As the global economy has expanded, the information requirements of the financial services industry and related markets have continued to grow. At the same time, industry cost management efforts have had a limited impact on core market data services (MDS) costs. Market and reference data information costs typically are among the top five highest expenses in a financial services firm - after personnel, real estate and IT. A large international bank pays more than $300 million, for example, while a major German bank spends more than $250 million on market data-related services.
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