Market Data Vendor Audit & Cost Reduction
We can help you optimize or navigate a transition from high cost market data vendors while maintaining a high quality of service.
Reduce your costs
Market data relationships, infrastructure, and expenses are difficult to manage. Careful analysis of usage, contracts, and service levels can identify opportunities to reduce unnecessary vendor costs. We can help assess transition risks and coordinate stakeholders across operations, IT, portfolio management, and accounting.
Billing
Are you getting billed accurately? Vendors frequently overcharge. Many administrators don’t have the ability to track usage for a specific vendor accurately. If you use a 3rd party administrator, some do not accurately track usage either. Do you audit/track usage or roll the dice that they are billed correctly? Do you know how to identify billing errors? If you don’t identify them quickly and ask for a refund it may be difficult to get refunded.
Cost of pricing service
How to evaluate service contract and cost? How to reduce usage? How to evaluate lower service levels which are less expensive? How to get approval through the organization? Are you getting charged extra for using the data in other systems? How often do you review this list?
Service Quality, Customer Service, Pricing Service
How to evaluate quality of customer service, price challenges, ease of getting in contact with a knowledgeable analyst, billing inquiries, handling of problems How to evaluate quality of pricing service (a vendor could have a consistent bias for certain asset classes, inflating the books and records of all clients who used the prices).
Checklist
Follow this checklist to get a leg up in billing.
Evaluate
Evaluate which services you have.
Check contracts
Know your contract agreements.
Unify access
Control and measure your access to vendor's resources.
Verify billing
Compare your records to billing statements.
Confront early
Most data vendors only refund mistakes caught immediately
Know competitor's terms
Always know what the competitors offer so you know when to switch.