3d innovations (3di) reaches impressive milestone in licensing cost avoidance on behalf of clients
14/02/2018
London (UK), New York (NY) – February 14, 2018 – 3d innovations, a data management software and services firm, today announced that in collaborating with financial institutions on data
Janelle Veasey, Director for Products and Services at 3di, recounts her first
application-data assignment for RBS in 2002. Since then, she and the team have
been conducting licensing remediation exercises at investment banks and
investment firms across the world on an ongoing basis.
“While the cumulative sum sounds high, we have been around working on this since
2002. Since then, we have developed a unique culture of expertise in market and
reference data management, based on 16 years of experience across 200
engagements and 300-plus sites world-wide. As a result, we are very much at the
forefront of this domain challenge,” says Veasey.
The challenge stems from the proprietary nature of exchange and vendor licensing, and the lack of an industry-wide digital rights management framework to manage and survey data usage as it is distributed across a firm’s operations.
Veasey
comments, "Data management and other operational groups are constrained by
the capacity of their processes, people and technology in tracking data lineage
and data usage throughout the enterprise. As a result, there is an endemic
problem with the unintended use of unlicensed exchange and vendor data. This is
a problem that data consumers are fully aware of so firms’ CDOs are always
looking to supplement their operational teams with external consultative
support in order to remediate."
John Ikel, Head of Data Licensing and Compliance at 3di, points to a small set
of institutions whose financial exposure to penalty fines, back payments or
punitive unscheduled licensing fees has been so high that it took firms years
to remediate. Incurring extra costs across such period is simply unavoidable.
Ikel suggests that remediation engagements often result in cost avoidance and
often the structuring of new licensing arrangements. Whilst additional
licensing creates unbudgeted costs, both consumer and vendor are put on a
better footing going forward.
"It's not all bad news for consumers", said Ikel, “Engagements carried out with exchanges and vendors underpinned by integrity and transparency can result in conciliatory licensing, coupled with a mutually better understanding of the application data management challenges being faced by consumer firms.”
Ends
For more information
On behalf of 3di
Tinne Teugels
+1 (646) 5205548
About 3di
A data management consultancy with offices in the UK and U.S., 3di specialises in the three distinct areas of financial services data; market, reference and computational/derived data. 3di uses its global markets knowledge to offer investment banks, brokerages, central banks, investment managers, hedge funds, private banks, commodity trading houses and wealth managers best practice data management advisory services. www.3di-ltd.com
