The practice
Market data as
a governed discipline.
For the firm where market data has become the second-largest technology line — and the least disciplined. Seven service areas, one integrated practice. Each engagement is built around a specific commercial or regulatory pressure the buyer is facing today.
Full buyer alignment
This is what we do — nothing else. No management consulting adjacent to market data. No software sold on the back of it. No partnership fees paid by vendors. Every dollar of Paraxis revenue comes from the firm on the other side of the table from those vendors, which is where it belongs.
- 7 Service areas, one discipline
- 100+ Years of combined market data leadership
- 40+ Major vendor and exchange mandates delivered
The seven service areas
Pick the pressure you’re facing.
Market data cost optimization
The core discipline. Licenses sized to actual consumption. Vendors selected by total cost of ownership, not list price. Redundant feeds eliminated. Contracts negotiated against benchmarked rates rather than vendor-quoted rates. For the CFO and Head of Market Data holding the annual budget line.
- License optimization and vendor negotiation
- Usage analysis and demand shaping
- Distribution engineering across departments
- Commercial leverage strategies
- Contract review and rate benchmarking
- Entitlement management optimization
Vendor contract negotiation
Renewals, new fits, and consolidations across Bloomberg, LSEG (Refinitiv), FactSet, S&P, MSCI, and the major exchanges. We negotiate on commercial terms, license entitlements, and audit posture in parallel — not in sequence. For the Head of Procurement facing the next renewal on a compressed calendar.
- Renewal target setting with specific commercial positions
- Multi-vendor competitive tension where the contract permits
- Direct negotiation with vendor sales and licensing teams
- Total cost of ownership modeling, not list-price comparison
- Audit, redistribution, and assignment clauses read together
- Settlement of legacy disputes folded into the renewal
Exchange and vendor audit defense
Two audit streams run in parallel: exchange audits (NYSE, Nasdaq, CME, ICE) and commercial-vendor audits (Bloomberg, LSEG/Refinitiv, S&P, MSCI, FactSet). Both are a six-figure problem when they land cold. We defend the client position with entitlement evidence, usage data, and contract language. For the Head of Market Data or Head of Compliance holding an unopened audit letter.
- Pre-audit readiness assessments
- Vendor audit response management
- Policy and procedure development
- Ongoing compliance monitoring
- Risk identification and mitigation
- Audit defense strategies and counter-claim analysis
License entitlement management
A vendor inventory the client can see in full. Entitlements mapped to actual user behavior. Discrepancies surfaced before a vendor auditor finds them. The audit defense file maintained current as a standing artifact, not a fire drill.
- Complete entitlement inventory at user, terminal and API level
- Usage mapping to surface unused or under-utilized licenses
- Discrepancy detection ahead of vendor audits
- Reconciliation between contract terms and operating reality
- Permissioning system review and remediation
- Standing audit defense file maintained on an ongoing basis
Operating-model design
The people-and-process layer. Who does the work, in what sequence, with which decision rights, on which system. Roles, responsibilities, escalation paths, and the systems of record that back each decision. The org and its plumbing — designed once, documented, stood up.
- Function mapping across procurement, ops, compliance, and risk
- Role and responsibility definition with named accountability
- Escalation paths and decision rights documented
- Process improvement and tool selection
- Stakeholder communication and change management
- Documentation handed back to the client, not retained by the firm
Governance framework development
The rules-and-controls layer that sits above the operating model. Policies, control library, committee charters, standing agendas, and the documentation cadence that keeps every market-data decision defensible under audit and internal review. The rulebook the operating model executes against — the artifact that outlives the org chart.
- Market data committee charter and standing agenda
- Control library mapped to regulatory and vendor obligations
- Documentation and reporting cadence
- Long-term prevention strategies for spend creep
- Ongoing compliance monitoring and reporting
- Procurement calendar and renewal sequencing
Remediation services
Address compliance issues quickly and effectively with proven remediation strategies and vendor relationships. The faster a problem is recognized, the cheaper it settles.
- Rapid issue identification and assessment
- Vendor negotiation and settlement
- Process improvement implementation
- Long-term prevention strategies
- Documentation and reporting
- Stakeholder communication management