For most institutional firms, market data is the second-largest technology line after core infrastructure — and the least disciplined. Renewal uplifts are treated as automatic. Audit letters arrive cold. New licensing categories appear mid-cycle. Usage flatlines while spend climbs 5–15% a year.
The reason is structural, not accidental. Procurement doesn’t hold the licensing detail. Compliance owns audits only after they land. Market data operations owns the users, but rarely the commercials. No single seat pulls the levers that actually govern spend.
Paraxis exists to sit at that intersection. We’re former practitioners who’ve held every one of those seats — buy-side, sell-side, procurement, compliance, market data operations. We know how Bloomberg’s non-display schedule works because we’ve worked with it. We know when Refinitiv identifiers should be retired ahead of a true-up because we’ve done the retire. Our practitioners have defended 40+ exchange and vendor audits over the last decade. That is the entire scope of the practice.
“We’re not consultants who learned this from textbooks. We ran these programs. We sat in your chair. We know what works because we’ve done it.”
