(11) Kevin Gower https://www.linkedin.com/in/kevingower/| LinkedIn

summary
In this conversation, David Anderson interviews Kevin Gower, exploring his extensive background in market data, the evolution of data management systems, and the future of market data engineering. They discuss the importance of understanding data management, the role of DAX, and the challenges of legacy systems. Kevin emphasizes the need for market data engineers to adapt to new technologies and the opportunities that arise from the changing landscape of market data.

takeaways

• Kevin Gower has a diverse background in market data, spanning multiple countries and roles.
• Occasional Digest started as a solution to market data issues related to public holidays.
• Advisory roles in DAX focus on changing perceptions of data management.
• DAX should be viewed as a data management tool rather than just a permissioning system.
• Understanding data usage is crucial for cost management in market data.
• The Advanced Transformation System (ATS) is underutilized in its capabilities.
• Market data engineering is shifting from plumbing to analytics and data management.
• There is a shrinking pool of market data engineers, raising concerns for the future.
• Legacy systems pose challenges, but compelling events can drive change.
• Opportunities in market data are abundant for those willing to adapt.

titles

• Navigating the Market Data Landscape with Kevin Gower
• The Evolution of Market Data Engineering

Sound Bites

• "I see those as opportunities, not threats."
• "The compelling event is what drives change."
• "Learn the products, learn the data."

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/imcintyre/
https://www.pico.net/

Summary
In this conversation, David Anderson interviews Ian McIntyre from Pico Trading, exploring the multifaceted world of market data and trading technology. They discuss Ian's extensive background in the industry, the diverse services offered by Pico Trading, and the importance of low latency in market data. The conversation delves into the nuances of direct connectivity versus aggregated data vendors, the role of colocation, and the impact of emerging trends in fixed income markets. Ian shares insights on telecommunications, the significance of network observability through Corval, and the evolving landscape of cloud and AI in market data. The discussion also touches on operational resilience and regulatory compliance, highlighting the challenges and opportunities within the industry.

Takeaways
Ian McIntyre has over 20 years of experience in market data.
Pico Trading offers diverse services including hosting, connectivity, and trading technology.
Low latency is a critical factor in market data and trading.
Direct connectivity can reduce costs for clients compared to aggregated vendors.
Colocation provides efficiency and cost-effectiveness for trading firms.
Pico is not a member of exchanges but facilitates client access to them.
The fixed income market is seeing increased demand for low latency solutions.
Corval enhances network observability and troubleshooting for clients.
Cloud technology is beneficial for historical data but poses challenges for low latency.
Regulatory compliance, such as DORA, is becoming increasingly important for market participants.

Chapters
00:00 Introduction to Ian McIntyre and Pico Trading
03:51 Overview of Pico Trading's Services
08:12 Understanding Low Latency in Market Data
12:35 Direct Connectivity vs. Aggregated Data Vendors
18:20 Role of Colocation in Trading
18:53 Pico's Position in Exchange Membership
21:48 Trends in Market Data and Trading Technology
23:12 Emergence of Low Latency in Fixed Income Markets
29:10 Telecommunications and Direct Connectivity
30:11 Pico's Network and Extranet Solutions
33:46 Redline and Its Role in Market Data
39:03 Corval: Network Observability and Monitoring
42:47 Cloud and AI in Market Data
55:40 Operational Resilience and Regulatory Compliance

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/elenaphilipova

https://www.lseg.com/en/data-analytics

Summary

In this conversation, David Anderson interviews Elena Philipova from LSEG Data Analytics about the evolving landscape of ESG (Environmental, Social, and Governance) data and its significance in sustainable finance. They discuss the importance of disclosures, the impact of regulations, and the role of AI in analysing ESG data. Elena emphasizes the need for standardized reporting and the strategic importance of sustainability for companies. The conversation also touches on the challenges of double materiality and the convergence of ESG data providers, highlighting the future of ESG reporting and its integration into financial services.

Takeaways

· Elena Philipova leads sustainable finance solutions at LSEG.

· The conversation around ESG has evolved significantly over the years.

· Disclosures are crucial for measuring ESG impacts and setting targets.

· Regulatory frameworks are driving the need for standardized ESG reporting.

· Companies are increasingly recognizing the strategic importance of sustainability reporting.

· Double materiality considers both the impact of companies on society and vice versa.

· AI is being leveraged to analyse ESG data more effectively.

· There is a growing convergence among ESG data providers.

· The demand for ESG data is becoming more standardized across the industry.

· ESG is maturing, not dying, despite media narratives.

Chapters

00:00 Introduction to ESG and LSEG Data Analytics

02:59 Understanding ESG: Environmental, Social, and Governance

06:02 The Role of Investors and Asset Managers in ESG

08:48 Disclosures and Regulatory Frameworks in ESG

11:49 The Impact of Regulation on Corporate Reporting

14:43 The Importance of Double Materiality in ESG Reporting

17:58 Challenges in Quantifying ESG Data

20:57 The Future of ESG Reporting Standards

23:48 The Role of AI in ESG Data Analysis

26:53 The Demand for ESG Data Among Investors

29:44 Raw Data vs. Ratings in ESG Analysis

31:24 The Role of ESG in Equity Research

35:03 The Evolution of ESG Data Disclosure

39:21 Estimating Data for Smaller Companies

40:47 Navigating the ESG Data Provider Landscape

46:41 Convergence in ESG Data Requirements

50:08 The Future of ESG Maturity

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/vyasanpillay/
https://www.tmx.com/en
In this conversation, Vyasan Pillay, a key figure at TMX, shares insights into his journey in the market data industry, the structure and significance of TMX and Canadian exchanges, and the importance of a client-centric approach. He discusses the challenges faced in customer relationships, the human capital aspect of market data, and the regulatory landscape in Canada. Vyasan also elaborates on the role of the Information Processor (IP) in Canada and how exchanges are evolving to provide value-added services to their clients. The conversation concludes with a focus on the importance of communication and collaboration between exchanges and their clients.
Takeaways
• Vyasan Pillay has a rich background in market data, starting in South Africa.
• TMX is a significant player in the Canadian market, encompassing various exchanges.
• Canada's market data industry is smaller compared to the US but has a strong global presence.
• Client-centricity is crucial for exchanges to maintain good relationships with customers.
• Regulatory pressures shape how exchanges operate and develop new products.
• The Information Processor (IP) in Canada consolidates market data for easier access.
• Exchanges are increasingly looking for ways to add value beyond traditional data offerings.
• Human capital is a concern, with a need for mentorship and succession planning in the industry.
• Communication between exchanges and clients is vital for understanding needs and improving services.
• Exchanges must balance pricing with the value provided to avoid customer dissatisfaction.

Chapters
00:00 Introduction to Vyasan Pillay and TMX
02:56 The Structure and Role of TMX
05:55 Canada's Market Position and Global Comparison
08:53 Client-Centric Approach in Market Data
11:52 Cynicism in Client Relationships
14:37 Human Capital in Market Data
17:43 Regulation in Canadian Financial Markets
32:02 The Stability of Canada's Regulatory Environment
33:51 Understanding Canadian Market Regulations
34:43 The Role of Information Processors in Canada
37:50 Navigating Data Access and Exchange Relationships
40:44 Value-Added Services and Analytics in Exchanges
45:47 Client Relationships and Exchange Perceptions
51:50 Creating Value in a Competitive Market
56:46 Final Thoughts on Communication and Collaboration

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/robert-milazzo-9330958b/
https://www.newyorklifeinvestments.com/

In this conversation, David Anderson and Robert Milazzo discuss the complexities of market data management, focusing on the organizational structure, the role of procurement, and the challenges faced by buy-side and sell-side firms. They delve into vendor negotiations, the importance of transparency in pricing, and the need for effective cost benchmarking. Additionally, they explore the dynamics of human capital in market data teams, the benefits of building offshore teams, and the intricacies of vendor relationships. Robert emphasizes the importance of pushing back against vendor pressures and maintaining a strong stance in negotiations.


Takeaways
Robert Milazzo has over 20 years of experience in market data.
The organizational structure of market data teams varies significantly across firms.
Procurement plays a crucial role in managing market data relationships.
Buy-side firms face unique challenges in negotiating with index and credit rating providers.
Cost benchmarking can help firms understand their market data spending.
Transparency in pricing is essential for effective negotiations with vendors.
Building offshore teams can lead to cost savings and operational efficiency.
Vendor relationships require careful management and negotiation skills.
Market data teams often face pressure to reduce costs while maintaining service quality.
Fighting for fair vendor practices is crucial for market data managers.

Chapters
00:00 Introduction and Background
02:54 Understanding New York Life's Structure
06:31 Market Data Organizational Dynamics
10:23 The Role of Subject Matter Experts
12:21 Buy-Side vs Sell-Side Market Data Challenges
17:08 Negotiating with Index and Credit Rating Providers
22:02 The Role of Benchmarking in Market Data
27:56 Cost Management and Team Dynamics
32:20 Navigating Organizational Change
35:08 Sales Strategies and Techniques
42:23 The Human Capital Landscape
49:18 Offshoring and Talent Development
55:48 Fighting the Good Fight Against Vendors

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/stevemoreton/

https://cjcit.com/

Summary

In this conversation, David Anderson and Steve Morton discuss the evolving landscape of market data systems, focusing on the importance of operational resilience, the impact of cloud technology, and the integration of AI and hardware innovations. They also address the challenges of talent acquisition in the market data industry and explore the potential of virtual reality as a future tool for data visualization.

Takeaways

Steve Morton has a long history in technology and market data.

CJC is a market data consultancy with a global presence.

Operational resilience is critical for market data systems.

Cloud technology has transformed the market data landscape.

AI and hardware advancements are shaping the future of market data.

Talent acquisition is a significant challenge in the industry.

CJC Academy focuses on training and developing talent.

Virtual reality could revolutionize data visualization in finance.

The importance of understanding both functional and non-functional requirements in systems.

Market data distribution is essential for real-time applications.

Chapters

00:00 Introduction and Background

02:50 Market Data Systems Overview

05:48 The Evolution of Market Data Technologies

09:10 Operational Resilience in Market Data

11:50 Cloud Journey in Market Data

15:00 AI and Future Trends

18:01 Talent and Training in Market Data

20:49 Conclusion and Final Thoughts

29:50 The Cloud Landscape in Market Data

35:36 Challenges of Cloud Adoption

39:36 Testing Innovations with LSEG and Oracle

43:06 The Future of Cloud and Market Data

48:10 Human Capital in Market Data

55:29 The Role of VR in Market Data

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

Alex was one of the early vanguard talking to our industry about The Cloud.
https://www.linkedin.com/in/alexstepney/
https://cloud.google.com/

Summary

In this conversation, Alex Stepney shares his journey from a physicist to a key player in the cloud and market data sectors. He discusses the evolution of cloud technology in financial services, the importance of security, and the challenges of real-time data management. The conversation also delves into architectural strategies, the significance of cultural transformation in organizations, and the need for continuous learning and innovation in the rapidly changing landscape of technology and finance.

Takeaways

· Alex Stepney's background in physics laid the foundation for his career in technology.

· Market data is a critical component of financial services, requiring a deep understanding of various technologies.

· Cloud technology is an evolving paradigm that organizations must adapt to for growth.

· Security concerns in cloud computing have shifted from 'no' to 'how can we make it work?'.

· Hybrid and multi-cloud architectures are essential for regulated industries to mitigate risk.

· BigQuery offers a SQL interface for large data sets, but is not designed for real-time data.

· Cultural transformation is crucial for organizations to embrace innovation and change.

· Organizations should learn from other industries to drive innovation.

· The journey to cloud adoption is incremental and requires experimentation.

· Continuous learning and adaptation are key to success in the cloud era.

Chapters

00:00 The Journey Begins: Alex Stepney's Background

03:05 Market Data and Its Evolution

06:00 The Role of Cloud in Financial Services

09:09 Architectural Insights: Bridging On-Prem and Cloud

11:51 Security Concerns in Market Data

14:46 Understanding Latency and Market Data Requirements

18:07 Navigating the Hybrid Cloud Landscape

21:06 The Importance of Open Standards

23:52 The Ecosystem of Financial Services

27:05 Google's Role in Market Data Transformation

33:58 The Evolution of Market Data Messaging

38:04 Understanding BigQuery and Its Applications

41:30 Data Sharing and Its Impact on Capital Markets

43:38 Democratizing AI and Analytics for All

44:46 Cultural Transformation in the Cloud Era

48:53 Innovation vs. Cost Control in Capital Markets

51:58 Navigating Cloud Misunderstandings

54:50 The Future of Matching Engines in the Cloud

58:55 Embracing Continuous Learning and Innovation

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

We discuss the nature of operating an exchange in an emerging market – specifically within the wider context of the African continent. Mark has a great passion for ‘Analytics’ which are part of the JSE data offering.

https://www.linkedin.com/in/mark-randall-91008b8/

https://www.jse.co.za/

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/