Data Cost Management 2.0: New Tricks for Old Dogs

Data is the third-largest expense for the financial industry, so firms are getting creative when it comes to cost control.

With an industry-wide cost of more than $28 billion per year, market and reference data is often cited as financial firms’ third-largest expense, behind staff costs and office space. And since the financial crisis, data professionals have faced ever-tightening purse-strings and demands from management to reduce data costs year after year, while also coming up against end-users hungry for increased access to new data types.

“The volume of data being created worldwide is tripling every year, and

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