Summary In this conversation, David Anderson engages with market data experts Sally Huxtable and Trish Gooch from Exchange Audits to explore the complexities of auditing in the market data industry. They discuss their extensive backgrounds, the evolution of audits, the importance of data governance, and the practicalities involved in conducting audits. The conversation also touches on the various tools available for market data management, the future of digital rights management, and how firms can prepare for audits effectively. The experts emphasize the need for better communication and collaboration between exchanges and firms to streamline processes and improve compliance.
Takeaways Sally and Trish have over 70 years of combined experience in market data. Audits focus on compliance, transparency, and accuracy in data usage. The nature of audits has evolved from vendor-focused to end-user audits. Data governance is crucial for compliance and effective audits. A well-organized firm can significantly reduce the time taken for audits. Market data tools are essential but often lack integration. Digital Rights Management (DRM) is still developing in the audit space. Firms should maintain clear documentation of their data usage and permissions. Enterprise licenses can simplify compliance and reduce audit frequency. Building direct relationships with exchanges can enhance understanding of policies.
Chapters
00:00 Introduction to Market Data and Guests 02:45 Backgrounds and Experience in Market Data 05:48 Understanding Audits in Market Data 08:44 The Evolution of Audits Over Time 11:41 The Importance of Compliance and Governance 14:47 Types of Audits and Their Execution 17:47 The Role of Third-Party Auditors 20:46 Practicalities of Conducting an Audit 23:52 Tools and Technologies in Market Data Auditing 26:32 Challenges in Market Data Compliance 29:57 Mapping and Taxonomies in Market Data 31:41 Navigating Market Data Challenges 34:50 The Role of Digital Rights Management 38:46 Understanding Compliance and Licensing 42:34 Preparing for Audits Effectively 50:34 Future Directions in Market Data Management
DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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