Episodi

  • Episode 53 Andrea Young of KingsleyWood

    Episode 53 Andrea Young of KingsleyWood
    Sep 1 2026
    David has a conversation with Andrea Young a lawyer specilising in Market Datahttps://www.linkedin.com/in/andrea-c-e-young/https://www.kingsley-wood.com/This episode explores how market data licensing has become more complex, why a legal perspective matters, and where AI is starting to reshape both contracts and compliance. David Anderson speaks with Andrea Young, a lawyer building a market data practice, about the practical problems facing suppliers and data consumers. We discuss why legacy agreements are so hard to manage, why standardization remains elusive, and why AI is likely to force faster modernization across the industry.Key topics• Andrea Young explains her path into market data over the past five years, moving from corporate compliance into data compliance after working in Bermuda and London.• She shares why lawyers are still rare in market data and why the industry cannot be learned from textbooks alone.• David and Andrea discuss the gap between legal drafting and real market data use cases, especially when in-house legal teams do not fully understand licensing nuance.• Andrea describes why simplified licensing is best practice and why one exchange’s streamlined approach stood out as a model.• They unpack how decades of addendums, schedules, and outdated MSAs have created compliance chaos, especially when contracts still reference CD-ROMs and floppy disks.• The conversation covers why audit pressure makes the market more adversarial and why vendors often prefer ambiguity that strengthens their position.• They examine why industry-wide standards are unlikely, since exchanges and vendors monetize data differently and define terms like non-display use differently.• AI becomes the major focus toward the end, especially how it affects licensing, derived data, storage, distribution, attribution, and purge obligations.• Andrea argues that AI needs its own separate policy rather than being bolted onto existing non-display or derived data terms.• They discuss practical AI issues such as external versus internal models, training versus inference, retrieval augmented generation, and whether data can ever truly be purged from a model.• The episode closes on pricing pressure, with David arguing that AI will make more data valuable and more contentious, while Andrea warns that suppliers and consumers both need to stay proactive. Timestamps00:00 - Welcome and Andrea Young’s market data background01:25 - From corporate compliance to market data licensing03:15 - Why lawyers are rare in market data04:11 - Building a market data practice inside a law firm05:52 - How legal and M&A work intersect through relicensing06:54 - Drafting contracts versus compliance after the fact08:18 - Why clarity is the best licensing practice09:31 - Why market data contracts became so messy11:15 - Old MSAs, addendums, and unreadable contract archives13:25 - When messy licensing may benefit vendors in audits17:01 - Why standard contracts are unlikely to happen18:08 - Why definitions like non-display use still vary20:17 - Digital rights management and why automation is still far off23:31 - Why AI cannot yet read legacy licensing cleanly25:58 - Why advice depends on whether you serve suppliers or consumers26:44 - How audits are making the market more adversarial27:36 - Streamlining licensing for long-term business value28:46 - Advice for newer businesses and FinTechs30:34 - Why even large institutions often lack data governance visibility31:12 - The two AI buckets: business usage and operational usage33:13 - How AI is changing the legal field already34:15 - Why AI touches derived data, redistribution, and storage all at once37:03 - Why AI needs its own licensing policy38:36 - Training versus inference, and where RAG fits in40:12 - Purge clauses and the problem of deleting model-trained data41:32 - Whether contracts will need to name technologies like LLMs and RAG44:50 - How vendors are starting to package AI-specific data offerings46:25 - Attribution, watermarking, and AI-generated content47:27 - Copyright questions around AI-generated text48:25 - Why AI is useful but still needs human judgment49:52 - Using AI for search, productivity, and everyday work50:42 - The risk of losing junior talent if AI replaces entry-level work52:45 - The pricing question: whether AI makes older data more valuable55:13 - Why AI could make the market even more contentious56:44 - Why legal expertise in market data is becoming more important58:16 - Final advice: stay proactive, don’t wait for audits or AI incidents59:26 - Training the next generation of lawyers in market data60:50 - Closing thoughts and thanksDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    1 ora e 1 min
  • Episode 52 Mike Salk

    Episode 52 Mike Salk
    Aug 4 2026

    Mike Salk - LinkedIn - https://www.linkedin.com/in/mikesalk

    In this episode, Mike Salk shares his extensive experience in market data, discusses the evolution of AI and its impact on financial markets, and explores the challenges of data quality, standardization, and trust in the industry.
    key topics:
    • The evolution of AI and its application in financial markets
    • Challenges of data quality, metadata, and standardization
    • The role of MCP and data protocols in data delivery
    • Trust and transparency between data vendors and consumers
    • The impact of AI on data management and cost efficiency

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    58 min
  • Episode 51 Oracle

    Episode 51 Oracle
    Jul 7 2026

    In this episode, James Calise and Jason Murphy from Oracle discuss the evolution of cloud infrastructure, AI integration, and the unique challenges faced by the financial market data industry. They explore how Oracle is differentiating itself with enterprise-grade performance, security, and regional deployment capabilities.

    Oracle Cloud Infrastructure - https://www.oracle.com/cloud/

    Jason Murphy LinkedIn - Jason Murphy | LinkedIn

    James Calise LinkedIn - https://www.linkedin.com/in/jamescalise/

    key topics

    Oracle's journey to cloud and enterprise focus

    Performance and security in cloud infrastructure

    AI integration in financial services

    Regional and sovereign cloud deployment

    Market data distribution and latency challenges

    Regulatory considerations for cloud and AI

    Chapters

    00:00 Introduction to Oracle's Cloud Journey

    02:43 Oracle's Unique Position in the Cloud Market

    05:22 Transitioning from On-Prem to Cloud Solutions

    08:37 Jason's Journey from Exegy to Oracle

    11:34 Differentiating Oracle Cloud Infrastructure

    14:44 Key Challenges in Capital Markets

    17:38 The Importance of Network and Resiliency

    20:22 Market Data and Cloud Integration

    23:35 AI's Role in Market Data and Cloud Infrastructure

    32:12 The Evolution of AI and Market Data

    34:35 Cloud as the Democratizer of AI

    37:34 Navigating AI Models and Cloud Relationships

    42:24 Determinism vs. Probabilistic AI in Financial Markets

    46:59 Regulatory Landscape and Data Sovereignty

    54:25 The Future of AI and Entrepreneurial Opportunities

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    58 min
  • Will Cowling Episode 50

    Will Cowling Episode 50
    Jun 2 2026

    Will Cowling | https://www.linkedin.com/in/will-cowling-58451451/LinkedIn

    Understanding the EU Market Data Regulation Changes - with Will Cowling

    In this episode, David Anderson is joined by Will Cowling to break down the upcoming changes in EU market data licensing and regulation, focusing on the RTS and RCB standards that come into effect in August 2026. This discussion covers the impact on exchanges, vendors, and end-users, highlighting practical steps for preparation and compliance.

    Key Topics:

    • Overview of the EU RTS (Regulatory Technical Standards) and RCB (Reasonable Commercial Basis)
    • Timeline for implementation and key dates (notably August 23, 2026)
    • Major articles causing industry change, including Article 5.1d (client fee categories) and Article 15 (audit provisions)
    • How exchanges like AQUIS, BME, CBOE, Deutsche Börse, Euronext, and others are adapting their policies
    • Implications for different market participants, including client firms and vendors
    • The importance of updating inventory and application management systems
    • The shift towards ongoing, live audits and entitlement reporting
    • Cross-border effects and applicability outside the EU
    • Practical recommendations for firms to prepare and potential pitfalls to avoid

    Note:

    For clients and vendors, this podcast highlights critical actions: update inventory and entitlement systems, review exchange policies, and prepare for continuous audit requirements to ensure compliance by August 2026. Stay vigilant for further updates from regulators and exchanges.

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    57 min
  • Yousaf Hafeez (Waypoint) Episode 49

    Yousaf Hafeez (Waypoint) Episode 49
    May 5 2026

    https://www.linkedin.com/in/yousafhafeez/
    https://tnsi.com/resource/waypoint/tns-financial-markets-business-and-radianz-combine-to-form-waypoint-trading-solutions-press-release/

    This podcast features a discussion between David Anderson and Yousaf Hafeez regarding the evolution of BT Radiance into its new identity, Waypoint, following a merger with TNS International. Hafeez explains that their core mission is providing a managed infrastructure that simplifies market data connectivity, replacing expensive "do-it-yourself" models with a single, resilient connection to global exchanges. The conversation highlights key industry trends, such as the demand for ultra-low latency services, increasing regulatory compliance like DORA, and the expansion into emerging markets such as India and the Middle East. Furthermore, they address the intersection of cloud technology and AI, stressing that high-quality data is the essential foundation for effective machine learning models. Ultimately, Waypoint serves as a comprehensive solution for financial participants seeking efficient, end-to-end access to a vast array of global trading applications and raw data feeds.

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    1 ora e 5 min
  • Alastair Richardson AMD Episode 48

    Alastair Richardson AMD Episode 48
    Apr 7 2026

    Introduction: In a rapidly changing financial landscape, market data remains a cornerstone for trading and investment strategies. In a recent podcast, David Anderson engages with Alastair Richardson from AMD to explore the transformative shifts in market data, the role of technology, and the importance of understanding latency profiles.
    Understanding Market Data
    Market data has always been essential in the trading world. Alastair Richardson highlights that over the last two decades, the need for reliable and timely market data has only increased. The journey from traditional data platforms to the modern era of electronification has been significant. Alastair notes that while large firms initially dominated the space with their robust market data platforms, the industry has witnessed remarkable innovation with the emergence of smaller firms and startups.
    Consolidation and Innovation
    One of the key themes discussed in the podcast is the consolidation within the market data industry. Alastair references companies like ExaG, NX, and NovaSparks, which have either merged or transformed over time. This consolidation, while often seen as a challenge, has also led to the integration of valuable technologies across different firms. Alastair emphasizes the exciting prospects brought by new players who are leveraging hardware advancements to democratize access to market data technologies.
    The Spectrum of Latency
    A critical point of discussion is the segmentation of the market based on latency needs. Alastair outlines that while ultra-low latency services cater to high-frequency traders and hedge funds, the majority of market participants operate outside this realm. He explains that many traders are not seeking the absolute fastest execution speeds but rather efficient and reliable data delivery suited to their trading strategies. The conversation underscores that latency is not just about speed; it also affects the capability to handle more transactions in a given time frame, which can be crucial for various trading applications.
    The Role of Technology
    The podcast delves into the evolving role of technology in market data. Alastair argues that technology is not solely about speed but also about efficiency and cost-effectiveness. For instance, he points out that improved latency can enhance server efficiency, allowing firms to serve more customers without incurring excessive costs. As the demand for computational power continues to rise, especially with the advent of AI, firms must reassess their technology strategies to balance performance and costs.

    Cloud vs. On-Premise Solutions
    David and Alastair discuss the ongoing evolution of cloud computing in the context of market data. While cloud solutions offer scalability and flexibility, they can present challenges, particularly concerning costs associated with data ingress and egress. Alastair emphasizes the importance of understanding the infrastructure being used, as different cloud providers may have varying efficiencies based on their hardware and instance types. This nuanced understanding can significantly impact overall performance and cost efficiency.
    Conclusion: Key Takeaways
    The podcast with Alastair Richardson provides valuable insights into the current state and future of market data. As the industry continues to evolve, market participants must stay informed about the technological advancements that can enhance their trading strategies. Key takeaways include the importance of understanding latency profiles, the benefits of a hybrid approach to cloud and on-premise solutions, and the necessity of continuously adapting to the changing landscape of market data.

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    55 min
  • Tristan Dehann Episode 47

    Tristan Dehann Episode 47
    Mar 3 2026

    https://www.linkedin.com/in/tristandehaan/

    In this conversation, David Anderson and Tristan Dehaan explore the complexities of the market data industry, discussing career paths, the impact of AI, regulatory challenges, and cost containment strategies. They emphasize the importance of effective communication within organizations and the need for standardization in data licensing. The discussion also touches on the evolving landscape of market data, including the role of smaller vendors and the future trends that may shape the industry.

    Takeaways:
    Market data is often seen as a sport, requiring agility and strategy.
    There is a noticeable knowledge gap in market data outside major financial hubs like London.
    The complexity of data licensing remains a significant challenge for the industry.
    AI is poised to transform market data operations, but it also raises concerns about data ownership.
    Regulatory frameworks like DORA aim to enhance operational resilience in the market data space.
    Cost containment is a priority for firms, but true cost reduction is challenging due to inflation and regulatory demands.
    Effective communication within vendor management teams is crucial for success.
    Smaller vendors can offer innovative solutions but face challenges in gaining market trust.
    The industry is experiencing a wave of mergers and acquisitions, impacting competition.
    The future of market data will likely involve more automation and AI-driven solutions.


    Chapters:

    00:00 Introduction to Market Data and Career Paths
    05:51 Observations on Market Data Outside London
    12:09 Human Dimension of Market Data Careers
    18:01 Challenges in Data Licensing and Compliance
    24:06 The Role of AI in Market Data Management
    31:02 The Challenges of Market Data Management
    34:14 The Impact of AI on the Industry
    35:19 Navigating Regulatory Changes
    41:01 Cost Containment in a Changing Market
    48:48 Future Trends and Predictions

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    57 min
  • Feargal O'Sullivan (USAM) 2026 Episode 46

    Feargal O'Sullivan (USAM) 2026 Episode 46
    Feb 3 2026

    https://www.linkedin.com/in/feargalosullivan/

    In this podcast episode, David Anderson and Feargal O'Sullivan discuss the evolving landscape of the market data industry, touching on trends, challenges, and the impact of AI. They explore the complexities of data licensing, pricing dynamics, and the difficulties faced by smaller vendors in a consolidated market. The conversation emphasizes the importance of relationships in sales and the need for innovation within financial services, while also addressing the emotional aspects of sales decisions.

    Takeaways:

    The market data industry has seen significant consolidation over the years.

    AI is becoming increasingly important in data interpretation and decision-making.

    Data licensing and intellectual property rights are complex and often contentious issues.

    Sales strategies must adapt to a more self-educating buyer landscape.

    Building relationships remains crucial in the sales process, despite the rise of digital communication.

    Smaller vendors face challenges competing against larger, established firms.

    Innovation is essential for staying relevant in the market data space.

    Procurement processes can hinder the adoption of new solutions.

    The emotional aspect of sales decisions cannot be overlooked.

    Firms should prioritize exploring innovative solutions to stay competitive.

    Chapters:

    00:00 Introduction and Background

    04:51 Market Data Industry Trends

    10:05 The Role of AI in Market Data

    16:18 Data Licensing and Intellectual Property

    20:59 Cost vs. Value in Market Data Pricing

    27:37 High Frequency Trading and Market Dynamics

    29:18 The Controversy of High-Frequency Trading

    30:32 The Market Data Industry Landscape

    32:30 Challenges for Small and Medium Enterprises

    41:06 The Evolution of Sales in Financial Services

    52:20 The Importance of Innovation in Banking

    DAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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    59 min