CONNECTED DATA FOR FINANCIAL SERVICES
Unlocking hidden value in market and reference data strategies in the US and Canada
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Data-First Thinking:
Market and reference data strategies in the US and Canada are distinctive and rapidly evolving
Market and reference data have a vital future role for firms based in the United States and Canada, according to the recent Refinitiv Connected Data survey. However, the way firms in those two countries are shaping their market and reference data strategies are quite distinct.
The presence of a global financial center in New York City, as well as the overall size of the US market, offers different opportunities to US-based financial services firms. Perhaps as a result, US executives that took part in our research were much more emphatic in their responses – both about opportunities and challenges – than their Canadian colleagues. Canada has a much smaller population, is culturally more akin to Europe, and although it has a concentrated banking sector of just a handful of firms, it has a rapidly developing buy-side industry. Both countries have multiple financial regulators – and each one has its own distinct agenda.
As a result, the survey shows some surprising results. Canadian firms are more advanced in implementing many cloud use cases than both US firms and their global peers, for example. Meanwhile, US-based respondents anticipate a robust focus on data governance from both their regulator and their own organizations over the coming 12 months.
Respondents from both countries, in their own distinctive ways, also opened up about the cultural challenges they face in implementing changes in their market and reference data strategies. More than eight out of 10 Canadians agreed that “market data management strategies have not changed in the past 10 years and are due an overhaul to extract proper value from the investment.” Nearly three-quarters (73%) of US respondents agreed with this statement, and within that group, 40% strongly agreed.
Our research highlights the importance of having a well-thought-out market and reference data strategy that takes into account a firm’s history and current circumstances, but that can also deliver the data transformation that is needed to thrive tomorrow. The survey results show that the challenges for North American firms are clear – and so are the opportunities.
Refinitiv is here to support financial firms in the US and Canada as they evolve their market and reference data strategies to meet the demands of digital transformation. Whether it’s moving analytics using tick history data to the cloud, implementing a fresh data architecture to support the LIBOR transition, or using a data feed in an artificial intelligence or machine learning (ML) project, Refinitiv can help.
About the research:
Results of this survey are based on research commissioned by Refinitiv that was conducted online by independent consulting company FTI in March and April 2021. Nearly 1600 executives at buy-side and sell-side firms around the globe who are knowledgeable of, involved in or are decision-makers in the operations of the front, middle and back office, and/or infrastructure, IT and support completed this survey:
- 176 survey respondents were based in the US (11% of total respondents)
- 171 survey respondents were based in Canada (10% of total respondents)
Download the full North American report now
Key findings in North America
85%
of respondents in Canada rated ROI for
market and reference data investment in
infrastructure/IT support areas as excellent or good
37%
is the average increase in revenue for US-based firms
if their entire organizations had access to the market and
reference data they need to reach their full potential
48%
of US-based firms said that data governance
is an investment priority for market and
reference data over the next 12 months
Refinitiv Market Data Services
In the next 5 years, total global data will grow to over 40 zettabytes. Faced with this huge volume, do you have a plan for processing it, distributing it through your business, complying with regulation, and lowering your total cost of ownership?
From ensuring performance, resilience and innovation to meeting regulatory requirements and total cost of ownership needs, the demand for greater access, better management and simplified distribution of data has never been greater.
With our comprehensive approach to data delivery and end-to-end data technology stacks – underpinned by our market leading coverage of data, analytics and pricing services – we enable you to power your business-critical workflows.
Refinitiv, is one of the world’s largest providers of financial markets data and infrastructure. Serving more than 40,000 institutions in approximately 190 countries, we provide information, insights, and technology that drive innovation and performance in global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring greater opportunity to our customers. By advancing our customers, we drive progress for the entire financial community.
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