“I love data audits,”…said no one—ever.

The process by which exchanges audit subscribers to ensure they are in compliance with the exchanges’ data licenses is at best intrusive and inconvenient, time- and resource-consuming, and, frankly, insulting to those who make best efforts to ensure they report and pay for data correctly. At worst, it can be a costly fishing exercise, involving back payments and penalties if auditors discover any transgression.

In short, audits have been a bone of