"I used to go out and tell people there are no intellectual property rights with market data... there was always a very large intake of breath," said Meredith Gibson, head of global risk at Santander UK. "Essentially, your market data usage is governed entirely by your contracts, so with your market data licenses you need to be very careful about what they say.... You're going to be asked what they say about purposes that five years ago had never been envisioned."
Generally firms will be license
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