Compliance

Understanding vendors’ and exchanges’ data policies and tracking data usage belong to the biggest challenges of user firms.

Data Policies & Audits

In 2006, an article in Inside Market Data (IMD), covering a story about an audit by London Stock Exchange (LSE) marked the start of a new era. Since then, a growing group of exchanges and data providers have adopted the means of an audit - to verify that past and current data usage is compliant with contract obligations and policies.
This has proven to be so successful – for the auditors – that this has developed as a business-in-the-business.

Simultaneously, despite the efforts of industry groups, data contracts and data policies still lack standardisation and appear to get more and more complex. Today, over 100 global exchanges offer information products. Even though this data may be carried by a third party data vendor, e.g. Thomson Reuters, Bloomberg, etc., its use remains subject to the individual policies of the respective exchanges. User firms are required to ensure that data usage and the associated reporting of licenses is compliant with these policies.

An audit may easily result in an unpleasant surprise for the user firm, e.g. through unexpected retrospective charges, penalties and a significant increase of the future spend.

 

 

Compliance assessment

To take away any exposures to financial and reputational risk as a result of non-compliance we offer an array of services, including an assessment of the license counting & reporting process. This ensures a correct and unambiguous interpretation of:

It also includes a review of the procedures around the registration of users which are qualified as “non-professional” users of data.

Audits

An audit often results in a huge workload for market data and IT staff. In case your firm is faced with an audit, you can outsource the work that is supposed to be done by internal staff to TCAM. We manage the audit as-a-service, i.e. we unburden your staff from the audit activities, such as the retrieval of all information, e.g. historical entitlements reports, as well as the proper reporting to the auditor and any follow-up actions. The expert knows the pitfalls of the data policies and speaks the language of the vendors and the exchanges. We ensure that the impact remains as limited as possible.

Data Access Declaration (DAD) Review & Analysis

The DAD Review & Analysis is a unique service which is aimed at a quick determination of potential areas of risk as a result of non-compliance. We review and analyse your DADs to determine if the reporting of licenses is compliant with contract obligations and policies. Based on the outcome, appropriate actions can be taken to take away any exposures to financial and /or reputational risks.

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