Market data is always considered to be a step ahead of reference data - being the more mature sibling. And the older siblings are the ones who set the agenda. So the important issues in the market data world typically catch on in the reference data world some time later. This year, it is time for the market data process of monitoring data usage to climb the reference data agenda.

Data usage has been monitored in the real-time world for decades. Firms started this process after the introduction of

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