The tool set comprises two solutions, DataCost Monitor and DataCost Optimiser. DataCost Monitor enables investment banks and asset managers to keep on top of all the data requests in their monthly market data vendor reports. Huge reports that are traditionally hard to process, the tool slices and dices various pricing data before showing exactly how much information has been consumed, and how data consumption levels evolve over time across different vendor accounts, asset classes and field categories. DataCost Optimizer wipes out all redundant client requests by proactively by maintaining all the information consumers might request.

The combined force of the two tools means financial institutions will be able to quickly work out why, for example, end of day prices for Fixed Income pricing costs suddenly doubled compared to the previous month. With market data costs increasing rapidly in recent times, the release of the suite comes at a welcome time for the industry. According to an analysis at the end of last year by Burton Taylor, global spend on market data topped $30 billion last year.

Commenting on the release of DataCost, Yann Bloch, Vice President of Product Management at NeoXam, said: “As long as market data vendors continue to charge for every single piece of information requested, then financial institutions need to be 100% confident they are not requesting data that they fail to act on.

Our DataCost suite means they can derive more insights to ensure they a squeezing every last drop of value from their market data. The tool also means firms can keep right on top of not just their data direct costs, like complex billing, but also the indirect costs around data governance.”

DataCost, available globally to sell-side and buy-side participants from this month, will be provided in partnership with a specialist consultancy firm with over fifteen years’ experience in market data optimization. DataCost is built on top of NeoXam’s renowned DataHub platform, which normalises pricing and reference data from different sources to create a gold copy to make it easier to switch from one market data vendor to another.