Expand Research – A BCG Company – has announced a collaboration with several global tier one financial institutions to create a revolutionary ‘first of its kind’ Market Data Catalogue.
The organisation has provided industry-leading diagnostics and decision support tools in the Market Data industry for over a decade. It has also acted as a community hub, facilitating roundtables and forums to discuss best practices and industry hot topics and has developed an industry recognized taxonomy and standard naming convention for Market Data products.
As a result of its long-term client relationships, Expand has received multiple requests to make the natural progression from the taxonomy and naming convention to building a new comprehensive Market Data Catalogue.
Alistair Brooker, VP General Manager at Calero, a leading software provider in the Market Data space said “The subject of a Central Data Catalogue in the Market Data space has been talked about in the industry for more than 15 years, being a key item on many Market Data team’s wish list. Building a standardised dataset representing all product offerings is no easy task, requiring an incredible attention to detail, but Expand’s head start in working with data from the world’s largest financial institutions over many years is a great foundation for success, with standard naming and taxonomy a nice first iteration paving the way.”
In response to this demand, Expand has invested in the recruitment of several Market Data SMEs and made significant progress towards a general launch later this year. It is also partnering with several global banking giants (the founding members) to shape the catalogue through working group discussions and provide subject matter expertise.
Expand is ensuring that the catalogue could be easily integrated into the Market Data Inventory systems of the founder members, providing a one-stop suite for consumers.
Eddie Molloy, Director of the Market Data practice at Expand commented, “For years firms have relied on relationships and subject matter expertise to identify the best data sets that vendors have to offer. This has made discovering data and identifying displacement opportunities very difficult. In turn, this caps a firm’s potential to reduce cost in a cost-focused environment. It is in the interests of all parties to make this process easier and more efficient, and the Market Data Catalogue will do exactly that. It will also provide firms with an unprecedented level of industry-wide standardization in the categorization of data, which will benefit those looking to understand their Market Data spend and will lead to additional efficiencies for all industry stakeholders.”
Expand is on course to deliver the catalogue to Founding Members via API, late Q3 2023. They are open to enquiries from other firms who are interested in joining the initiative.
Expand Research – A BCG Company – has announced a collaboration with several global tier one financial institutions to create a revolutionary ‘first of its kind’ Market Data Catalogue. This catalogue would act as a one-stop-shop for firms looking to discover new and alternative data sets, map their existing inventory of data to a standard industry taxonomy and track usage of data products throughout their organization.
The organisation has provided industry-leading diagnostics and decision support tools in the Market Data industry for over a decade, as well as acting as a community hub facilitating roundtables and forums to discuss best practices and industry hot topics. It has developed an industry recognized taxonomy and standard naming convention for Market Data products, which has been internalized by a number of participating firms to interface with their Market Data Inventory Systems. As a result of its long-term client relationships, Expand has received multiple requests to make the natural progression from the taxonomy and naming convention to building a new comprehensive Market Data Catalogue.
Alistair Brooker, VP General Manager at Calero, a leading software provider in the Market Data space said “The subject of a Central Data Catalogue in the Market Data space has been talked about in the industry for more than 15 years, being a key item on many Market Data team’s wish list. Building a standardised dataset representing all product offerings is no easy task, requiring an incredible attention to detail, but Expand’s head start in working with data from the world’s largest financial institutions over many years is a great foundation for success, with standard naming and taxonomy a nice first iteration paving the way.”
In response to this demand, Expand has made a significant investment, including the recruitment of several Market Data SMEs, and has made significant progress towards a general launch later this year. It is also partnering with several global banking giants (the founding members) on this journey. These founding members will help shape the catalogue through working group discussions and providing subject matter expertise, ensuring the benefit to users is optimized and all business use cases are accommodated.
E
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.