, and it’s very difficult” irritated. No—he was red-faced-furious.

Luckily this was not directed at myself or Substantive Research. We had just come to visit him to swap notes about possible benchmarking methodologies for market data product pricing, and this was one of many brainstorming meetings we held during 2018 and 2019. But why was he so angry?

The market data manager had just had to

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