This feels nothing like the time before MiFID I go live but in essence, it is a similar upgrade to instrument reference data as it was then.
For small to medium investment firms, cost-effective access to market data sources enjoyed by major international banks, prior to on-demand innovation, was usually a one size fits all choice, alleviated somewhat, by carving out distinct markets but not at a contract level.
The wave of regulatory reform across Europe and USA with punitive fines for non-compliant transaction reporting is challenging the supply of fit for purpose compliance data.
The absence of a common language to unify the identification of financial instruments between trading participants across a trade lifecycle, necessitates good symbol management.
The force of the community data model applied to reference data is consistent and progressive but at times supercharged in its reaction to fundamental market change.
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