A survey this past week from Accenture and Greenwich Associates elegantly cites the challenges both the buy and the sell side are having with reference data.
“Though capital-markets institutions spend more than $6 billion a year on reference data, the industry continues to operate on legacy systems that often don’t align, and data comes from multiple sources, in disparate formats that requires data cleansing and reconciliation.”
In fact, many of the traditional stand-alone data management solutions within the industry have themselves become legacy due to emerging big data technology, much like the market data vendors whose data they are trying to aggregate at great expense to the customer.
